Cardano (ADA) TVL plunges 62% from its all-time high

Cardano (ADA) TVL plunges 62% from its all-time high

IN SUMMARY
  • Cardano has seen its total value locked drop in May.
  • Cardano keeps pace with the downtrend of the crypto market.
  • The project has a TVL of approximately $120 million.
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Cardano ‘s Total Value Locked (TVL) continued to fall in the last week of May due to declining investor interest in DApps and a broad crypto market correction .

Cardano continues to fight for a fair share of the decentralized finance (DeFi) market after the successful upgrade of thehard fork Alonzo carried out in September 2021 .

According to BeInCrypto research, Cardano has lost $205 million in total value locked since reaching an all- time high TVL of around $326 million on March 24, 2022. This figure fell to $120.86 million on March 26. of May.

As a blockchain platform for visionaries, innovators and change makers, Cardano is a Proof-of-Stake (POS) network that brings unique security and sustainability to decentralized systems, societies and applications (DApps).

The Cardano Foundation, Emurgo, and Input-Output Hong Kong (IOHK) ensure that the project stays in line with its purpose as the crypto landscape continues to evolve.

Why the drop in TVL?

Cardano TVL fell this week to a 2022 low due to a drop in liquidity from protocols hosted on its ecosystem.

Decentralized exchange (DEX) MinSwap, for example, has dropped more than 38% in the last month , while another decentralized trading platform , WingRiders, has also lost more than 50% in TVL in the same period.

Other DEXs, such as SundaeSwap and MeowSwapFi, have lost more than 41% and 56%, respectively , of their total locked values.

A DApp that also contributed to the drop in TVL was ADAX Pro.

Losing over 65% of its locked value, Cardano has lost its place in line to Oasis, Harmony, Moonriver, Celo, Bitcoin , Osmosis, Elrond, and Heco.

Overall, this equates to a 63% drop in the price of ADA over the last two months.

Samuel Edwards
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