Cardano Rallies 11% as RealFi Launch Boosts ADA
Cardano (ADA) surged over 11% on Monday, reaching its highest level in three months and leading the gains among major cryptocurrencies. Over the past three months, ADA's performance has outpaced Bitcoin and XRP, with gains of over 50%, compared to Bitcoin's 37% and XRP's 3%. Solana was the only token to perform better, with a 49% increase in the same period. At the time of writing, ADA was trading around $0.27, its highest level since early July, representing a 74% rally from its July low of $0.1554.
Cardano's recent surge can be attributed to the launch of RealFi on its mainnet last week, introducing USDrf and the staked sUSDrf. RealFi's documentation describes USDrf as a reserve-backed digital dollar designed for capital stability and everyday transactions, while sUSDrf is intended to generate yield from a diversified portfolio of real-world assets. The protocol aims to differentiate itself by focusing on deploying capital into real-world economic activity rather than speculative crypto trading.
Before the rally, Cardano's decentralized finance (DeFi) total value locked (TVL) increased by 8.72% over 24 hours to $70.78 million. The network's decentralized exchange (DeX) volume was $4.36 million, with 15,985 active addresses. Despite the recent gains, ADA has still seen an 18% decline over the year and a 67% drop over the past 12 months.