Cardano has surpassed Solana’s $27.14 billion to clinch 8th largest coin
According to data from CoinMarketCap, Cardano reclaimed 8th place in cryptocurrency market capitalization, toppling Solana (SOL). At a current market valuation of $27.92 billion, Cardano overtook Solana’s $27.14 billion to land the 8th largest coin among entries in its ecosystem.
The Cardano network has seen inflows of funds into its ecosystem as the total value locked (TVL) swelled from roughly $1.7 million seen in mid-January to a present $314.87 million, a near 18,420% increase.
Cardano has entered the third phase of building its network, the Basho phase. At this point, the network is expected to offer improved performance and scalability. As part of this phase, Cardano plans to release Hydra, a collection of Layer 2 solutions aimed at improving network security and scalability.
In a scaling milestone, the first Hydra Heads have opened on the public Cardano testnet. Hydra Head, the first in a suite of protocols, is a critical element of Cardano’s scaling journey.
Ecosystem inputs and price trends
Since early March, the Cardano DeFi ecosystem has attracted almost $150 million in additional funds. This is reflected in the increase in total value locked (with the inclusion of staking) from approximately $168.95 million to $314.87 million. The TVL peak was observed from February 28 to March 16. Without the inclusion of staked governance assets, Cardano’s TVL currently stood at $225.9 million.
Cardano’s Minswap has gained 121% in total value locked (TVL) over the last seven days, flipping SundaeSwap to become the largest protocol. The majority of funds on the network is now concentrated on the Minswap decentralized platform, with $115.19 million currently locked.
Although the foundations for future improvements in the Cardano ecosystem have been laid, the ADA price has failed to catch up. Shortly after hitting its ATH, Cardano (ADA) steadily declined. ADA is currently consolidating at $0.82, down almost 75% from its all-time high of $3.10. ADA may be looking for a near-term resurgence if the bulls are willing to hold a foot at support near the $0.74-$0.81 area.