Cardano’s DeFi network is growing, WSM presale continues

Cardano's DeFi network is growing, WSM presale continues

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Cardano (ADA) was hit hard by SEC news that various cryptocurrencies were classified as securities. Like the rest of the market, Cardano’s course faltered for a few weeks. Its DeFi network also suffered liquidity losses and lost a good 50 million US dollars during this period.

Meanwhile, Cardano is not only recovering, its DeFi ecosystem is also showing great performance. Total Locked Value (TVL) is currently increasing. The TVL represents the capital deposited in DeFi protocols. Cardano is growing even faster than bigger DeFi networks like Ethereum (ETH), Solana (SOL) or Avalanche (AVAX).

Data from DeFiLlama provides information about the TVL in Cardano and shows a clear upward trend. The TVL has been rising continuously since February. In February 2023 it grew to over 100 million US dollars and in April broke the 150 million US dollar mark. The network collected the highest value on June 25, when it recorded the Total Value Under Lock $183 million to.

Source: DeFiLlama

Cardano on the rise, other DeFi platforms converge

Despite the shock from potential SEC regulations, Cardano’s DeFi network has been remarkably resilient. Meanwhile, the TVLs of other DeFi platforms fared badly. They lost value steadily over the same period and had to accept large losses.

Binance Smart Chain (BSC) and Ethereum applications consistently lost liquidity over the same period, with no sign of progress to come. Applications Polygán (POLY) and Solana Decentralized Finance took a sharp fall earlier. At least for the last few weeks, they have been showing a very noticeable increase in TLV. However, this does not come close to the massive growth of Cardano.

Cardano was also able to celebrate another record: As on June 25 534.8 million ADA in the DeFi ecosystem and so more than ever. In addition, the daily trading volume increased to 6.5 million US dollars. This makes Cardano one of the fastest growing networks when it comes to its own native cryptocurrency.

The reasons for the increase are probably the positive expectations of investors. The latest BlackRock news suggests it is increased interest from traditional finance there. This in turn increases the confidence of DeFi traders as well.

In addition, the cryptocurrency had a great rally in the last few days. The price of Cardano was back for a short time over $0.30 per ADA. Even if the price has now fallen below this value, a positive trend is still emerging. Its DeFi network is also benefiting from this development.

Wall Street Memes closes in at $11 million

Meanwhile, the so-called meme coins are finding new success. The Wall Street Memes Coin (WSM) presale is currently underway and the brand is being targeted 11 million WSM sold at. A WSM token can be purchased for $0.03.

The origin of the Wall Street Memes Coin is in the GameStop fiasco of 2021 which was established when especially young traders catapulted the shares of the retail chain for video games. The Wall Street Memes community aims at current developments in the stock exchanges and the financial world with biting humor, always accompanied by a popular meme. The official Twitter profile currently has nearly 250,000 users.

And even Elon Musk regularly responds to Wall Street meme tweets. Dogecoin (DOGE) was the first meme coin to start and was also heavily influenced by Musk. Its developers borrowed the then-popular Doge meme and created a cryptocurrency that, among other things, was not intended to be taken too seriously. People should have fun with this base. Over time, however, Dogecoin established itself as a serious player in the crypto market.

The rise of meme coins finally started with Shiba Inu (SHIB) and other “dog coins”. Other cryptocurrencies emerged, increasing their popularity with well-known memes and combining humor with internet culture. Success always comes from the community element. Wall Street memes are now using the same strategy.

Wall Street memes
Will Wall Street Memes imitate previous meme coins?

Wall Street Meme Coin (WSM) presale is in 30 degrees taking place. Within each step, the price of WSM increases by a few cents. If you get in early, you could take advantage of the potential increase in the value of the cryptocurrency. Wall Street Memes can build a strong community, but overall it remains to be seen how their cryptocurrency can perform in the future. Should we slide into a bullish market, such altcoins could also benefit.

Buy Wall Street Memes now

Last updated on June 27, 2023

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