Staking ADA crypto is not holding up well and is in freefall despite the welcoming Cardano (ADA) community upgrade or update Vasil hard fork which improves network scalability.
Total value locked (TVL) or total assets managed on the Cardano blockchain has consistently declined since reaching a peak in March.
ADA Crypto Staking Free Falls
Finbold reports, DeFi Llama data shows Cardano’s TVL hit less than $80 million for the first time since January 2022.
Cardano’s TVL is currently at US$76.66 million, down 76.49 percent from the peak value of US$326 million reached on March 24, 2022. stake ADA crypto is back to levels in January 2022.
Cardano is ranked 27th by TVL measure, behind Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalance (AVAX) and Tron (TRX).
Ethereum (ETH) has a TVL value of US$32 billion and is in first place.
However, a recent study by Basel Committee on Banking Supervision (BCBS) Bank for International Settlements (BIS) found Cardano among the ten most popular crypto assets according to banks that invest in crypto assets.
In addition, ADA’s daily social media activity hit a 90-day high of 52,470 as of September 23, for a total of 2.32 million according to data platform LunarCrush social analysis.
Not only that, the CoinMarketCap crypto community is of the view that bullish against ADA prices at the end of October. The community expects ADA to trade at US$0.5873, an increase of 36.21 percent over its current price.
ADA’s market cap is the eighth largest with a value of US$14.8 billion according to CoinMarketCap data.
Via Twitter, analyst Peter Brandt provided a price chart showing ADA forming a pattern descending triangle. This means that the crypto asset may decline in the near future.
According to Brandt, the price of ADA could drop to under US$0.25 or fall 50 percent from the current price of ADA. If this happens, the price of ADA will fall by more than 90 percent of the value all-time-high of US$3.09 achieved in September 2022. [ed]