Cardano (ADA) Surpasses $240 Billion in Total Value Locked (TVL)

• More than 90% of all Cardano TVL is traded on DEXs like Minswap and SundaeSwap.
• The ADA token has always been a holder’s token.

Since the introduction of smart contracts on the Cardano network last year, activity has increased. However, as more decentralized apps (Dapps) continue to appear on the blockchain, this has picked up speed this year. Native tokens have also had record-breaking gains, making the blockchain an even more formidable competitor today than it was before.

The ADA token has always been a holder’s token. Currently, the network has one of the greatest stakes in its circulating supply. For these investors, staking and earning tokens while also helping to safeguard the network is the greatest method to make a profit. As a result, the digital asset has seen a surge in popularity, and it seems that whales aren’t exempt from this trend, as their holdings have continued to rise.

Massive Rise in Short Span

This year is shaping up to be a big one for Cardano, based on the number of achievements it has already achieved so far. The network’s TVL has continued to rise despite its relative infancy in the decentralized finance (DeFi) market. More than 25,000 percent is the network’s overall TVL rise in 2022 alone.

This TVL has already crossed the $239 million mark as the network’s operations pick up, although it has fallen short of its all-time high of $325 million set last month. More than 90% of all Cardano TVL is traded on DEXs like Minswap and SundaeSwap, which have been at the vanguard of this expansion.

According to CoinMarketCap, the Cardano price today is $0.932754 USD with a 24-hour trading volume of $798,418,509 USD. Cardano has been down 4.18% in the last 24 hours.