September 24, 2022

With Cardano [ADA] Vasil hard fork charged for September 22, a lot of interesting things happened. A few weeks after its launch, Aada, the lending protocol on the Cardano mainnet, scaled in a way that no one could have predicted.

According to DeFiLlama, Aada had contributed a whopping $219 increase on ADA’s Total Value Locked (TVL) in the last seven days. Since its launch, this increase has been a cumulative 58,186,603%, with its own TVL addition of $360,801.

Source: DefiLlama

All in one

Interestingly, decentralized lending and borrowing protocols were not the only ones involved in the increase. ADAXPro, a decentralized, non-custodial exchange operating within the Cardano ecosystem has also played its part.

DeFiLlama, a TVL aggregator, discovered that ADAX has resurrected 2564% in the last thirty days. All these forays led to Cardano’s TVL it’s worth it to reach $79.48 million. On the other hand, the inaction of some others was not enough to lift ADA’s TVL above the $100 million it was in August.

Source: DefiLlama

Ready, ready, hold on!

In other developments, Input Output Global, the firm behind the Vasil upgrade communicated a message about the ecosystem’s readiness for it. In an official release on September 20, Input Output stated that over 98% of the Cardano mainnet block was under development. The company also stated that decentralized applications (DApps) on the ADA chain have been tested and confirmed to be ready.

On-chain metrics showed that Cardano appeared ready to trigger the Vasil hard fork. Based Sentiment According to the data, development activity increased significantly between September 19 and 20.

Despite a slight dip at press time, interest in the ADA appeared to be on the rise. Social volume, which was 9,910 on September 20, rose to an all-time high of 17,200.

Source: Sentiment

Similarly, ADA’s 24-hour active addresses maintained some steady levels. At press time, it was 57,700—roughly the same time between September 19 and 20. However, ADA circulated less during the same period as Santiment discovered that there was a drop in circulation from 341.26 million to 307.42 million.

Source: Sentiment

Additionally, Cardano has received additional support from exchanges. In a statement from the Input Output Global studio, only 55% of the liquidity on the stock exchanges was ready for the upgrade. Now the American branch of the world’s largest exchange, Binance US, has announced that it also supports the upgrade.

Because of this addition, readiness for liquidity has increased to 73%. At the price, ADA recorded a 0.23% drop from the previous day. CoinMarketCap showed that ADA’s price was $0.4466 at press time while volume increased by 32.67%.

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