Cardano (ADA), which successfully completed the Vasil upgrade last month, has dropped to an 8-month low in terms of stake value.
The smart contract platform has entered a new dimension with the Vasil upgrade, which is on the agenda. However, this upgrade, which users have been eagerly and excitedly waiting for, has not yet come to fruition. Unable to keep up with the general market in terms of price stability, ADA also experienced decreases in network activities.
Cardano Network Stake Rate Drops
There has been a decrease in the total amount of locked assets (TVL) representing staked coins on the Cardano network. The amount of stakes, which has been falling steadily since March, momentarily reached the lowest level in 8 months. Also, the staked coin value dropped below $80 million for the first time since January.
Popular smart contract platform ADA is moving around $76 million in total locked value (TVL) data. This data was well below the $326 million value in March. The 8-month decline peak corresponds to approximately 76 percent.
In the TVL ranking, ADA was ranked 27th, behind its strong competitors BTC, ALGO, MATIC, AVAX. Ethereum is the leader with a TVL value of $32 billion.
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