Cardano
Cardano & Ripple Lose Their Positions in Market Cap Top: CoinMarketCap
Cardano is pulling away from Ripple in Market Cap Top, but both are losing their positions
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Monday’s session on the crypto market could be compared to a real bloodbath. Some of the projects managed to survive the day only slightly tarnished, while most of them filled this bath. Yet, it is interesting to assess the consequences of this not black, but definitely dark gray, Monday for Cardano and Ripple, which lost their 6th and 7th places in the top projects by market capitalization from CoinMarketCap and dropped to places 7th and 8th, respectively.
Both ADA and XRP, which can be considered direct competitors for the top spot and contingent rivals in their operations, lost 15% of their values over the day, with Cardano’s capitalization down $3.2 billion and Ripple losing $2.6 billion.
Utility or profit?
Is this assessment fair for one of the largest and favorite projects of the crypto community? Is Ripple underpriced? The answers remain open. The important thing now is that there are few triggers to change the position, and even those that are there do not seem to provide the necessary impetus for both Cardano and Ripple to grow.
Ads
Perhaps Edward Snowden was right and it is better to use crypto and its services rather than to invest in it?
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
– Advertisement –
Tulip Protocol Officially Integrates Chainlink on Solana Mainnet
