Cardano (ADA) surges on this bullish index to end 2023 strong

Cardano is the eighth largest cryptocurrency by market capitalization and one of the leading blockchains by total value locked (TVL). TVL measures the total amount locked in a smart contract or agreement on the blockchain.

According to ranking DefilamaCardano currently ranks 12th in the DeFi chain, with a market TVL of $404.52 million. Ethereum ranks first. In terms of ADA, Cardano TVL currently stands at 812.36 million ADA.

The value locked in the Cardano ecosystem has increased rapidly over the past few weeks as investors and users turn to blockchains other than Ethereum for returns and capital allocation.

Most of the growth appears to have occurred in mid-December, with TVL for all Cardano-based projects reaching an all-time high of $531.26 million on December 15.

At the same time, ADA’s TVL hit its previous all-time high on December 9, reaching 947.78 million.

At the time of writing, ADA price has remained almost unchanged over the past 24 hours, trading at $0.60.

ADA 4-hour price chart | Source: Tradingview

SundaeSwap outlines ambitious plans for 2024

become one tweet New Cardano DEX SundaeSwap outlines ambitious goals for 2024.

Notable among them is the upcoming new v3 contract, which is expected to bring significant improvements in scalability, processing nearly 10 times the number of orders as the v1 contract, while occupying less than 1/10 of the block space.

The v3 contract will also include changes to the fee structure, the ability to scale the protocol through innovation without major liquidity migration events, and better rules for compatibility with other protocols.

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According to UToday