The price of Cardano (ADA) has significantly decreased, falling over 55% from its peak in November last year. This article examines the main metrics and current market situation.
General Data on Cardano
Cardano is currently priced at $0.587 and faces risks of further decline as key metrics deteriorate and a bearish pattern continues to form.
Current Market Situation
According to DeFi Llama, the total value locked (TVL) in Cardano has declined by 15% over the past 30 days to $324 million. Only eight decentralized applications (dApps) in the ecosystem have a TVL over $10 million. Cardano has also lost ground to many newly formed blockchains like Unichain, Sonic, and Sui, indicating a decrease in interest from investors and developers. Additionally, the stablecoin supply in the network has remained at $30 million, which is small considering the stablecoin market is valued over $250 billion.
Cardano Initiatives for Improvement
Charles Hoskinson and the Input Output team are working on several initiatives to boost the ecosystem’s growth. They are developing the Leios update, which will introduce parallel processing to increase throughput and will feature a structure comprising input blocks for collecting and aggregating transactions, endorsement blocks for verifying and approving them, and confirmation blocks for finalization. Additionally, the Midnight layer-2 network is being developed, utilizing zero-knowledge proofs to enhance transaction privacy.
The current situation surrounding Cardano raises concerns among analysts and investors. Numerous measures aimed at improving the ecosystem remain uncertain, but the success of these initiatives will be crucial for Cardano's future.
