Cardano TVL up by 565,000%, Snoop Dogg praises ADA blockchain

September 21, 2022 John Blockchain 0

  • Cardano’s Vasil upgrade is fast approaching.
  • Cardano inspires Snoop Dogg’s son to release a new music album.

Aada finance, a noncustodial lending protocol on Cardano’s mainnet, has recorded a remarkable surge in total value locked, according to the latest DefiLlama data. As of this writing, Aada finance’s growth in the last seven days has reached an astonishing +565,873 percent. Aada finance is the first-ever platform where it is possible to lend or borrow native Cardano assets. It became operational a week ago (September 13) following several months of public testnet use.

The Aada team stated they chose to launch the platform before the highly expected upgrade because Aada’s V1 protocol aligns with pre-Vasil hard fork sentiment. Cardano’s TVL dropped slightly by 1.19 percent over the past 24 hours to stand at 79.58 million (without staking). But with the inclusion of staking, the TVL would hit 97.9 million.

Total value locked (TVL) is the total value of crypto assets available across decentralized finance (DeFi) protocols. According to DefiLlama data, Minswap is the biggest Cardano decentralized exchange. Minswap has nearly $41.47 million worth of TVL and a market dominance of 42.36 percent.

Cardano has announced that the hard fork combinator event for the Vasil upgrade will happen on September 22. However, the Vasil functionality will become operational on September 27, an epoch after the hard fork. The Vasil upgrade aims to improve the blockchain’s performance, interoperability, functionality, and scalability by adding new improvements and features.

Also, Vasil would facilitate access to information stored on the blockchain without needing to spend and re-create UTXOs (Unspent Transaction Outputs), as was the case previously. Recent updates by the IOG states that developers are already creating 99 percent of the mainnet blocks with the Vasil node (1.35.3). 8 of the 12 leading exchanges and the top Cardano DApps have confirmed their readiness for the Vasil upgrade.

Snoop Dogg’s son releases a music album inspired by Cardano

Champ Medici, son of the legendary hip-hop artist (Snoop Dogg) and top crypto advocate has launched an extended playlist (EP) titled Clay Nation tapes, Vol. 1. He dedicated the album to Cardano’s leading NFT project, Clay Mates and the Cardano blockchain as a whole. It is the first official release by Champ Medici since joining the clay nation team last month.

Champ Medici expressed his bravado and enthusiasm about his crypto experience in all three tracks of his new album. The artist sang about his dreams of prosperity as a Cardano investor in ADA dreams (the album’s first track). Also, his dad, the legendary Snoop Dogg, made a cameo in the track, rhyming about the change that cryptocurrencies and blockchain will bring to the world.

In another track titled manifest, the artist stated that he would hold onto his Cardano investment and not listen to the news to avoid confusion. Champ Medici expressed his ambitious persona in the album’s last track, singing about NFT collections and buying his woman the most expensive ones. Based on the title of this album (Clay Nation Tapes Vol. 1), it is likely that Champ Medici would still release complementary albums under this record label.

The album’s release coincided with the September 9 birthday of the Clay Mates project. The studio claimed that over 4,200 persons became owners of the digital art collection throughout the year and the project’s revenue in the secondary market was more than 25 million ADA.