There have been a variety of fascinating developments leading up to the Cardano [ADA] Vasil hard fork, which is set on September 22. Aada, a financing protocol on the Cardano mainnet, increased in a way no one could have expected a few weeks after its inception.
Aada has significantly increased ADA’s Total Value Locked (TVL) in the previous seven days, according to DeFiLlama, by a staggering $219. With its own TVL addition of $360,801 since its start, this increment has been cumulatively increased by 58,186,603%.
Vasil hard fork impact on other protocol
It’s interesting to note that other protocols were also impacted by the increase outside the decentralised lending and borrowing ones. The Cardano ecosystem’s non-custodial decentralised exchange, ADAXPro, also contributed.
A TVL aggregator named DeFiLlama reported that ADAX has increased by 2564% during the previous 30 days. With all these increases, Cardano’s TVL value reached $79.48 million. However, a handful of others’ underperformance was insufficient to push ADA’s TVL beyond $100 million, as it had been in August.
Other advancements include a notification about the Vasil upgrade’s ecosystem readiness from Input Output Global, the firm behind it. On September 20, Input Output announced that more than 98% of the Cardano mainnet block was still in development. Decentralized Applications (DApps) also on ADA network have been tested out and are now proven to be ready, according to the business.
On-chain indicators indicated that Cardano appeared ready to launch the Vasil hard fork. Development activities significantly surged between September 19 and September 20, according to Santiment statistics.
Cardano also gained some further assistance from exchanges. Only 55% of liquidity across markets, as per Input Output Global’s daily statement, was prepared for the update. Now, Binance US, revealed that it was also supporting the update.
This addition resulted in a 73% improvement in liquidity availability. ADA’s price fell 0.23% from the day before. At the time of publishing, CoinMarketCap said that the price of ADA was $0.4466 while the volume had increased by 32.67%.