Cardano's DeFi TVL reaches new ATH of $110 million in just one month

The decentralized finance (DeFi) ecosystem on the Cardano blockchain has been growing rapidly, and recent figures confirm this trend. According to data from DeFiLlama, the Total Value Locked (TVL) on Cardano has reached a new all-time high of 336.1 million ADA, worth $110.39 million. At the time of writing the TVL is 343.01 million ADA. worth $109.21 million.

Source: DeFiLlama

This represents a steady and consistent growth since the beginning of February, with the popular DeFi protocol Minswap dominating the TVL with a total of $40.1 million locked, accounting for 36.01% of the TVL.

Achieving this current ATH in TVL is a noteworthy milestone as it indicates the regular deployment of new projects on the blockchain.

As reported earlier this week, the Cardano network is currently focused on protocol functionality and is working towards the development of the Hydra Head sidechain, demonstrating the scalability of the underlying blockchain.

TVL and the total number of transactions executed on a protocol are the primary metrics used to rank major altcoins. In both cases, Cardano lags significantly behind, such as Binance Smart Chain (BSC), which has a TVL worth $4.74 billion.

Cardano’s DeFi TVL has surged by over 100%, and this growth shows no signs of slowing down anytime soon. With the increasing popularity of the DeFi space and Cardano’s continued commitment to development, it is likely that we will see more growth and milestones in the future.