Cardano network has seen a significant increase in total value locked (TVL)
According to data from DefiLlama, the total value locked in the Cardano ecosystem reached new all-time highs of $188.88 million on March 14. The Cardano network has seen a significant increase in Total Value Locked (TVL), as well as an increasing number of decentralized products.
The DefiLlama dashboard demonstrates that Cardano’s TVL is substantially higher when staked governance tokens are included in the TVL valuation. With the inclusion, Cardano’s TVL now stands at about $271.02 million.
The Cardano network saw a rapid increase in total value locked from around $1.7 million to $271 million, an increase of almost 15,840%, following the launch of SundaeSwap and MinSwap DEX. The peak in the total value of funds locked in the network’s smart contract was observed from January 12 to March 14, when the value of funds reached new highs of $271 million.
The majority of funds on the network is concentrated on the SundaeSwap decentralized platform, with $115 million currently locked. Second place is held by the recently launched MinSwap decentralized finance platform with $71.82 million locked. MuesliSwap has $12.4 million in total value locked.
IOHK CEO Says TVL’s Growth Is Just Beginning
CEO of IOHK and Cardano Founder Charles Hoskinson says of TVL’s just-beginning growth: ”What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork to launch. in June to benefit from pipelining. So it looks like we haven’t seen anything on TVL yet.”
The upgrade in question appears to be named after Vasil Dabov, the late Bulgarian mathematician who was a prominent member of the Cardano community. The upgrade is expected to take place this June.
Currently, only six DEXes contribute to the total value locked on Cardano. MuesliSwap became the first decentralized exchange to launch on the mainnet in late December.
SundaeSwap, the most anticipated project to date, is currently the biggest DEX on the Cardano ecosystem with the largest TVL.
The previous week, the multi-pool decentralized exchange MinSwap announced its debut on the Cardano mainnet. Its users can now deposit cash in exchange for rewards and trade tokens in a decentralized manner. In just a week after its launch, MinSwap grew by 65.36%, registering a total locked value of $71.82 million.
