Cardano (ADA) could soon reach a total value locked of $1 billion worth of ADA. This comes at a moment in which support for this blockchain network continues to increase. There are large numbers of new projects being released on top of this blockchain network and investors are locking their ADA tokens to engage on different decentralized applications (dApps).
ADA’s Total Value Locked Could Get Into the Billions
Cardano’s ecosystem continues to expand. According to the Twitter account Cardano_whale (ADA Whale), the total value locked on top of Cardano is getting closer to the billions. As he wrote on Twitter a few hours ago, the speed at which the network is expanding is as fast as Solunavax.
He has also given some reasons why Cardano is becoming an increasingly useful blockchain network. He stated that Cardano is more decentralized than all Byzantine fault tolerant (BFT) blockchain networks (which tend to be faster and more reliable than PoW blockchains).
Furthermore, ADA whale mentioned that Cardano is also supporting different decentralized exchanges (DEXes), which became very popular over the last few years. Indeed, decentralized exchanges are now very useful for investors to get access to some of the latest innovations in terms of blockchain technology and digital currencies.
Rather than relying on centralized platforms to exchange virtual currencies, investors can easily exchange their coins in a decentralized way. Cardano is starting to become a hub of decentralized exchanges letting investors engage in different financial activities without relying on a centralized party.
Additionally, ADA Whale said that there is a large community ready to bootstrap its own decentralized finance (DeFi) growth. Decentralized Finance solutions have been growing on top of different blockchain networks. Cardano is now becoming a new option for developers that want to create efficient and reliable DeFi solutions.
It is worth taking into consideration that Cardano has a total value locked of over $300 million. The number could hit $1 billion in the coming weeks if investors continue to use different DeFi solutions on top of Cardano’s blockchain.
According to data shared by CoinGecko, Cardano is currently the 9th largest blockchain network in the market with a valuation of $700 million. Additionally, each ADA coin can now be purchased for $0.87. In the future, Cardano could become an even better option compared to some blockchain networks nowadays to engage on different DeFi platforms or decentralized exchange protocols.