- The network’s TVL has seen a rise of almost 20% compared to July 6.
- The announcement that Hydra would allow “God mode” on the network was made on X.
A recent update to Hydra has caused the Total Value Locked (TVL) of Cardano Decentralized Finance (DeFi) to rise. According to DeFiLlama’s data, the Cardano DeFi TVL has reached $243.17M. In little over two weeks, the network has seen a rise of almost 20% compared to July 6.
With a market valuation of $15.88 million and a 24-hour trading volume of $267.3 million, stablecoins in the Cardano ecosystem are rather active. This strongly suggests that Cardano is actively present in the market. It is a reflection of the network’s increasing clout in the DeFi environment.
Furthermore, the entire value of assets locked in the Cardano ecosystem is reflected in the TVL, a critical statistic that indicates the degree of activity and investment inside the DeFi space.
Banking on Hydra Update
Moreover, the announcement that Cardano Hydra would allow “God mode” on the network was made on X by large pool operator Stake With Pride, which coincides with this rise. Also, private, transient Layer-2 networks that use the native Cardano token ADA will be the ones to gain the most from this change.
According to the Hydra foresight, this class of L2 protocols will have very high TPS with almost zero cost. Additional details about the Hydra development were that it was “ultra.” And that the update was confirmed by a repost from founder Charles Hoskinson.
Rumors that the Hydra project has been abandoned have been further dispelled by this news. A video purporting to prove that Cardano had abandoned Hydra in Q1 surfaced online.
X was the venue where Charles Hoskinson went to dispel the myth at the time. He clarified that the staff at Cardano is now more “productive and motivated.” Thus it was just a question of false positives and negative publicity.
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