Cardano DeFi TVL reaches a new all-time high

• DeFi activities on Cardano are growing and have just reached a new ATH in Total Value Locked (TVL).
• Minswap, Indigo, WingRiders, Djed, and Muesliswap dominate the Cardano ecosystem.

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To say that the Cardano (ADA) protocol’s Decentralized Finance (DeFi) ecosystem is growing is an understatement according to the latest metrics. Per data from DeFiLlama, Cardano’s DeFi ecosystem has hit a new All-Time High (ATH) with respect to the Total Value Locked (TVL). 

Per the data, the TVL is now pegged at 340.09 million ADA coins worth a total of $108.28 million. It is worth noting that the dollar value of the total value locked is currently not its highest figure, and this is due to the fact the ADA has slumped by more than 89 percent over the past year to date.

The growth of DeFi on Cardano is not coming as a surprise considering the high developmental growth of the protocol since the launch of the Alonzo Upgrade. This ushered in the smart contract support era, and thus, the start of the boom of Cardano.

According to DeFiLlama’s data, Minswap dominates as the biggest smart contract hub on Cardano with a TVL of $39.74 million. Minswap makes up more than 36 percent of the TVL on Cardano. Besides Minswap, Indigo, a decentralized non-custodial synthetic assets protocol built for Cardano occupies the second spot with a TVL of $16.5 million. The top 5 spots were completed by WingRiders, the newly launched stablecoin Djed and Muesliswap.

In today’s smart contract and DeFi ecosystem, there are a number of fast-growing and self-proclaimed Ethereum killers, many of which are above Cardano in terms of TVL. For instance, the Binance Smart Chain network has more than $4 billion in locked value, outpacing Cardano’s ecosystem by a significant mile.

Besides the DeFi applications, Cardano has also recorded a massive upsurge in the Non-fungible Token (NFT) niche. In a recent Podcast, Cardano founder, Charles Hoskinson made a comment about the evolution of NFTs on the protocol saying;

The thing about NFTs on Cardano is that it’s the most vibrant part of Cardano right now. It is the one with the greatest movement: 8 million assets have been issued. I think more than half of the projects are related in some way to NFT, and it’s exciting to see that level of durability, resilience, passion, and enthusiasm.

The future of Cardano per price outlook

Cardano has been touted as a very vibrant protocol with an active community of dedicated developers, a feature that has helped guarantee a steady influx of new innovative protocols, applications, and use cases. 

At this pace of growth of the protocol’s DeFi, the price has been greenlighted to stay resilient over the course of this month. According to predictions from the AI-powered tool, PricePredict, the ADA token is billed to remain pegged at $0.3022 by the end of March.

The cryptocurrency is changing hands at a price of $0.3151, down by 10 percent over the past week. By this prediction, it is evident that the price might face some additional slips irrespective of its currently positive DeFi outlook.

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