- Amid SEC-induced market uncertainty, Cardano’s ecosystem continues to expand, displaying a 148% increase in Total Value Locked (TVL) in 2023.
- Founder Charles Hoskinson presents data asserting Cardano’s growth and asserts that the platform’s development is decentralized, akin to Bitcoin’s evolution.
The volatile and uncertain landscape of the crypto world has not held back Cardano (ADA). As crypto exchanges like Binance and Coinbase face increased scrutiny from the U.S. Securities and Exchange Commission (SEC), several major cryptocurrencies, including ADA, have experienced a significant drop in their market prices. However, Cardano’s founder Charles Hoskinson indicates that the ADA ecosystem remains on an upward trajectory.
Lots of noise in crypto. Look for the signal. Cardano is getting real adoption and growing as an ecosystem under the harshest conditions our industry knows. Like Bitcoin, this is being done in a completely decentralized way. https://t.co/t5T0QgDjdW
— Charles Hoskinson (@IOHK_Charles) June 28, 2023
Contrary to the bearish market sentiment, Hoskinson reveals that Cardano is experiencing genuine adoption and growing in the face of adversity. Despite the tumultuous climate, ADA’s adoption is on the rise, and the ecosystem is flourishing under conditions that are arguably the most challenging the industry has witnessed.
Hoskinson compares ADA’s growth with that of Bitcoin, suggesting that the development is occurring in a thoroughly decentralized manner. This decentralization is a key component of Cardano’s resilience, demonstrating the network’s ability to adapt and expand without a central point of control.
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Amid the regulatory ripples, major crypto exchanges like Huobi have unveiled Cardano trading pairs. These decisions came in response to the SEC’s classification of Cardano and other crypto assets. Notwithstanding the market’s ongoing turbulence, ADA’s price has only fallen by approximately 26% over the past month, trading at an average price of $0.277 at the time of reporting.
An impressive testament to Cardano’s growth is its performance in terms of Total Value Locked (TVL). Cardano DeFi has shown the fastest TVL growth rate compared to other ecosystems. From a starting point of $265 million in January 2023, Cardano’s TVL skyrocketed by approximately 148%, reaching $657 million by June 2023. In contrast, Ethereum’s TVL declined by 25% over the same period.
Highlighting the growing institutional interest in ADA, community members pointed to investment vehicles where ADA has a significant market share. These include Grayscale’s GDLC and GSCPxE, Wisdom Tree’s Cardano ETP, and 21Shares’ Cardano ETP.
Cardano’s growth in the face of market adversity underscores its potential and resilience. As Hoskinson reiterates, amidst the noise in the crypto market, one should look for the signal – and Cardano’s rising TVL and growing ecosystem certainly provide a signal worth noting.
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