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Cardano DeFi Surpasses Expectations: Record TVL and Promising Growth

Cardano DeFi Surpasses Expectations: Record TVL and Promising Growth

The Cardano blockchain's decentralized finance ecosystem achieved a new milestone on May 14, with a record-high total value of assets locked, amounting to almost 418 million coins.

Although the current figure has decreased slightly to around 412 million coins, this growth indicates a thriving Cardano DeFi ecosystem.

In terms of USD, Cardano’s DeFi activities have shown consistent growth since the beginning of the year, starting from around $50 million. Within fewer than six months, this value has tripled to $151.08 million, although it remains below the peak of over $300 million.

Leading the pack among the top five protocols on Cardano is the decentralized exchange (DEX) Minswap, which accounts for $55.9 million of the total value locked (TVL). Following the DEX, the decentralized non-custodial synthetic assets protocol Indigo holds a TVL of $29.7 million. Over the past week, these two protocols have experienced growth in the number of assets locked, with increases of 10.4% and 8.5%, respectively.

WingRiders DEX holds the third position with a TVL of $15.45 million, while Cardano’s first stablecoin Djed has $13.75 million locked in TVL. The lending protocol Liqwid completes the top five, which has a TVL of $11.97 million.

DeFi protocols such as Aada and FluidTokens have witnessed significant growth in the past seven days.


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Cardano has seen more than 1000 Plutus V1 smart contracts deployed in 2023, as reported by Lookerstudio. This milestone further demonstrates the increased activity on the Cardano blockchain.

However, it is important to note that Cardano’s activity level still lags significantly behind Ethereum, which typically sees over 100,000 smart contracts deployed weekly.

Some analysts speculate that Ethereum’s recent network congestion and high gas fees could drive more users toward more cost-effective alternatives like Cardano. As the market witnessed a frenzy around meme coins, gas fees on Ethereum reached a 10-month high, prompting traders to seek profit.

Despite the growth in network activity and TVL, the price of ADA remains below $1. At the time of writing, ADA is trading at $0.3658, representing a roughly 10% decline in the last 30 days.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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