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🎓 Revealing the reason for the high price of Cardano ADA coin

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23 new complexes appeared on the Cardano network in the last 24 hours, each holding a massive amount of Cardano ADA, with the total number of Cardano ADA rising to a new all-time high thanks to this, according to a recent tweet posted by Cardanians_io, describing the event as a positive sign given the current DeFi boom.

Each of the new 23 pools stores 62 million Cardano ADA, increasing the direct stake to $1.5 billion in ADA Cardano with the total amount of ADA (Total Value Locked, TVL) now exceeding 73% of the original Cardano On circulation. According to “Cardanians_io”.

The pools mentioned above allow users to share their coins with those pools, i.e. delegate their Cardano to the pool to win prizes in the same coin according to the Proof-of-Stake consensus algorithm.

How much Cardano ADA Locked these platforms have

U.Today reported a day earlier that Cardano closed-end funds had seen a 13% increase in a 24-hour period, as the Cardano ecosystem saw a significant inflow of funds from investors.

There is $174.51 million worth of Cardano locked on the MinSwap decentralized platform right now, and the SundaeSwap platform has $108.14 million worth of Cardano locked. Additionally, Meld owns $72.44 million of closed-end Cardano.

517 Cardano-based projects are being created now

A recent report showed that almost 520 decentralized projects are currently being created on the Cardano Blockchain, including NFT pools (comprising 34.7% of all projects on Cardano), DeFi applications, and new Cardano wallets.

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