While Crypto Town has been heavy on Terra 2.0 (LUNA). Another major cryptocurrency heading towards an inevitable week is Cardano. The Ethereum killer is rolling up its sleeve for its Vassil hard fork. However, TVL’s fall now seems like a thorn in the flesh. As ADA price continues to test its important support levels.
Will this hurdle drag ADA down before the big day?
The Cardano network is now a mixed bag, with both sides of the coin. Whereas the recent announcement of Vasil Hard Fork made the community happy. Which was further complemented by Cardano’s prowess in interoperability. Following the news around the Egon Ethereum Cardano Bridge going live in the beta version.
On the other hand, Cardano’s TVL which was once its main strength in recent times. Now there is concern for the Cardano community. As on the Odyssey to the south from late March. According to data from Difilma, the TVL of the network has fallen from the bottom $434.74 to suppress the levels $144.09 M,
A major reason for the decline is the decline in the protocol values in the Cardano network. While the Cardano Network’s biggest TVL holder minswap has fallen ~39% in the last one month. Wing Riders, Sunday Swap and Meld, on the other hand, have lost 52.51%, 42.02% And 56.2% respectively.
Sequentially, the impact of the decline in TVL can be seen on the ADA price. who is testing his support $0.456while down 61% Since the start of Q2. On the contrary, in a recent feat, shared by moon crushCardano was mentioned on social media 2,650.3% to count 14.77 M mention.
Finally, Cardano’s declining TVL is a growing concern for the community and holders. That said, ADA price will now need an emotional boost to move towards the big day. Which could further accelerate the price trajectory of the crypto asset.