Why did Cardano rise 28% today?

Cardano has many similarities with face masks, both of which were extremely popular during Corona, but quickly declined shortly afterwards.

Yet many people still have a pile of face masks lying around somewhere, because: bought in 2020 and a shame to throw them away. Many have also sold Cardano somewhere… too late and it is a shame to sell at a loss.

Good news for everyone who still has a Cardano bag. The price increased by 28% today! So it’s time to dust off your ADA pile and think about what you want to do with it.

Cardano rises 28%

The graph below shows the price of Cardano over the past year. In the end, do you see the huge increase? That’s where we are now. The price is skyrocketing and the hype seems to be back.

On average, ADA traded for around 0.30 euros over the past twelve months. The price appears to be on track to double that average. We just wrote that the value is up 28% today, but if we look at a full year, the coin could rise as much as 97%.

Not bad for a cryptocurrency whose hype was all but dead.

DeFi on Cardano exceeds $300 million

The Cardano Prize shows great things, but it is more than that. The positive news is that Cardano products are being used more and more.

These products are called DeFi or decentralized finance. This includes loans that are not processed via a central party (for example a bank) or peer-2-peer transactions.

With TVL you can measure the size of all these DeFi products. This stands for Total Value Locker, or the value of the cryptocurrency going back and forth on the DeFi side of Cardano, but expressed in dollars.

The TVL on Cardano is $302 million, reaching an all-time high in March 2022. This growth can be partially attributed to the increase in the price of ADA. But many new DeFi projects have also been added to the Cardano network.

Some of these project types include DexHunter, Cherrylend, and IUSD. For example, the former DexHunter saw an increase of 57% last week.