BlocksInform
The price of the Cardano $ADA native chip posted its best returns in 18 months in January of this year after its price increased from 58.9% to $0.39. its performance was the best it has seen since august 2021, and turned it into one of the strongest performing assets among digital currencies.
According to CryptoCompare’s latest Asset Report, which details its performance saw it outperform the MVIS CryptoCompare Digital Assets 100 Index (MVDA), a market cap-weighted index that tracks the performance of the 100 largest digital assets that recorded a return of 31.7%.
The price of Cardano, CryptoCompare details, was accompanied by a surge in trading activity, with trading volumes on centralized exchanges up 158% to USD 9.87 billion. The surge marked the first increase in trading volume the cryptocurrency has seen in 13 months in a “much-needed rebound after hitting the lowest monthly trading volume since October 2020 in December 2022.”
CryptoCompare’s report also details that in January, there was a 49.9% increase in the Total Value Locked (TVL) on the Cardano blockchain, reaching $99 million. This was the first tax increase in six months and the largest tax increase on the cardano network since August 2022.
Although minswap remains the biggest protocol with a tvl of 30.7 million dollars, its ecosystem dominance has increased from 42% in August 2022 to 31%, the report goes on to say, through the introduction of new protocols and the increasing popularity of other decentralised applications.
At the same time, the Indigo Synthetic Assets Loan Protocol and Protocol increased by 48.4% and 76.5% of their tvl, reaching USD 36.7 million and USD 16.5 million, respectively.
Like cryptoglobe pointed out, This year, djed ($djed) was launched in Cardano, an algorithmic stablecoin officially verified for cardano which is supported by cryptocurrency, iog, the business behind cardano's development, designed the bedside table, The Coti Group shall be responsible for its deliverance. The stablecoin was announced back in September 2021, and launched this month.
The recently launched Cardano-powered algorithmic stablecoin is now backed by over 31.5 million $ADA tokens, as its adoption keeps on growing and its reserve ratio remains high.
Cardano’s market capitalization surpassed that of the widely known meme-based cryptocurrency Dogecoin ($DOGE) earlier this month, during a period when $ADA was rebounding from its second-largest dip in value.
