Cardano’s decentralized vault now holds 927 million ADAs worth $500 million

What is Cardano ADA

Cardano’s price momentum has pushed the value of its decentralized ADA vault back to the $500 million level. The catalyst could be an upcoming hard fork.

Vasil drives Cardano

One of the most popular blockchains is facing another update. Vasil hard fork is fast approaching. The event scheduled for the end of June was preceded by a testnet launch. It is probably this factor that made the native ADA token, in just four days, gain nearly 50% in value. 

You can read more about it in the article “Cardano’s Hoskinson confirms upcoming Vasil hard fork will happen as planned”.

The result of the developers’ actions is an increase in the value of Cardano’s vault, which has once again surpassed the $500 million barrier, representing 927.2 million ADA.

Vault’s important role

Cardano’s vault value is far from its record levels, which have exceeded $1 billion in the past. The declines in the cryptocurrency market, which began back in November, and with the Terra Luna meltdown caused a decline in confidence in digital assets. In its turn, this also resulted in a weakening of ADA.

However, solid projects, in the long run, can fend for themselves. According to experts, Cardano is this type of blockchain.

One of the unique factors building its ecosystem is the vault. According to Charles Hoskinson, it is decentralized and funded mainly by the community. This distinguishes it from many other crypto projects, often funded by Venture Capitalists.

The essence of Cardano Vault is to support developers building their applications in this very ecosystem. It provides a seamless web experience.

Lack of Venture Capital support is not a problem

The creator of the Cardano project, Charles Hoskinson, has repeatedly pointed out that a large part of the cryptocurrency media is quite indifferent to the blockchain he is creating. He has pointed out that Venture Capitalists are also showing no interest in his cryptocurrency. Despite this, the development of the ADA space and its growth is going very smoothly. One of the reasons is supposed to be the very decentralized nature of the vault and its strong support from the community.

Meanwhile, Cardano has decelerated at the upper limit of the Bollinger Bands after a multi-day rally. We expect an attempt to confirm the rise by holding the 20-day SMA. Unfortunately, at the same time, the RSI indicator is experiencing a bearish divergence, which may cause an imminent decline in the ADA coin, along with the treasury valuation.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

XRP

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load

Learn

Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load