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Cardano Rises in DeFi Market with Tremendous Potential in ADA Ecosystem

Cardano has climbed to the 16th position in the DeFi market with a Total Value Locked (TVL) of $183.16 million, according to a report by DefiLlama. This puts it ahead of other chains such as Bitcoin and EOS. The TVL is denominated in ADA, which recently set a new all-time high of $504 million. Cardano's unique Proof of Stake model and introduction of smart contracts have enabled developers to build more DApps on the platform, which could lead to exponential growth in TVL. The asset currently has a support level of $0.349169 and a resistance level of $0.397221.

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