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Cardano price steady after dynamic P2P upgrade, DeFi TVL soars

By:
on Mar 17, 2023
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  • Cardano price made a bullish breakout on Friday.
  • IOHK unveiled the new dynamic P2P upgrade.
  • Its DeFi TVL jumped to an all-time high in ADA terms.

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Cardano (ADA/USD) price regained momentum after its developers announced a new node upgrade in its network. ADA jumped to a high of $0.34, the highest level since March 15 of this year. This recovery coincides with the resurgence of digital coins, with Bitcoin trading at its highest point this year.

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IOHK launches its P2P node upgrade

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In a statement, IOHK, the firm building Cardano, said that it had successfully deployed the P2P node upgrade in a bid to boost its performance. This upgrade came a month after Cardanop unveiled the Valentine upgrade that brought in more features to the network. Some of the key features in the Valentine upgrade were on interoperability and security of its on-chain dApp deployment.

IOHK said that the dynamic P2P networking was an important part of Cardano’s growth and its performance, decentralization, and resilience. The statement added:

“By automating the peer selection process, dynamic P2P enables enhanced communication between decentralized nodes and simplifies the process of running a relay or a block-producing node. This eliminates the need for static configurations and manual stake pool operators input.”

Cardano ecosystem growth

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Cardano’s ecosystem has been growing in the past few months. Data compiled by DeFi Llama shows that the total value locked (TVL) in its DeFi ecosystem has been growing. It now stands at over $120 million, the highest level since July last year. 

In ADA terms, the TVL has actually jumped to an all-time high of 369 million, meaning that there is a lot of traction in its ecosystem. Some of the biggest dApps in the ecosystem are Minswap, Indigo., and WingRiders among others, Djed, its stablecoin, has reached a TVL of over $11 million.

Cardano DeFi TVL

Additional data by TokenTerrminal shows that the daily fees in Cardano have been rising in the past few weeks. Active developers and code commits have also risen. The data shows that the number of active developers rose by 2% to 146.

On the hourly chart, Cardano price rose above the key resistance level at $0.33, the highest point on March 16. It has also moved above the 25-period and 50-period moving averages. Therefore, the coin will likely continue rising during the weekend as buyers target the key support level at $0.37, which is about 7% above the current level.

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