has had a significant presence in the world of cryptocurrency for a number of years. However, this year, Cardano's layer 1 blockchain is making significant strides forward. The Cardano network is developing at a remarkably fast pace and gaining more and more trust among crypto investors. Thanks to this impressive growth, Cardano is now positioning itself among the largest and most influential blockchains in the world of cryptocurrency.
Cardano secures an impressive 12th place
Currently, Cardano is the 12th largest network in terms of Total Value Locked (TVL). TVL refers to the total value of cryptocurrency locked in smart contracts on the network. With a staggering $238.45 million in locked assets, Cardano ranks behind Bitcoin (BTC)
and the scaling network Base, which runs on the Ethereum (ETH)
blockchain. It is noteworthy that Cardano has experienced a significant increase in a short period of time, as the project previously held a much lower position.
In just three weeks, the value of locked cryptocurrency on Cardano has increased by a whopping 57%. On October 19th, only $151.68 million was locked in DeFi protocols on Cardano, but it has now risen to $238.45 million.
In addition to the increase in locked assets, the price of ADA has also significantly risen. The cryptocurrency has increased by 21% in a week and a staggering 37% in a month.
Despite Cardano's significant rise, Ethereum remains the largest smart contract network, with a total of over $24 billion in locked assets.
Cardano embraces the power of Polkadot
Earlier this week, Cardano announced that it will be using Substrate, which serves as the foundation of Polkadot (DOT)
. Cardano will utilize Substrate for its "partner chain" project.
Through Substrate, Cardano aims to build a network consisting of interconnected blockchains, each with its own unique capabilities. Substrate is designed to make it easier and more accessible for developers to build their own custom blockchains.