Cardano

<ul>
 <li>Cardano’s TVL has hit an all-time high</li>
 <li style="font-weight: 400;">The chain has also seen increased activity over the past month</li>
</ul>
The total value locked (TVL) in <a href="https://ambcrypto.com/search/cardano" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano’s</a> decentralized finance (DeFi) ecosystem has hit a new all-time high, data from <a href="https://defillama.com/chain/Cardano" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">DefiLlama</a> revealed.&nbsp;
Cardano’s TVL touching this new high indicates increased adoption of the DeFi protocols housed within the chain. The network’s TVL has risen by almost 50% in the last month alone. This has allowed it to rank as the ninth blockchain network in terms of DeFi TVL.
At press time, Cardano’s TVL was worth $376.54 million.
<h3 id="b-ecosystem-wide-growth-b">Ecosystem-wide growth </h3>
The TVL hike on Cardano in the last 30 days coincides with the uptick the chain has seen in user activity within the same period.&nbsp;
In fact, AMBCrypto found that the past month has been marked by a surge in the daily count of active addresses that have completed at least one transaction on the Cardano network.&nbsp; According to <a href="https://app.artemis.xyz/chains" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Artemis</a>, user activity on Cardano currently sits at its highest level in three months.&nbsp;
Information retrieved from the on-chain data provider showed that on 9 December, Cardano recorded a single-day high of 77,000 daily active addresses that completed at least one unique transaction on the chain. This represented the highest single-day daily active address count recorded since July.
Likewise, on the same day, Cardano’s daily transactions count registered a year-to-date high of 113,000, according to Artemis’ data.&nbsp;
<div id="attachment_358343" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358343" decoding="async" class="wp-image-358343 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25.png" alt="" width="2398" height="1084" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25.png 2398w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25-300x136.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25-1024x463.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25-768x347.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25-1536x694.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-12-at-06.44.25-2048x926.png 2048w" sizes="(max-width: 2398px) 100vw, 2398px"></a>
 Source: Artemis
</div>
One of the most prominent indicators of the growth in demand for Cardano is the explosive growth in trading volumes on its decentralized exchanges (DEXs). On 9 December, the total volume of trades executed through Cardano DEXs was $18 million. The last time the chain recorded a DEX trading volume this high was back in June.&nbsp;
<h3 id="b-ada-is-not-left-behind-b">ADA is not left behind</h3>
The increased activity on Cardano’s network and the general market’s bullish sentiment have resulted in a 47% hike in ADA’s value in the past month. At press time, the altcoin was exchanging hands at $0.57, its highest price level since August 2022, according to data from <a href="https://coinmarketcap.com/currencies/cardano/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.&nbsp;
Read&nbsp;<a href="https://ambcrypto.com/predictions/cardano-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano (ADA) Price Prediction</a>&nbsp;2023-24
The increased demand for ADA may be attributable to how profitable transactions involving the coin have been recently.&nbsp;
AMBCrypto found that its Market Value to Realised Value ratio (MVRV) – which tracks the ratio between an asset’s current market price and the average price of every coin or token of that asset acquired – recently crossed above the zero line for the first time since January 2022.&nbsp;
A positive MVRV ratio above one signals that an asset is overvalued, and most investors hold the coin at a profit. At press time, ADA’s MVRV ratio was 1.76%. This meant that holders were assured of at least 2% profit on their investments if they sold their ADA at its current value.&nbsp;
<div id="attachment_358344" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358344" decoding="async" class="wp-image-358344 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Cardano-ADA-06.45.12-12-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>

A new high for Cardano – Here’s what you should know

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