Cardano
Cardano’s metaverse progress report: Late to the party, but…
Cardano, one of the most promising ecosystems, has witnessed an unprecedented rise since its inception. Just recently, on 29 March, the volume of ADA’s on-chain transactions greater than $100k increased by 50x in 2022 alone.
This depicted the surge in institutional demand.
Wait, there’s more
Cardano’s first Metaverse project reported over 22,000 landowners on the platform. Pavia, Cardano’s first Metaverse project, in a 1 April tweet, highlighted this development on the social media platform.
There are now over 22,000 unique wallet holders of https://t.co/lNyCpRhWGo Land NFTs which is amazing to see but remember you won’t need to own Land to visit, you may however want some $PAVIA to spend: https://t.co/DfRMkqtEO7 price tracking inbound. #Cardano #Metaverse #Liquidity pic.twitter.com/p9OCTSZyON
— Pavia.io (@Pavia_io) April 1, 2022
Not just this, the ecosystem grew exponentially, gaining millions in capitalization and TVL in smart contracts of recently released platforms and DeFi apps. According to data from DefiLlama, the Cardano DeFi ecosystem has attracted nearly $230 million more in funds since the start of March.
At press time, the TVL stood at $247 million. Even though it went down quite a bit from the previous ATH, the graph below did notice an uptrend.
Source: DefiLama
In addition, Cardano-based smart contracts surpassed the 2,000 mark for the first time ever. The number of Plutus Scripts increased by 489 between 28 March and 30 March, when they stood at 1,671 and 2,160.
According to the statistics from Cardano Blockchain Insights, the number of smart contracts was recorded at 2,272 on 1 April.
Source: Blockchain.com
Indeed, the inclusion of smart contract functionality made Cardano capable of scalability and performance faster than ever before.
This was one of the reasons why different celebrities from outside the crypto niche community collaborated with the network. According to an announcement on Twitter, Charles Hoskinson, Snoop Dogg, and others would join Clay Nation on 5 April.
This will be fun 🎥 #Cardano https://t.co/rxgYimMQW7
— Snoop Dogg (@SnoopDogg) March 31, 2022
Shower some love
The rise in the bullish narrative around the platform saw an inflow of large investors. Cardano network witnessed an influx of large investors. The increase of whale addresses totaled around 1.7% since 21 March.
The number of whales on the #Cardano network has increased by 1.7%. Roughly 42 addresses holding 1,000,000 to 10,000,000 $ADA were created since Mar. 21.
The uptick may seem insignificant at first glance, but these whales hold between $1.2 million and $12 million in #ADA. pic.twitter.com/ELUsppKhCl
— Ali Martinez (@ali_charts) March 29, 2022
Cardano’s native token, ADA, too surged, sensing this love. ADA traded at $1.18 with a fresh 3% surge in just 24 hours at press time. However, the ‘steady and slow‘ approach did create problems for the flagship ecosystem. In a way, giving opportunities for competitors to surpass. For instance, consider this tweet,
DFK chain
+ TVL $345M
+ Days from launch: 1 dayCardano
+ TVL $334M
+ Days from launch: 2,555 days— Gojo (@Gojo_Crypto) April 1, 2022
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
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