HomeNewsCardano's Power Moves: Flexing Muscles with Mega Integration and Billion-Dollar Whale Waves

Cardano’s Power Moves: Flexing Muscles with Mega Integration and Billion-Dollar Whale Waves

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    • Cardano’s DeFi ecosystem continues to broaden with the integration of VyFinance DEX into MuesliSwap, boosting its presence in the DeFi space.
    • Cardano has also surpassed Bitcoin in terms of Total Value Locked (TVL), indicating a rise in active users and protocols on the network.

Cardano, a significant player in the decentralized finance (DeFi) landscape, broadens its horizon with the integration of VyFinance DEX protocol into the MuesliSwap DEX Aggregator. The announcement came via MuesliSwap’s Twitter, highlighting Cardano’s ongoing efforts to enhance its footprint in the DeFi sector.

The integration anticipates infinite trading opportunities on the Cardano network, potentially diversifying the offering of financial products available to users. The aggregation of these protocols provides a hub for trading assets across various DeFi markets, promoting seamless, more efficient transactions.

Notably, Cardano has recently outpaced Bitcoin in Total Value Locked (TVL), standing at $183.19 million compared to Bitcoin’s $178.99 million, according to DeFiLlama, a reputable cryptocurrency market data aggregator. TVL refers to the amount of crypto assets locked in DeFi protocols, representing the overall usage and adoption of a particular network.

This increase in TVL echoes the surge in Cardano’s active users and protocols, with growth rates of 2.69%, 9.37%, and 20% recorded over the last day, week, and month respectively. The statistics reflect the escalating interest and confidence in Cardano’s DeFi ecosystem.

Additionally, Cardano’s native token, ADA, has witnessed a considerable surge in large transactions. Data from IntoTheBlock indicates an increase of nearly $2.5 billion in large transactions over the past 24 hours, with an additional 5.8 billion ADA, reaching a total of 63.57 billion ADA. These transactions, each equivalent to $100,000 or more, suggest increased participation by large investors, or “whales.”

Simultaneously, there has been a remarkable influx of 68.73 million ADA among large Cardano holders, indicating a surge in buying activity, despite 90.4% of these tokens originating from overflow among large ADA wallets. The overall net flow value remains positive, asserting a healthy inflow of ADA tokens.

Such heightened activity often coincides with periods of relative market tranquillity. Currently, ADA’s price has remained range-bound for 27 days. Despite the quiet surface, the on-chain metrics suggest a certain level of buying activity. The question remains, however, whether this activity is a precursor to a price increase for ADA, potentially benefitting those stealthily accumulating the token.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628