• Deposits into chains under Cardano decreased as of 21 April.
• As the project prepares new upgrades, so did interaction soar.

Over the past few months, Cardano’s [ADA] Total Value Locked (TVL) has seen a notable rise. However, the last 24 hours to one week has been the opposite of the year-long recovery.

According to DeFiLlama, the 24-hour 3.81%% decrease was on the verge of neutralizing all the liquid input of the last 30 days.

Read Cardano’s [ADA] Price Prediction 2023-2024

Bleak and sparkling in one thought

When the TVL decreases, it means that investors are slowing the rate of smart contract deposits into several chains under a DeFi protocol. At press time, the decrease had translated to a fall beneath $170 million.

But on the bright side, it seemed that the Cardano team had been working on a number of functionalities on the blockchain. This was because on-chain data from Santiment showed that the development activity had heightened to 84.14.

In this case, it can be inferred that developers had been contributing immensely to the Cardano network. And also, this might be surprising as the project has found it hard to be excluded in the top five of this metri

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Author: Victor Olanrewaju

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