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Cardano TVL Jumps 30% In 24 Hours As It Recovers To $155 Million

Cardano has been making waves in decentralized finance (DeFi) ever since it debuted smart contract capabilities on the network. Development has ramped up, making it the network with the most developments going on. This activity has translated to a rise in the total value locked (TVL) on the network. And although this value has been declining for a whole, it recently recorded a recovery that saw it jump 30% in a single day.

Cardano TVL On The Rise

Shortly after multiple decentralized exchanges (DEXes) had been launched on the Cardano network, the TVL had quickly climbed. This was a result of the accelerated adoption that came with notable personalities such as Snoop Dogg taking to the platform and bringing their enormous fanbases with them. At its peak, Cardano’s TVL had grown as large as $326 locked back in March.

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However, just as the market had declined, the DeFi space had taken a big hit too. The result of this was that TVL had fallen more than 50% from its all-time high and the Cardano network, just like other networks, had watched its TVL decline.

On Monday, the network’s TVL had dropped to $118 million, its lowest in a two-month period. However, this would prove to be short-lived given that a surge bumped it back above $150 million in TVL. In a 24-hour period, Cardano’s TVL had added more than 30.96% to its value bringing it to its current position of $155.24 million locked on the network.

ADA price on the rise following surge in activity | Source: ADAUSD on TradingView.com

Minswap (MIN) continues to dominate on the network, while newcomer WingRiders (WRT) has beat out OG protocol SundaeSwap (SUNDAE) to claim the second position in terms of TVL. SundaeSwap now places third with a total of $36.51 million locked.

DeFi TVL Still Struggling

2021 was no doubt the year of decentralized finance (DeFi) given how much TVL was added in the span of a year. From trending at $21 billion in January 2021, DeFi TVL peaked at $230 billion in the same year. This would set the tone for the rest of the year. That is until eh December 4th crash rocked the crypto market to its core.

Related Reading | Negative Sentiment Deepens In Crypto, Why Recovery May Not Last

The decline that would begin from this point outward would be very apparent. In a matter of six months, the DeFi space has now lost more than $115 billion, culminating in more than half of its TVL being shaved off.

Currently, the crypto market is on a recovery trend as bitcoin has recovered above $30,000. This recovery has had an impact on the DeFi TVL but not much. TVL is up 4.87% in the last 24 hours, bringing the total value locked to $112.39 billion as at the time of this writing.

Featured image from Young Platform, chart from TradingView.com

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Cardano TVL Sheds $205 Million Since Hitting All-Time High

Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest.

To date, the crypto has plunged to $120.86 million. With the rate it’s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022.

Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It’s a POS network that strengthens and provides sustainability to dApps and systems.

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Cardano Loses Over 65% of TVL

Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34.

Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way.

And it’s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL.

ADA total market cap at $15.48 billion on the weekend chart | Source: TradingView.com

Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges.

It’s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55.

On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance barrier. Breaking through the supply wall can increase the number of buy orders for Cardano, thus pushing the prices to $0.61.

Suggested Reading | ADA Grapples At $0.524; Bullish Trajectory Coming

Crypto Market Not Flipping Upwards Overnight

In the past few weeks, mixed emotions have provoked the crypto market. Investors have been hesitant to jump the gun, crippled by fear and uncertainty.

Yes, there is a lot of pessimism in today’s market. More so, technical indicators seem to support the fact that the crypto market downtrend will not flip overnight.

Although it’s always recommended to invest when the market sentiment registers at a low end, the current market conditions may not give you good returns sooner than expected.

Featured image from Coincu News, chart from TradingView.com

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Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11 Billion

Lido TVL or total value locked, toppled over to new high lows seen in the third week of this month following the bearish movement of the DeFi market.

LDO has shaved off over 58% of its TVL, which registered an all-time high of $20.4 billion on April 6 but dropped down to roughly $8.6 billion on May 22.

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Lido, a liquidity staking solution, targets orienting people towards staking. It has zero minimum staking requirements which is a great feature, to begin with. The users can freely stake assets in exchange for daily rewards.

A couple of applications and services connected with Lido comprise Anchor Protocol, Curve, MakerDao, 1inch, StakeEther, Ledger, and SushiSwap Onsen.

