Cardano’s TVL, wallets holding ADA rise, but will it help the token

ambcrypto.com:

Cardano, as per CoinMarketCap, appeared to be trading at a vital support level that has attracted many buyers. As long as it continues to hold that level, ADA has a chance of rebounding toward $1. At least that’s what ADA proponents are saying. One might wonder what exactly is backing up these bullish narratives?

In the last seven days, the network’s TVL continued to rise despite its relative infancy in the decentralized finance (DeFi) market. More than 25,000 percent is the network’s overall TVL rise in 2022 alone. Now the question is- What led to this rise?

Well, one of the projects deployed on Cardano faced a massive increase in TVL. Wingriders, based on Cardano,gained almost 8,000% of its TVL in the last seven days, according to network-tracking service DeFiLIama. Wingriders gained over $41 million in the total value of funds locked in the project between 12-13 April.