Cardano’s TVL surges thanks to stablecoin adoption but there’s a catch
The fact that the launch of those two stablecoins pegged to the U.S. dollar triggered TVL growth is not surprising. This is because incentives around the two stablecoins encouraged the use of ADA as collateral. For example, DJED is minted when ADA is added to the smart contract reserve pool while iUSD is minted when ADA is added to a CDP.
The incentive here is that ADA holders that bought the token at discounted prices could use their holdings to access the aforementioned stablecoins. They could then use those stablecoins for other purposes within the Cardano ecosystem. Cardano TVL maintained its steady upside in the last few months. It recently peaked at 601.92 million coins. This represented roughly $179.59 million at present market value.We explored Cardano’s on-chain metrics and here’s what we found. The blockchain network’s development activity has been on the rise for the last 30 days.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cardano whales are splurging on ADA, is a rally brewingCardano witnesses significant ADA accumulation by whales amidst price decline. Staking and NFT volume declines, DEX volumes continue to grow.
Read more »
TVL of Curve Finance Platform Decreases SignificantlyThe total value locked (TVL) for a specific pool on the Curve Finance platform has dropped from $1.6 billion to $398 million, impacting the overall TVL of the platform. The TVL of the platform also experienced a significant decrease after a hack incident, but has since recovered to around $2.4 billion.
Read more »
China's deflation woes a warning sign about global economic growth, economists sayChina’s consumer and producer prices fell together signalling a worsening outlook for the world’s second\u002Dlargest economy and global growth. Read on.
Read more »
Barrick's reserve growth means it won't be 'forced' into M&A, CEO saysBarrick Gold Corp.\u0027s CEO Mark Bristow says the company\u0027s reserve growth means the miner won\u0027t be \u0027forced\u0027 into M\u0026amp\u003BA. Read more.
Read more »
Metro sees profits shoot up amid surging same-store sales growthIn the quarter ended July 1, the grocery and drug store retailer says net earnings skyrocketed 26 per cent to $346.7 million from $275 million a year earlier
Read more »
Optimism’s growth on this front could strengthen OP in the days to comeAlthough the crypto market on the whole witnessed some turbulence, the same couldn't be said about OP tokens. This was because OP emerged as a standout performer, gaining 42% in the past month. The protocol's growth can thus, be attributed to the Base Chain's growth.
Read more »