Cardano’s decentralized finance ecosystem keeps growing at a rapid pace, but only one app is so far responsible for this growth
According to data provided by cryptocurrency-focused analytics firm DeFiLama, the total value locked (TVL) in the Cardano protocol has now passed the $300 million mark.
Minswap, a community-driven multi-pool decentralized exchange, accounts for 63.07% of the aforementioned sum. According to a recent Twitter announcement, the DEX is currently under maintenance after detecting several issues. Users are unable to swap, withdraw or harvest their yield farming rewards. However, it is still possible to cancel one’s order.
The Minswap exchange debuted on the Minswap mainnet on March 9. After that, her TVL began to experience rapid growth. Over the past seven days, it has risen 116%, steadily approaching $200 million. On March 16, the exchange also launched support for yield farming.
SundaeSwap, which was initially billed as the flagship Cardano-based DEX, has now ceded ground to Minswap. The project has failed to gain any traction over the past week, with its TVL being stuck at $111 million.
SundaeSwap launched on the mainnet in January, pushing the price of the ADA token up slightly. However, the momentum around the exchange quickly faded after users started complaining about failed trades. The team behind the exchange attributed the problem to heavy network congestion. The project’s early days were also overshadowed by a public tussle with decentralized accelerator CardStarter.
MuesliSwap debuted on Cardano back in November. Despite enjoying the first-mover advantage, the exchange has only accrued a measly $1.68 million in total value locked.
While Cardano’s growth appears to be slow at best, the team is currently focused on scaling the blockchain to enable more apps to launch on the mainnet. As reported by U.Today, Cardano’s co-founder recently said that “a big wave” of new applications will come to Cardano after the upcoming Vasil fork rollout, which is expected to take place in July.
