Cardano has lost more than 40% of its value since the beginning of this month, but still, the crypto-verse is still bullish on the ADA price. Now when the fresh monthly trade has ignited with a significant bullish move, the upcoming Vasil Hard Fork may turn the tables for the asset. It is believed to improve the scalability and usability of the network.
However, the price was severely negatively impacted shortly after the Alonzo Hard Fork and since then IOHK, EMURGO and the Cardano Foundation have stepped up their development efforts. And as a result, the Total Value Locked (TVL) rocked in the final days of May and stood at $144.78 million at press time.
The growth of the various DApps locked on the Cardano blockchain has deeply impacted the ADA price. And hence, as a result, the ADA price has surged by nearly 35% in the past couple of days. Moreover, the TVL kept on rising even in times when the price remained either consolidated or depleted.
This therefore indicates that the ADA price is not related to the interest of the crypto-verse in blockchain developments. However, the recent stock market crash fueled by the LUNA-UST crisis has also dragged TVL along with the price.
On the other hand, the blockchain has enough liquidity compared to the previous forks as nearly five decentralized exchanges have driven huge liquidity since the beginning of 2022. The DEX’s like Minswap(MIN), SundaeSwap(SUNDAE), MeowSwapFi(MEOW), ADAX Pro(ADAX), & MuseliSwap(MILK), witnessed a significant surge.
Therefore, now that VASIL Hard Fork is only a few weeks away, the ADA price could benefit from a noticeable increase. However, the price may not experience as steep a drop as occurred previously during Alonzo’s hard fork.
