Cardano‘s decentralized finance (DeFi) ecosystem has been on a roll this year, with the total value of assets locked (TVL) seeing a remarkable increase since the start of the year. The DeFi projects on Cardano have also been thriving, with many of them experiencing double-digit gains over the past week.
Cardano DeFi TVL Has Seen A Remarkable Increase Since The Start Of This Year
According to Defillama, the total value of assets locked (TVL) in Cardano’s decentralized finance (DeFi) ecosystem experienced a 4.56% increase over the past 24 hours, reaching a total of $64.85 million.
The TVL in Cardano’s decentralized finance (DeFi) ecosystem has reached a two-month high and has seen a remarkable increase since the start of this year. TVL, or the total value of assets locked, refers to the total value of cryptocurrency or other digital assets that have been “locked up” in a smart contract or other types of blockchain-based system.
TVL is a measure of the size and activity of a particular blockchain-based system, and it can be used to gauge the popularity or adoption of a particular cryptocurrency or other digital assets. For example, a cryptocurrency with a high TVL may be seen as more successful or valuable than one with a lower TVL, as it suggests that more people are using and trusting the system.
Cardano DeFi Projects Experienced Double-digit Gains Over The Past Week
The top ten Cardano DeFi projects are all experiencing double-digit gains over the past week. Minswap DEX, the leading project, which accounts for 41.09% of all of the ecosystem’s TVL, has grown by 20.36% over the past week and is currently at $26.64 million.
The Indigo lending platform experienced an increase of more than 35% in collateral over the past week. In addition, WingRiders DEX has seen a 42.41% increase in its total value locked in the past seven days.
Cardano’s native token ADA has moved back up to eighth place in terms of market capitalization charts, after flipping Dogecoin. The price of ADA reached as high as $0.34 and has since retraced to its present level of $0.3158 as of the time of writing this article. The digital currency has shown impressive performance with a 24% growth in the last 7 days.