Stablecoin Launch Propels Cardano’s TVL to 199% Surge

Cardano (ADA), a prominent player in the blockchain landscape, has witnessed a staggering 199% surge in its Total Value Locked (TVL) during the first half of 2023. According to Messari, a crypto data analysis provider, this remarkable growth can be primarily attributed to the influence of stablecoins, which have taken centre stage in driving ADA’s TVL to new heights.

The surge in Cardano’s TVL gained traction following the introduction of the DJED and iUSD stablecoins. These innovative additions triggered a rallying effect, propelling ADA’s TVL to reach a 12-month peak. Notably, the growth has been accompanied by a profound shift in market sentiment, with ADA recently encountering a significant milestone by touching the crucial $0.30 resistance level, according to CoinMarketCap. Often laden with psychological significance, this juncture has sparked discussions across digital currency forums and trading desks.

Integral to Cardano’s upward trajectory is its imminent integration of Bitcoin liquidity through the cBTC asset. Comparable to Ethereum’s wrapped Bitcoin wBTC, cBTC is set to empower users by enabling Bitcoin-backed assets within the Cardano ecosystem. AnetaBTC, a person familiar with the matter on the X platform, presented a well-structured multi-phase approach that forms the backbone of this integration strategy, encompassing governance and a secure BTC deposit vault in its initial phase.

While Cardano basks in the glow of its achievements, news emerged of Binance’s decision to delist trading pairs ADAUP/USDT and ADADOWN/USDT, a move that garnered attention from cryptocurrency enthusiasts. These once-popular leveraged tokens, which entered the Binance platform in July 2020, are set to exit the exchange on August 16. 

The combined issuance of ADADOWN and ADAUP tokens has amounted to a substantial figure, with ADADOWN boasting a daily trading volume of $1.083 million and ADAUP trailing at $498,300. As of the latest update, Cardano’s price is $0.30, reflecting a minor decrease of -0.27% over the last 24 hours. The recent price action has translated into a market capitalization of $10,372,975,715.57, further reinforcing Cardano’s position in the cryptocurrency landscape.