Lido TVL Down 17%

LDO’s TVL has been dramatically slipping due to the overall crypto market crisis going on for several months now. Its TVL on Ethereum was at $10.32 billion on April 6. After reducing investor interest, its TVL decreased 17% or equivalent to $8.47 billion on May 22.

Meanwhile, its TVL on its all-time high on Terra was at roughly $9.66 billion. However, the figures dropped 99% on May 22, or approximately $14,870 in six weeks.   

LDO TVL on Solana used to be hovering at $417.17 million, but it went down by nearly 70% or roughly $126.24 million on May 22.

LDO total market cap at $395 million on the daily chart | Source: TradingView.com

Lido TVL on Moonriver was at $2.57 million during the height of dApps popularity. However, when investor interest waned, the values also crashed by 27%, equivalent to $1.86 million seen in that same period.

After crashing by more than $11 billion, LDO has been demoted from the ranks close to MakerDAO and Curve.

LDO Still Superior In TVL

On the flip side, despite Lido’s drop in terms of TVL, it still is superior in TVL compared to Convex Finance, JustLend, Aave, SushiSwap, Uniswap, Instadapp, PancakeSwap, Compound, and Just Lend.

It opened on April 6, trading at $4.27. However, the coin dropped on May 12 at $1.23 and seems to be not going over the $1.33 mark today. Looking at those figures, this would give you as much as a 68% loss in LDO price in just six weeks.

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Polygon Launch This Month

Lido is currently the leading Ethereum liquid staking solution that comprises a large share of over 80% in that space. Moreover, assets staked on Lido are divided into 76,000 crypto wallets and worth $10 billion based on prevailing prices.

Lido also promotes liquid staking on Terra, Kusama, and Solana blockchains. Lido’s launch this month on Polygon is in the works.

Lido is governed by a DAO or equivalent to all the holders of Lido’s token, which collectively makes decisions in the blockchain.

Featured image from BitRss.com, chart from TradingView.com

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Solana TVL Sees Sharp Decline, Reaches 2022 Low

When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion. 

Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors.

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With its price struggling to find footing, it’s been one of the best-performing crypto projects in recent months. However, the research says that Solana has lost 60% in total value locked since January first day of 2022, trapped inside a bear market pattern. 

To be exact, on January 1st, Solana’s TVL was approximately $11.22 billion, but by May 16, it had fallen to around $4.38 billion.

Solana is a blockchain that helps create user-friendly applications that are very scalable. As the fastest growing ecosystem in the crypto finance space, Solana has thousands of projects under Web3, non-fungible tokens (NFTs), and DeFi.

Reason Behind The Decline in Solana Total Value Locked

This week, the Solana TVL reached new lows due to the number of decentralized applications (dApps) in its ecosystem plummeting.

For example, the Tulip yield aggregation platform has shed more than 11% of its TVL in the last month. Likewise, the Solend decentralized lending and borrowing platform have also fallen by more than 8% within the same timeframe.

Bitcoin is currently trading below $30,000 with a $567 billion market cap | Source: BTC/USD price chart from Tradingview.com

With the value of both projects locked up, Staking platform Marinade Finance and decentralized exchange (DEX) protocol Serum have lost more than 48% and 42%, respectively.

Saber, Raydium, Orca, Atrix, Quarry, Francium, and Mango Markets are the other dApps caused a decline in the total value locked.

Solana is still keeping the fourth position with the most locked value blockchain. Despite plummeting by more than $6 billion in 2022. 

Solana still reigns supreme in value locked over Cardano, TRON, Fantom, Polygon, Cronos, Near, Waves, DefiChain, Harmony, and Osmosis. However, Ethereum, BNB, and AVAX sit at the top of their game. 

Meta Platforms has announced that Solona will be integrated with Instagram. This means that Solona’s non-fungible tokens (NFTs) will be usable on the social media platform. Other platforms that have been named for this integration are Polygon and Ethereum.

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When SOL opened the year, it was priced at $170.31; by Jan 2nd, the coin reached its yearly high at $179.43. As of May 16, SOL is trading at $ 55.38 per coin. This means that the price has decreased by 67% since the start of the year.  

Featured image from Flickr, and the chart from Tradingview