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Staked Cardano (ADA) drops to 8-month low despite Vasil upgrade

Staked Cardano (ADA) drops to 8-month low despite Vasil upgrade

Despite the community at Cardano (ADA) welcoming the Vasil hard fork with much anticipation, the grand update promising to improve the network scalability has so far failed to make significant traction in terms of staking value.

As it happens, the total value locked (TVL) in Cardano has been steadily declining since its peaks in March, sinking below $80 million for the first time after January 2022, as demonstrated by Defi Llama data that Finbold retrieved on October 6.

Specifically, Cardano’s TVL at press time stood at $76.66 million, which represents a drop of 76.49% from a high of $326 million it had reached on March 24, 2022. The recent values have brought back the staking value of ADA to its January 2022 levels.

Total TVL of Cardano in USD. Source: Defi Llama

Of all blockchains compared, Cardano currently assumes the 27th place among all of them in terms of TVL, behind the likes of Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalanche (AVAX), and Tron (TRX). With $32 billion in staking value, Ethereum (ETH) is in a convincing lead.

Cardano’s successes elsewhere

That said, a recent study, carried out by the Basel Committee on Banking Supervision (BCBS) of the Bank for International Settlements (BIS), has found that Cardano was among the ten most popular cryptocurrencies chosen by banks that have reported exposure to the novel asset class.

On top of that, ADA’s daily social mentions had reached a 90-day high of 52,470 as of September 23, adding up to a total of 2.32 million mentions at the time, as the data from the social intelligence platform LunarCrush demonstrated.

Finally, the crypto community over at CoinMarketCap is bullish on the price of Cardano by the end of October, its member votes estimating that ADA would trade at $0.5873, which was 36.21% more than its price at the time when these predictions were retrieved.

Cardano price analysis

At press time, these estimations are somewhat more modest, predicting a 24.23% advance to the price of Cardano, which now stands at $0.4314. 

Notably, the current price represents an increase of 0.78% on the day, albeit still a decrease of 0.20% across the previous seven days.

Cardano 7-day price chart. Source: CoinMarketCap

Meanwhile, the market capitalization of the eighth largest cryptocurrency by this indicator currently stands at $14.80 billion, according to CoinMarketCap data.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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