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Elevenews

03/19/2022

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Cardano (ADA) TVL Has Increased By 25% In the First Three Months Of 2022

One of the world’s most popular blockchains is Cardano.  The network, which was launched in 2017, has progressively grown in popularity over the years, and it has witnessed enormous growth with the launch of smart contract functionality, which ushered...

Cardano (ADA) TVL Has Increased By 25% In the First Three Months Of 2022

One of the world’s most popular blockchains is Cardano.  The network, which was launched in 2017, has progressively grown in popularity over the years, and it has witnessed enormous growth with the launch of smart contract functionality, which ushered in the decentralized finance (DeFi) space on the blockchain.  This development can be observed in the number of transactions completed just this year, as well as the total value locked (TVL) on the network, which has increased dramatically.

Cardano TVL is going up, up, and away:  In comparison to its competitors, Cardano’s DeFi space is still nascent. It’s astonishing to see what the network has accomplished in such a short period, considering its only 6 months old and its DeFi standards are even younger. Cardano has formally established itself as a space force with the launch of SundaeSwap. The network has entered a new era thanks to this protocol and its precursor, Minswap.

DeFiLlama’s report:  In less than three months of 2022, Cardano has seen over $200 million TVL on the network. According to DeFiLlama’s findings, this implies a 25,000 percent increase in this time period.

Given that there was $208 million locked on Wednesday, March 16th, this number is rapidly increasing. In the last 24 hours alone, well over $10 million has been locked up.

There is no surprise that SundaeSwap holds the majority of this volume, but by only a small margin compared to competitor Minswap. SundaeSwap currently has a total of $113.9 million in TVL, while Minswap holds $106.71 million in TVL. Other protocols such as MuesliSwap and ADAX Pro hold only a small percentage of this volume, with 1.68 million and $14.57k, respectively.

How did Cardano’s total worth spike?  SundaeSwap (approximately $112.28 million), MiniSwap (roughly $95.36 million), MuesliSwap (about $1.6 million), and ADAX Professional (around $14,060) are decentralised exchanges that continue to contribute to the changing fortunes of Cardano’s TVL.

As a result of the large share of beneficial features within the aforementioned decentralised exchanges, Cardano has dropped into the top 30 chains with the most value locked after topping $200 million in TVL in March.

DeFi TVL increased by 2.4%:  The entire DeFi TVL is now hovering around $200 billion. Despite the fact that this isn’t the highest it’s ever been, given how new the facility is, it’s still a solid volume. With more than half of all TVL locked on the network, Ethereum inevitably commands the majority of this volume.

Other networks are split between the second and third parts of this volume, with Terra taking the lead at $25.38 billion. The BSC platform and the Avalanche platform are both valued at $11 billion, at $11.87 billion and $11.01 billion, respectively.

In terms of the price of Cardano (ADA), the rise in DeFi operations on the blockchain hasn’t translated into a significant increase in value. Since the beginning of the year, the digital asset has been on a downward trend, and is now trading at $0.84, just below the $1 mark.

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https://elevenews.com/2022/03/18/cardano...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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