• Total value locked in Cardano has been steadily falling.
• Meanwhile, on-chain activity on Cardano is on the rise.
• Cardano dApps have also seen an uptick in the number of users.

Since its all-time high in March 2022, Cardano‘s total amount of tokens staked has fallen dramatically. According to Defi Llama, the total value locked (TVL) in Cardano has been steadily falling since reaching a peak in March. For the first time since January 2022, it has dropped below $80 million.

Cardano’s Vasil upgrade was expected to be a boost for the project. The hard fork aimed to improve the blockchain’s performance and make it competitive with other DeFi initiatives. However, the update doesn’t seem to have been too encouraging for ADA investors.

Cardano’s TVL was reported to be $76.66 million at the time of writing. This is a drop from the record high of $326 million on March 24, 2022, a 76.49% dip. This new figure has pushed ADA’s staking value back to where it was in January 2022.

At the moment, Cardano is ranked 27th among all blockchains in terms of the total value of locked (TVL). Comparatively, it lags behind other blockchains, including Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalanche (AVAX), and Tron (TRX). With a current market cap of $32 billion, Ethereum (ETH) leads.

Despite the drop in TVL, on-chain stats disclosed by the Cardano foundation reveal an uptick in activity on the blockchain.

As per data, the number of transactions hit 51.2 million, a 4.2% gain over August. The total number of wallets climbed by 1.34%, while the proportion of wallets allocating ADA to staking rose to 3.4%. As such, 1.22 million of the 3.6 million ADA wallets are actively staking at this time.

On the other hand, data from DappRadar reveals that Cardano dApps have seen a significant spike in new users within the last 24 hours. There are now 23 Cardano decentralized applications (dApps) that are listed on DappRadar. Of those, 10 have witnessed an increase in new users of at least 3% to 6%.