Cardano’s (ADA) TVL Falls to New 8-Month Low as Vasil Fails to Attract Stakers – On-Chain Activity Rises

Cardano’s (ADA) TVL Falls to New 8-Month Low as Vasil Fails to Attract Stakers – On-Chain Activity Rises

As the much anticipated Vasil hard fork went live on September 22nd, Cardano attained full smart contract functionality. Despite this, the network has failed to attract stakers, as its TVL slid to an eight-month low.

Cardano’s TVL Drops to 8-Month Low

The total staked volume in Cardano (ADA) has suffered a significant drop since its March 2022 peak, when it rose to above $326 million, and data from DeFiLlama illustrates a gradual drop in the total value locked (TVL) in Cardano.

According to DefiLlama’s data, Cardano’s TVL has fallen to $76.29 million for the first time since January. The slump represents a 76.49% drop from the network’s high of $326 million recorded in March. 

The $76 million TVL places Cardano as the twenty-seventh largest Proof of Stake network, behind Algorand (ALGO), Avalanche (AVAX), and Polygon (MATIC). Ethereum leads the pack with a TVL of $32 billion.

Cardano’s On-Chain Stats Spike

Despite its falling TVL, Cardano’s on-chain stats, as disclosed by the Cardano Foundation, highlight a significant rise in activity on the blockchain. The number of transactions made on the Cardano network hit 51.2 million, representing a 4.2% gain during the month of August.

The total number of Cardano wallets also rose by 1.34%, while the percentage of wallets allocating ADA for staking rose 3.4%. The data reveals that 1.22 million of the 3.6 million total Cardano wallets have actively staked ADA.

On the Flipside

  • While Cardano’s TVL falls, data from DappRadar reveals that Cardano dApps have seen a significant spike in user numbers, with 23 dApps now listed on the network. 

Why You Should Care

Although it appears that the Vasil hard fork, which promised massive improvements, has so far fallen short of expectations, it has created a platform for developers build upon, which could potentially lead to a future increase in the number of Cardano stakers.

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