Cardano's Price Surge Faces Reality Check Amid Fading Ecosystem Growth

Cardano's price has made a strong comeback in recent days, rising from its year-to-date low of $0.1375 to a high of $0.1772.

This marks ADA's highest point since June 15, but it still faces significant challenges as its ecosystem growth slows down.

The rebound is attributed to the US publishing non-farm payrolls data, which showed that the economy added only 57k jobs last month and revised May's figure downwards to 129k.

This led to concerns about the economy and reduced the possibility of the Federal Reserve hiking interest rates in the coming months.

However, Cardano's growth is stagnant, with its total value locked (TVL) in DeFi dropping to $85.76 million from a peak of over $655 million a few months ago.

Midnight, a project launched on the Cardano network, has not met expectations, and its 24-hour volume was just $7.9 million despite a market capitalization of $550 million.