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As stated by the data from DefiLlama, the Cardano DeFi ecosystem has attracted more funds, recording a positive 24-hour change of 6.04% in its total value locked (TVL).
Cardano’s Milkomeda sidechain, which has been working for nearly two months now, may one day become a roll-up to Cardano’s main chain, according to Cardano Insights.
The upcoming Project Catalyst Fund9 expects over 1,000 proposals to be submitted, with $16 million worth of ADA already earmarked for grants and ecosystem rewards. Project Catalyst is a collaborative effort between the Cardano community and Cardano’s parent company, IOHK, to encourage Cardano network development.
Cardano ecosystem has been recording huge growth since the introduction of the Alonzo hard fork in September 2021, which implemented smart contract functionality on the proof-of-stake (PoS) blockchain
![Is Cardano’s [ADA] rally probable yet? The answer might impress you: ANALYSIS](https://cryptolifedigital.com/wp-content/uploads/2022/05/download-2022-10-22T091500.322.jpg "Is Cardano’s [ADA] rally probable yet? The answer might impress you: ANALYSIS")
Cardano’s [ADA] price has been under a strong bearish influence, especially since dropping from the vital $1.2-resistance. After falling below the 20 EMA (red) and 50 EMA (cyan), the altcoin was on a streak of liquidations while correlating with the broader sell-offs.
As stated by CoinMarketCap data, Cardano is down nearly 9% in the last 24 hours at $0.50. The bulls locally capitulated after an unsuccessful attempt to push the price above $0.613 on May 16.
The latter had chastised Hoskinson’s reply to Ethereum co-founder Vitalik Buterin’s recent tweet concerning his contradictions in values. The Cardano founder had earlier responded to Buterin, saying, “It’s not too late to come to Cardano.”
The Cardano insight Twitter account stated that the Cardano network will soon present a decreased smart contract transaction size after developers use CIP 31-33 proposals that will go live on Vasil Hard Fork.
Cardano founder Charles Hoskinson responds to a critic who claims that his July 2020 prediction of the number of assets coming to Cardano has not yet come to fruition.
As stated by the Cardano insights Twitter account, the project is about to celebrate 700,000 users on their subreddit as the number of wallets opened on the network exceeds 3.6 million.
