DeFi
Cardano DeFi TVL falls below Gnosis, Near, Cronos, Aptos and Sui
Cardano price, like many other cryptocurrencies, has seen a massive sell-off due to concerns about the new crypto winter. However, it is important to note that Cardano has shown resilience, with its market capitalization remaining at over $13 billion, solidifying its position as the 10th largest crypto in the industry.
Cardano, while currently considered one of the largest shadow chains in the crypto industry, has significant growth potential. The Cardano chain, in this context, refers to a blockchain that has not yet fully realized its usefulness. In the case of Cardano, the emergence of a major ecosystem dApp could be a game-changer, and the number of developers could potentially increase.
In contrast, Ethereum has well-known applications like AAVE, Compound and Lido DAO. Likewise, Solana hosts popular meme coins like Dogwifhat and Bonk and DeFi protocols like Orca, Jupiter, and Raydium.
Cardano DeFi TVL has plunged to $289 million, making it the 28th largest platform in the blockchain industry. All network players, like the Minswap staking pool, Indigo, Liquid, and SingularityNET, have plunged double digits over the past few weeks.
It is worth noting that Cardano currently has a limited number of stablecoins in its ecosystem, with these stablecoins having a market capitalization of less than $20 million. This indicates that the platform is not yet widely used. In comparison, Tron has over $50 billion in stablecoins, while Ethereum has over $80 billion. However, this does not mean that Cardano will not be able to expand its stablecoin offering in the future.
Cardano has now become a smaller platform than many blockchains with smaller market caps. For example, Gnosis, whose GNO token has a market cap of $814 million, has a DeFi TVL of around $328 million.
Cardano is also smaller than Mantle, with a TVL of over $383 million and a market cap of over $2.5 billion. It is also smaller than other smaller networks like Aptos, Near Protocol, and Sui.
At the same time, Cardano has no market share in other blockchain sectors. For example, CryptoSlam data shows that the network processed NFTs worth just $48,000 in the last 24 hours and $1.8 million. in the last 30 days. Worse yet, most of these sales have been laundry product sales.
This provides further evidence that Cardano is the largest shadow chain in the crypto industry and that its valuation was difficult to justify. On the positive side, it fell from an all-time high of over $90 billion during the last crypto bull run.