In a significant development for the Cardano blockchain, the Total Value Locked (TVL) has surged to a yearly high of $209 million, according to DefiLlama. However, the value has slightly dipped to $188.36 million.
The number of ADA tokens locked in the DeFi platform stands at nearly 600 million.
This milestone highlights the growing decentralized finance (DeFi) activity on Cardano this year, as more traders participate in decentralized applications (dApps) built on the network.
The increasing TVL is closely tied to the rising trading volume on the network’s decentralized exchanges (DEX).
Since the beginning of this year, Cardano has witnessed a surge in trading volume, reaching a peak of $274.81 million in June.
Data from July indicates a stable continuation of this trend, with a record-high volume of $92.85 million on July 15.
Cardano’s market capitalization has also seen significant growth, reaching nearly $13 billion on July 14.
During the period from July 13 to July 14, ADA received an influx of capital worth $2.10 billion, pushing the market capitalization from $10.11 billion to $12.89 billion. However, it has since adjusted to $11.70 billion.
In other news, Cardano founder Charles Hoskinson praised the XRP community for their recent victory, considering it a significant step for the entire cryptocurrency industry.
“Well done XRP. One Small step for XRP Nation, one Giant leap for Cryptocurrencies,” commented Charles Hoskinson.
Well done XRP. One Small step for XRP Nation, one Giant leap for Cryptocurrencies! pic.twitter.com/WmuIg8Ccc6
— Charles Hoskinson (@IOHK_Charles) July 13, 2023
The recent surge in TVL and trading volume on Cardano’s DeFi ecosystem demonstrates the growing interest and confidence in the platform. As the network continues to attract more participants and build innovative decentralized applications, the future looks promising for Cardano’s role in the rapidly evolving crypto landscape.
Cardano Catalyst Project - Discover and Vote for our proposals in Fund 10 by Sep 14th, 2023 11:00 UTC
If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Our Proposals.VOTE FOR US!