Cardano Price Forecast as Blockchain's Total Value Locked Figure Reaches All-Time High – ADA Adoption on the Rise?

Cardano Price Forecast as Blockchain's Total Value Locked Figure Reaches All-Time High – ADA Adoption on the Rise?

09 Mar 2023

By Joel Frank | @joel-frank

According to data from DeFi Llama, the ADA-denominated value of cryptocurrency locked within the Cardano blockchain has reached an all-time high of 341 million ADA – indicating growing adoption of the platform.

ADA is the token that powers Cardano’s smart-contract-enabled high-performance blockchain that is seen as a rival to the Ethereum blockchain.

The ecosystem got a boost earlier this year upon the launch of the Djed over-collateralized algorithmic stablecoin, which has opened new yield farming possibilities in the Cardano DeFi ecosystem.

Djed’s circulating supply is already around 2.1 million, while the protocol has a reserve ratio of 471%, according to the project’s website.

USD-denominated TVL Still Way Below 2022 Highs

Despite the recent rise in the ADA-denominated value of Cardano’s TVL, a significant fall in the USD-denominated price of ADA in the last few weeks means that the USD-denominated TVL on the Cardano blockchain remains well below its early 2022 highs.

The highest TVL Cardano ever saw was over $430 million around 12 months ago.

Back then, Cardano’s price was closer to $3 per token. As of the time of writing, ADA/USD is changing hands just above $0.31, down around 90% from its all-time highs, and down 25% since finding strong resistance in the $0.42 area in early February.