Data has shown that over five million assets have now being minted on Cardano with a powerful plan on boosting it scaling capabilities. A lot of reasons has certainly triggered the sudden boost of Cardano.
Cardona (ADA) secured the sixth spot on CoinMarketCap’s listing as it outperforms Ripple (XPR) and Solana (SOL). Successfully drawing attention to it market trends, Cardano increased by 25.85% to $0.6539.
A lot of speculations has surrounded the up rise in trading volume as over 270% uptrend was seen yesterday. Increase in blockchain activity, launch of multiple apps on it blockchain and its DeFi ecosystem is a prime focus. A keen look at the DeFi activities lately shows an uptick attributing to a new future and bridge between Etherem (ETH) and Cardano (ADA).
This mentioned bridge was first brought to the limelight on May 25th, 2022 by a tweet from @ioganofficial stating that a Beta version was underway. Gladly though, this might be the future talked about the project will soon support ERC-20 tokens along with the functioning USDC.
A Burn Note
Before @ioganofficial tweet on May 15th about Cardano underway beta project on its DeFi, Cardano reached the $0.4 price level on May 12th and also reversed without delay. The following week was no different as the price also dropped slowly to $0.44. However, this was slightly insignificant as it still topped with 10% above previous low and considered a minor retest.
Of note, there are roughly $158 million of this altcoin in total value locked across it varying decentralized apps. Defi Llama statistics also published its growth is roughly 25x lesser than Solana & 455x lesser than ETH.
Truly, the rapid rallying of Cardano lately and surprising surpassing of other token after the sudden depth to nil of the Luna Token has made some assume this is a potential fake-out, whereas other speculators disagrees with this speculations. Time only will entail.