Cardano network has seen significant increase in inflows into its ecosystem
According to data from DefiLlama, Cardano recorded a positive 24-hour change of nearly 13% in its total value locked (TVL). Simply put, Total Value Locked (TVL) represents the value of assets that are currently staked or deposited in a specific protocol.
The Cardano network has seen a significant increase in inflows into its ecosystem, resulting in a spike in total value locked (TVL). According to DefiLlama, Cardano’s TVL presently stands at $272.38 million.
With the inclusion of staked governance tokens in TVL’s valuation, Cardano’s TVL is much larger and currently stands at $361.4 million.
The majority of funds on the network is now concentrated on the MinSwap decentralized platform, with $174.51 million currently locked. Second place is held by the SundaeSwap decentralized finance platform with $108.14 million locked. Meld has $72.44 million in total value locked.
Over 500 projects built on Cardano
The Cardano (ADA) network saw a major upgrade in September 2021, which enabled the implementation of smart contract capabilities, allowing the blockchain to grow and operate at a faster rate than before.
According to the recent report, the Cardano ecosystem is still growing, with 517 projects now being built on ADA, including non-fungible token (NFTs) collections, DeFi lending and new wallets. NFT collections, for example, account for 34.7% of all Cardano projects.
Although the foundations for the future growth of the Cardano ecosystem have been laid, the price of ADA has yet to catch up. Cardano (ADA) broke below the $1 barrier, falling after hitting an all-time high. ADA is trading at $0.89, down more than 74% from its all-time high of $3.10. If the bulls are ready to clear the next hurdle at $0.95 (MA 50), ADA might be looking to make a short-term bull run.
