The Total Value Locked (TVL) on the Cardano (ADA) network reached an all-time high (ATH) of over $200 million on July 14th. However, it has since experienced a slight decline to $192 million.
The TVL of Cardano has surged to $209 million, marking the highest level this year. This peak coincides with a significant influx of capital as the market capitalization of the asset increased by nearly $2 billion.
The increasing TVL is correlated with the growing trading volume on the decentralized exchange (DEX) of the network. Since the beginning of this year, Cardano has witnessed a surge in trading volume, reaching a peak of $274.81 million in June. Initial data from July indicates that this trend is holding steady, with a record high of $92.85 million on July 15th.
The market capitalization of ADA has also seen significant growth, rising to nearly $13 billion on July 14th. During the period from July 13th to July 14th, ADA received a capital influx of $2.10 billion, increasing its market capitalization from $10.11 billion to $12.89 billion.
The increase in market capitalization correlates with the significant value growth of ADA during the same period. ADA reached a peak of $0.37 in the past week, marking an increase of over 16%. However, in the past 24 hours, the price has slightly declined to $0.33, equivalent to a decrease of 3.90%.
In another news, Cardano founder Charles Hoskinson praised the court’s ruling in the SEC vs. Ripple lawsuit. He expressed his support and appreciation for Ripple CEO Brad Garlinghouse and CTO David Schwartz through a tweet. Hoskinson also commended the XRP community for their victory, considering it a significant step forward for all cryptocurrencies.