Cardano (ADA) secures high-defi network activity, following Ripple’s win against SEC
The native coin of the Cardano blockchain surged nearly 25% on 13 June and now the situation is going to change for this crypto network, as other factors are showing that the network is quietly increasing its footprint in the Defi crypto space.
Cardano is a popular Proof-of-stake (PoS) crypto network. This network can provide crypto transactions at a very low cost. Charles Hoskinson is the core founder behind this project and in the past he contributed to the Ethereum project in 2013 as a founder cum developer.
On 13 June, Following the Ripple vs SEC lawsuit outcome, Cardano’s native coin ADA surged by 23.5%.
The majority of the Cardano lovers noted that the Ripple vs SEC battle was not the major reason for the Cardano coin to show the rally, instead the latest development activities played a vital role to bring a big rally.
Recently the chief of the Algorand Foundation John Woods shared his idea to bring Algorand as a sidechain of the Cardano blockchain network. Cardano founder Hoskinson shared the news three days back.
According to a report from CryptoSlam, the NFTs trade volume in the Cardano ecosystem surged by nearly 56% to $3.1, which is a huge increment over Ethereum & Solana blockchain networks.
The network total volume locked (TVL) across all the Cardano-powered decentralized Crypto exchanges surged by a net 6% in the last 7 days.
In June of this year, Cardano faced some legal uncertainty pressure, as the United States Securities Exchange Commission (SEC) mentioned ADA coin as an unregistered crypto security token in the suits against BinanceUS & Coinbase exchange.
But now the outcome of the Ripple vs SEC suit will surely bring a better level of confidence among the crypto traders for Ada coin also.
In the past, the Cardano team never approached any Venture capitalists (VCs) for any investment or high level promotion. And also the backed team maintained unbiased distribution of ADA coin in the crypto space.
Read also: Multichain team officially admitted Multichain CEO detained by Chinese police
