The Cardano blockchain has recently reached an all-time high in the ADA-denominated value of cryptocurrency locked within, according to data from DeFi Llama. ADA is the token powering Cardano’s smart-contract-enabled high-performance blockchain, which is seen as a competitor to Ethereum. The launch of the Djed over-collateralized algorithmic stablecoin this year has opened new yield farming opportunities in the Cardano DeFi ecosystem. However, the USD-denominated TVL remains well below its 2022 highs due to the recent significant drop in the ADA/USD price. Cardano’s near-term outlook looks weak, and investors may want to consider diversifying their holdings with some presale tokens with better risk-reward ratios. A list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team, is available.
