Cardano (ADA) has once again taken a prominent position in the decentralized finance (DeFi) sector, with Total Locked Amount (TVL) increasing by 28.7% in Q3 2025, the highest level since the beginning of 2022.
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According to Messari’s latest State of Cardano report, the growth of the DeFi network and strong treasury expansion pushed ADA’s market cap up 42.5% to $29.5 billion, marking a strong recovery for the ecosystem.
ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview
Core protocols and treasury expansion fuel Cardano’s momentum
Key protocols like Liqwid and Minswap fueled much of Cardano’s DeFi momentum, with Liqwid’s TVL jumping 50.8% to $101.6 million, while Minswap dominated with 74.7% of DEX volume. Cardano’s treasury balance also climbed to $1.3 billion, demonstrating the renewed confidence of developers and the resilience of the ecosystem.
Cardano founder Charles Hoskinson praised the community’s growing commitment to decentralization, stressing that ADA’s ecosystem could expand to “seven or eight figures” in DeFi value if users continue to adopt the original protocols.
Whales accumulate 348 million ADA as Price Eyes Recovery
Despite recent market volatility that has pushed ADA below $0.6, whale activity has increased dramatically. On-chain data from Santiment shows that between November 7th and 10th, large holders accumulated 348 million ADA, worth over $204 million, representing almost 0.94% of the total supply.
This buying frenzy coincided with a modest 21% jump. ADA price from a low of $0.49 earlier this month, as investors eye a potential break above $0.6. Analysts highlight the formation of a bullish “Power of Three” pattern, which could pave the way for a rise towards $0.73 and possibly higher in the next bullish phase.
However, despite the huge build-up, overall network activity weakened slightly, with daily active addresses falling. This divergence suggests that while retail users are cautious, institutional and high net worth investors are positioning themselves for long-term gains.
Cardano aligns with ISO 20022 and extends the plan
Cardano’s inclusion among digital assets compliant with the ISO 20022 global financial messaging standard further strengthened its institutional narrative. Charles Hoskinson reaffirmed ADA’s full support for the framework, placing it alongside assets such as XRP and XLM in global payments interoperability.
In parallel, Cardano achieved full community-led governance in September 2025 and continues to roll out upgrades such as Halo2-Plutuswhich improve privacy and scalability.
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The Cardano Foundation’s updated roadmap focuses on the expansion of DeFi liquidity, the increasing adoption of stablecoins, and the tokenization of real-world assets, indicating a maturing ecosystem ready for the next wave of blockchain adoption.
Cover image from ChatGPT, ADAUSD chart from Tradingview
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