Cardano’s ADA token has seen a massive surge in trading volume, averaging $1.4 billion daily in March—nearly doubling February’s $720 million. This spike followed a viral social media post by U.S. President Donald Trump, mentioning ADA as part of a strategic crypto reserve.
Beyond the hype, Cardano has been steadily growing since its 2017 launch. With a $25.6 billion market cap, the blockchain boasts over 5 million unique wallets and 1.3 million delegators, adding thousands of new wallets daily. While its total value locked (TVL) stands at $329 million, Cardano Foundation CEO Frederik Gregaard argues that non-financial blockchain transactions, such as decentralized IDs and document tracking, hold greater significance. The platform's partnership with Veritree, which facilitated the donation of 1 million ADA for mangrove reforestation in Kenya, exemplifies this vision.
DeFi on Cardano is also expanding. Minswap, its leading decentralized exchange, reached $3.4 billion in cumulative trading volume, with lending protocols like Liqwid and Lenfi contributing to over $116 million in TVL. However, Gregaard remains focused on ensuring non-financial transactions make up at least 50% of Cardano’s activity, aligning with its non-profit ethos.
Governance remains a complex issue, as Cardano is managed by three entities: the Cardano Foundation, Charles Hoskinson’s IOG, and Emurgo. While tensions have surfaced, Gregaard emphasizes collaboration, stating that the foundation plays a regulatory role, engaging with global financial authorities. Despite internal debates, Cardano continues to evolve as a unique force in the crypto space, balancing real-world adoption with DeFi innovation.
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