Featured Image: Binance Academy, chart from Tradingview, Defillama<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"Prominent blockchain Cardano is set to experience \u201cexponential growth\u201d in its Total Value Locked (TVL), according to a report by Cardano portfolio tracker TapTools. In a thread on April 7, TapTools urged its 15,000 followers to keep a close eye on Cardano while stating the possible factors that can drive the expected explosive growth on the blockchain platform. Innovation, Partnerships And Community To Drive Cardano\u2019s TVL: TapTools\u00a0 Based on the TapTools report, one factor that should boost Cardano\u2019s TVL is its innovative Proof of Stake (PoS) consensus algorithm, which TapTools believes makes the blockchain a top contender in the next phase of DeFi adoption.\u00a0 According to the team behind the asset tracker, Cardano\u2019s unique PoS mechanism offers users a secure, scalable and eco-friendly solution that could benefit the platform, especially with the projected massive growth of the DeFi space. TapTools also highlighted Cardano\u2019s focus on financial inclusivity and real-world use cases as another possible key driver in the platform’s development.\u00a0 The team stated that this strategy enables Cardano to penetrate emerging markets allowing more users to join the network and boosting its TVL value.\u00a0 Related Reading: Chiliz Hot Streak Sees CHZ Notching 13% Rally Ahead Of Chain 2.0 Launch Another noteworthy point stated in the TapTools report is the role of strategic partnerships and collaborations in Cardano\u2019s network growth.\u00a0 TapTools noted that Cardano\u2019s partnerships with various industry giants would facilitate increased network adoption, thereby boosting its TVL growth in the coming years.\u00a0 That said, other factors stated in the TapTools report that could drive Cardano\u2019s growth include its smart contract operations and its thriving community of developers, enthusiasts and investors.\u00a0 Related Reading: Bitcoin Mining Difficulty Hits All-Time High For The 4th Time In 2023: Here\u2019s Why Cardano\u2019s TVL Growth Has Been Impressive So Far\u00a0 For many of the Cardano user community, the report by TapTools only produces more excitement as the platform\u2019s TVL has been on a steady rise following the turn of the new year.\u00a0 According to data from Defillama, Cardano\u2019s TVL has boosted by about 200% from its initial value of $48.95 million on January 1. On March 22, Cardano\u2019s TVL crossed $140 million for the first time since June 2022. That said, the current TVL of Cardano stands at $143.16 million, with an increase of 31.98% in 30 days. The decentralized exchange Minswap is the biggest protocol on the blockchain, with a market dominance of 37.37%. Source: Defillama Meanwhile, ADA, Cardano\u2019s native cryptocurrency, has also recorded a price growth synonymous with the platform TVL\u2019s movement. Based on data from Coingecko, ADA is up by 22.6% in the last 30 days , however, its total gain since the beginning of the year is estimated to be around 62.5%.\u00a0 At the time of writing, ADA is trading at $0.39, gaining by 2.8% on the last day. Its daily trading volume is around $228.68 million. With a total market cap of $13.66 billion, ADA remains the seventh-biggest cryptocurrency in the market.\u00a0 ADA trading at $0.38 | Source: ADAUSD chart on Tradingview.com Featured Image: Binance Academy, chart from Tradingview, Defillama<\/p>\n","protected":false},"author":581,"featured_media":526120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,12332,88092,84310],"class_list":["post-526116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-cardano","tag-taptools","tag-tvl"],"acf":[],"yoast_head":"\n
Cardano\u2019s TVL Set For Exponential Growth, TapTools Reports Cardano TVL Set For Exponential Growth, TapTools Report<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n