- Cardano surged following XRP’s ‘not a security’ verdict.
- Cardano’s performance translated to its DeFi ecosystem booming, especially its stablecoin DJED.
- DJED daily trading volume spiked significantly over the weekend.
Cardano is finally printing green candles after struggling to find footing amidst regulatory turbulence. Given XRP’s landmark victory over the SEC, investors are increasingly eager that ADA, too, would escape its ‘security’ label.
This newfound optimism has sparked a wave of excitement among users, leading to significant gains in Cardano’s DeFi sector, particularly its stablecoin, DJED.
DJED Thrives in Altcoin Rally
After weeks of consolidation, Cardano sits content above the $0.3 support, eyeing new targets. ADA’s recent performance has led to bullish investor sentiment, spurring increased adoption and activity within Cardano’s DeFi ecosystem.
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This was showcased by the remarkable surge in daily trading volume for Cardano’s stablecoin, DJED. Following Cardano’s 25% surge during Friday’s altcoin rally, DJED’s trading volume skyrocketed from $88,000 to over $1.2 million, marking a 1200% gain. Although the daily trading volume has since simmered down to $200,000, DJED’s performance showcases the increasing strength in Cardano’s DeFi ecosystem.
Alongside DJED, leading Cardano DeFi platforms, such as MinSwap, Indigo, VyFinance, and Liqwid, also showcased remarkable growths, with their Total Valued Locked (TVL) spiking by an average of 40% this month. These numbers highlight that the Cardano DeFi landscape is booming and is moving full steam ahead.
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Cardano DeFi ecosystem’s recent performance could usher in an exciting summer that many investors have eagerly awaited since the introduction of smart contracts on the Proof-of-Stake chain. At press time, Cardano’s DeFi TVL stood at $183 million, recording a 300% growth this year, cementing it as the fastest-growing network among all major chains, including Ethereum, Solana, and Polygon.
On the Flipside
- Cardano DeFi ecosystem only comprises 20 protocols.
- DJED recently faced scrutiny for struggling to maintain a reserve ratio between 400% and 800% and, as a result, de-pegging.
Why This Matters
The increase in DJED’s daily trading volume signals increased adoption among users and investors on Cardano, underscoring the overall health and robustness of its DeFi ecosystem.
FAQs
Cardano’s ADA is capped at a total of 45 billion tokens. At press time, 35.9 Billion ADA tokens have been mined.
Altcoins are any cryptocurrency other than Bitcoin and Ethereum.
Yes, Cardano’s native stablecoin DJED has launched and is readily available on Decentralized Exchanges such as Minswap and on Centralized Exchanges like Bitrue.
Although they’re relatively new, stablecoins have emerged as a solid asset and are expected to play a major role in the future of digital currencies.
Read about Cardano’s DeFi:
Cardano DeFi Breaks into Top 15 Rankings After Surging 29%
More on Cardano:
Cardano (ADA) Explodes Through Resistance in XRP-Fueled Rally
