Cardano ($ADA) TVL Up Over 82% Since Start of 2023 As Cardano DeFi Grows in Popularity
TL;DR On Thursday (March 16), Cardano ($ADA) whale “ADA whale” commented on the growing importance and popularity of Cardano’s DeFi ecosystem. He noted that the TVL had grown 20% per month to 358 million ADA, and said that it wouldn’t take much for this to go exponential.
On Thursday (March 16), a popular pseudonymous $ADA whale commented on the growing importance and popularity of Cardano’s DeFi ecosystem.
Yesterday, the prominent Cardano ($ADA) influencer “ADA whale” (“cardano_whale” on Twitter) tweeted about the rapid growth of Cardano’s TVL (363 million ADA, which is roughly $118.65, as of March 17, according to data from DefiLlama), and he said that for anyone serious about crypto, it would be stupid to ignore Cardano DeFi for “tribalistic reasons.”
YTD, Cardano TVL grew 20% per month to 358m ADA. If this trend continues, it hits 1bn ADA in a year, which is $3bn if ADA goes back to all-time high. This doesn’t factor in yet to launch @axotrade, @GeniusyieldO, @TeddySwap, @yamfore, @SpectrumLabs_, new @liqwidfinance assets etc — ADA whale (@cardano_whale) March 16, 2023
He went on to say that “volume may still be low for now, but outside money is now obviously flowing in.”
Also take it from someone who has been trading cardano token markets since day 1: volume may still be low for now, but outside money is now obviously flowing in. Just look at these @MinswapDEX charts. Won’t take much for this to go exponential. pic.twitter.com/S59jheLRpG — ADA whale (@cardano_whale) March 16, 2023
On the same day, crypto analyst Ali Martinez said that he had recently observed a surge in the volume of large $ADA transactions exceeding $100,000.
This trend indicates institutional investors' and $ADA whales' increasing engagement, shedding light on their investment strategies. pic.twitter.com/XiTbfX06Kx — Ali (@ali_charts) March 16, 2023
This uptick could signify growing interest from institutional investors or whale traders, who may be accumulating $ADA or using it for significant transactions. As the Cardano ecosystem continues to develop and expand, this trend could indicate heightened confidence in the project’s long-term potential.
According to data from TradingView, currently (i.e., as of 3:38 p.m. UTC on March 17), $ADA is trading at around $0.3341, up 1.83% today and 33.73% in the year-to-date period.