Cardano price steady after dynamic P2P upgrade, DeFi TVL soars

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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.

IOHK launches its P2P node upgrade

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

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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