• Cardano (ADA) is surging in price and has delivered a 50 percent gain on the weekly chart.
• The total value locked (TVL) on the Cardano blockchain has surged past 600 million ADA.
• Spectrum Finance is set to launch its services in the Cardano ecosystem, providing more options for using cryptocurrencies across different blockchains.
Cardano’s ADA Price Surges
Cardano’s ADA is trading 3.07 percent up at a price of $0.3297, with a market cap of $11.5 billion and eyeing a jump to $0.35. The world’s seventh-largest cryptocurrency has been in traders‘ limelight recently and has delivered a healthy 50 percent gain on the weekly chart.
Total Value Locked Jumps 300%
The decentralized finance (DeFi) activity on the Cardano blockchain has seen a strong uptick recently as well; total value locked (TVL) on the blockchain has reached an all-time high of 600 million ADA – up by 300 percent since the beginning of this year.
Spectrum Finance to Enter Ecosystem
Cardano will be teaming up with Spectrum Finance, both working together to offer more ways to use cryptocurrencies across different blockchains. On July 24th, Spectrum Finance, which provides sets of smart contracts that work on Ergo Layer 1 blockchain and Cardano Layer 1 blockchain, will go live in the Cardano ecosystem, unlocking new opportunities for cross-chain interoperability through their Spectrum Network or Spectrum Protocol platform for smart contracts that work across multiple blockchains.
What Is Spectrum Finance?
Spectrum Finance is a popular DEX for its ability to offer trustless cross-chain programmable messaging services between users and developers alike, allowing users to interact with each other while keeping control over their funds at all times without any third party interference or manipulation of data included in transactions/messages sent between users.
Conclusion:
This news shows that Cardano’s DeFi potential is growing rapidly and that more players are willing to take part in it as TVL continues to rise exponentially throughout this year so far; meanwhile cardano teams up with Spectrum Finance to provide further opportunities for using cryptocurrencies from different blockchains within one platform – bringing us closer towards achieving true cross-chain interoperability than ever before!