Cardano has seen nearly 50,000% growth in TVL since the start of 2022
According to data from DefiLlama, the Cardano DeFi ecosystem attracted almost $50 million in additional funds, registering a positive 24-hour change of almost 17.50% of its total value locked (TVL). This is reflected in the soaring Total Value Locked (TVL) from approximately $267 million on April 12 to $313 million at press time.
Without the inclusion of staked governance tokens in TVL valuation, Cardano’s TVL stands at about $235.47 million.
Cardano has seen steady TVL growth from January, after the launch of the Sundaeswap and Minswap projects, which have contributed immensely to its TVL.
Taken from all-time highs of $434.74 million in TVL reached on March 28, Cardano has seen nearly 50,000% growth in TVL since the start of 2022. Presently, there are currently 10 dApps contributing to the total value locked on Cardano. MuesliSwap became the first decentralized exchange to launch on mainnet in late December. Sundaeswap launched in January, while MinSwap made its debut in March.
In recent IOHK updates, nearly 900 projects currently rely on Cardano, with DEXs making up almost 4%.
Price drops but whales are accumulating
ADA price tested lows of $0.91 on April 11 before it rebounded. At the time of publication, ADA was trading up 1.35% for the day at $0.968. At its present price, ADA remains down 68.97% from its all-time highs of $3.10 attained in September 2021. Despite the price drop, Cardano whales seem to continue accumulating.
A recent report from Saniment shows that wallets that own more than 10 million ADA again hold almost 50% of the ADA in circulation. The last time these whales had this many ADAs was two years ago.
