Cardano (ADA) is now under attack by the bears as its price continues to plummet amid a general deterioration in market sentiment. While the price of the currency has dropped by 1.36% over the last 24 hours to $0.2631, the protocol’s clear support comes from the expansion of its decentralised finance (DeFi) ecosystem.
The proof-of-stake (PoS) protocol’s Cardano DeFi branch is likely its most active component at the moment. Regardless of how the blockchain is currently perceived, Cardano is adding value to the larger Web3.0 ecosystem as seen by the adoption of its linked dApps and their products.
Cardano’s current total value locked (TVL) is $160 million, according to statistics from DeFiLlama. The real amount of ADA tokens locked in Cardano DeFi smart contracts has increased steadily since the beginning of the year, even if this quantity is still small in contrast to other popular PoS protocols like Ethereum and Solana.
The ADA lockup increased from 554.76 million ADA at the beginning of the second quarter to 602.78 million ADA as of today, according to the data that is currently available.
Cardano nursing adoption hopes
Regarding the Cardano protocol, the public’s acceptance of innovations made by network inventors will have a significant impact on its ambition to rule the crypto ecosystem.
This adoption is anticipated to increase interest in ADA coins, which might affect how the coin is bought on secondary markets. Although Cardano and other popular cryptocurrencies were recently labelled by the U.S. SEC as securities, protocol inventor Charles Hoskinson recently stated that the agency is not targeting the coin.
The focus on protocol improvements and advances, together with commitment to the decentralisation tenets, have largely positioned ADA as a currency that will succeed in the long run.
