Cardano (ADA), the native cryptocurrency of the Cardano blockchain, has recently experienced a significant surge in large transactions, totaling an impressive $2.5 billion within a span of just 24 hours.
This surge in transaction volume reflects a growing interest and confidence in the Cardano ecosystem.
Alongside the surge in transaction volume, the total value locked (TVL) in Cardano’s decentralized finance (DeFi) sector has also witnessed a substantial increase, reaching over $180 million. This rise in TVL further demonstrates the expanding adoption and utilization of Cardano’s DeFi offerings.
The trading volume on decentralized exchanges (DEXs) within the Cardano ecosystem has been steadily climbing as well. This indicates a rising interest in decentralized trading and the increasing liquidity of ADA tokens, the cryptocurrency of Cardano.
Despite the current price of ADA standing at $0.374995, experiencing a slight decline of nearly 2% within the past 24 hours and 1.1% over the last seven days, significant activity from major investors has emerged during a period of relative market calm.
The surge in large transactions has led to an increase of nearly 6 billion ADA coins being involved, with the number of large transactions growing to 14,780. This marks a substantial increase of 4,790 compared to the previous day.
Cardano’s DeFi ecosystem has reached a new milestone, with a record-high of 463 million ADA tokens locked in DeFi activities on May 31.
This remarkable growth highlights the continuous expansion of DeFi initiatives on the Cardano blockchain since the beginning of the year.
The TVL in Cardano’s DeFi sector started the year at around $50 million, showcasing significant growth over time and emphasizing the thriving DeFi ecosystem on the Cardano blockchain.
In alignment with the rising TVL in Cardano’s DeFi sector, decentralized exchange (DEX) volume has also seen a surge.
Cardano witnessed its highest weekly transaction volume during the last three weeks of May, with transaction volume increasing from $41 million to an impressive $98.26 million. As of now, Cardano’s TVL stands at $183.16 million.
The positive trend in DEX volume has continued into June, with the current seven-day transaction volume reaching $127.1 million.
The first two days of June alone recorded transactions amounting to $35.28 million, further highlighting the sustained growth and momentum in ADA’s decentralized exchange activity.