Cardano’s TVL soars 30% in one day after recovering to $155 million as the coin made waves in the DEFI space after debuting smart contracts capabilities on the network so let’s read more today in our latest Cardano ADA news.

Cardano’s development ramped up and made it the network with the most developments going on. The activity translated to a rise in the TVL on the network and although the value was dropping, it recorded a recovery which saw it jump 30% in one day. After multiple DEXes were launched on the Cardano network, the two climbed and this was a result of the accelerated adoption which came with some notable personalities like Snoop Dogg who took it to the platform and brought an enormous fanbase with them. Cardano’s TVL soars as large as $326 locked in March. However, just as the marekt dropped, the DEFI space took a big hit as well and the result of it was that the TVL dropped more than 50% from the ATH and the Cardano network like other networks, watching the TVL Drop.

The network’s TVL dropped to $118 million to its lowest in ta two-month period but this would prove to be a short-lived scenario given that a surge bumped it back above $150 million in the TVL. Cardano’s TVL added another 30.96% to the value bringing it to a position of $155.12 million. MiniSwap continues to dominate the network and the newcomer WingRiders surpassed SundaeSwap to claim the second position in terms of TVL.

2021 was the year of DEFI given how much TVL was added in the span of one year. From trending at $21 billion, the DEFI TVL peaked at $230 billion in 2021 which would set the tone for the rest of the year. However, in December, the market was rocked to its core and the decline happened. In a matter of six months, the DEFI space lost more than $115 billion and half of its TVL was shaved off. The crypto marekt is on a recovery trend as BTC recovered above $30,000 which had an impact on the TVL but not as much.

ADA is the native token of Cardano as a proof of stake layer 1 blockchain which offers stiff competition to the Ethereum blockchain. The token is the sixth biggest crypto with a market cap of $22.6 billion and surpassed Ripple’s XRP. Despite the bullish actions today, ADA is still down by78% from its ATH of $3.10 recorded in 2021.