Cardano Achieves Impressive Milestone with Over 500 Million ADA in Total Value Locked

Cardano’s decentralized finance (DeFi) network has reached a new milestone as the total value locked (TVL) has exceeded 500 million ADA, equivalent to $186.18 million. The Cardano portfolio tracker, TapTools, predicted a surge in the network’s TVL, and this has come to fruition a month and a few days later. DeFi TVL aggregator, DefiLlama has reported a staggering 91.9% increase in TVL since the beginning of the year, indicative of steady adoption of Cardano’s DeFi ecosystem. On-chain data indicates that Minswap is the leading protocol on the network, with a TVL of $55.56 million, followed by Indigo, a collateralized debt protocol, and then WingRiders, Liqwid, and Djed Stablecoin. Though TVL growth is usually an indication of increased DeFi activity, it has not impacted the price of ADA. The price of ADA is at $0.3655, losing 1% of its value in the past 24 hours and more than 13% in the past month. Despite this, it remains the seventh-largest cryptocurrency regarding market capitalization, valued at $12.79 billion.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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