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HomeCrypto NewsMarketCardano Ranks Second In Terms Of Money Inflow In Layer 1 Blockchains

Cardano Ranks Second In Terms Of Money Inflow In Layer 1 Blockchains

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Cardano sees over $2.3 billion in money inflow.

In a tweet moments ago, Cardano Daily, an account dedicated to sharing daily ADA news, disclosed that Cardano had been second only to Ethereum in network growth as the crypto markets rallied.

The data showed that Cardano saw a market cap growth of about $2.3 billion, representing a 16% growth. Ethereum Classic and Avalanche were not far behind, with 14% and 13.4% growth, respectively.

Furthermore, as reported by The Crypto Basic today, Cardano led a recent LunarCrush ranking of 3,954 tokens in terms of social and market activity. It is worth noting that the network saw over half a billion social engagements in the past week.

Notably, tweets from Cardano founder Charles Hoskinson last Saturday caused a lot of excitement within the community. According to Hoskinson, “something special is coming in November.” So it will be unsurprising to see the juicy details disclosed at the Cardano Summit coming in mid-November. Till then, supporters of the network can only speculate with warranted excitement.

It bears mentioning that the network’s Total Value Locked (TVL) has also seen a boost. With the TVL at over $71 million, it represents a $3 million gain over the last two weeks since The Crypto Basic last reported on the figure. Notably, at least 6 of the top 10 decentralized apps (DApps) by TVL have seen low to mid-level double-digit percentage gains in the last seven days, with others posting more modest gains.

Miniswap continues its dominance with over $36.5 million locked, representing 51.41% of the total TVL on the network. It also represents a nearly $2 million increase over the last two weeks. 

Despite the challenging year that crypto assets have had in terms of valuation, Cardano has achieved some of its most significant developmental feats in recent months. For example, in September, the network’s long-anticipated Vasil hard fork upgrade went live. In addition, a recent demo from SundaeSwap indicates that Hydra, one of the critical elements of Cardano’s scalability plan, is nearing completion.

It is worth noting that the crypto markets enjoyed a relief rally on Tuesday that continued into most of Wednesday that saw prices surge after an extended period of consolidation and weakness. 

Cardano’s ADA is fighting to hold above the $0.4 price point. Recent gains have ensured it is up 13.84% in the last seven days, with a market capitalization of $13.84 billion, the 8th largest among crypto projects.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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