ADA’s Defi Growth Will Make It a Leading Layer-1 Chain: Analyst

  • Dan Gambardello predicted that ADA may outperform many large Layer-1 chains in the next bull run.
  • Cardano’s DeFi ecosystem has witnessed consistent growth during this bear market.
  • At press time, ADA was trading at $0.2812 after dropping 3.03%.

The crypto analyst and Cardano (ADA) enthusiast Dan Gambardello predicted that ADA may outperform Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC) and Avalanche (AVAX) in the next bull market. To support his claim, Gambardello included an article published over a week ago which stated that the Indonesian Government included ADA in a list of tradable assets.

This list included ADA, as well as all of the other cryptos labeled as securities in the SEC’s latest couple of lawsuits. Gambardello believes that this development will have a substantial positive impact on the altcoin’s price, since Indonesia is striving to become the crypto capital of Asia.

This additional trading volume and adoption for ADA will position the Ethereum-killer perfectly to outperform other leading Layer-1 blockchains, such as ETH, AVAX, MATIC, as well as the crypto market leader BTC in the next bull run, according to Gambardello. Furthermore, the analyst believes that it’s only a matter of time before ADA is considered a commodity.

Gambardello speculated that this potential change in the current narrative surrounding ADA and the Cardano ecosystem, wherein ADA is considered a security by the SEC, may be ignited by the consistent increase in Cardano’s on-chain activity. He noted that Cardano has boasted a consistent increase in the Total Value Locked (TVL) in its DeFi protocols during this bear market.

ADA’s Price (Source: CoinMarketCap)

Despite the gradual increase in Cardano’s TVL over the past few months, the altcoin’s price printed a 24-hour loss according to CoinMarketCap. At press time, ADA’s price was down 3.03% and stood at $0.2812 as a result. This recent drop in its price was not able to flip ADA’s weekly performance into the red, however, and ADA’s weekly gain stood at 9.04%.

In addition to weakening against the Dollar, ADA also dropped against BTC and ETH over the past 24 hours. At press time, ADA was down 3.10% against BTC and 2.16% against ETH.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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