Vasil Update: Cardano DEX TVL up by 565,000% Just Days After Launch

Cardano

Cardano fast approaching Vasil upgrade

According to DeFi data tracker Defilama, a non-custodial lending protocol on the Cardano mainnet, Ada Finance has reported a surprising increase in Total Value Locked (TVL). At the time of publication, Ada Finance was showing a growth of +565,873% over the last seven days.

Aada Finance, a first-of-its-kind platform that allows lending and borrowing of native Cardano assets, launched on the Cardano mainnet seven days ago, precisely on Sept. 13, after months of public testnet use. Aada claims its V1 protocol launch aligns perfectly with pre-Vasil hard fork sentiment, hence the reason it chose to launch ahead of the much-anticipated upgrade.

At the time of publication, Cardano’s TVL was experiencing a slight decrease of 1.19% over the past 24 hours and stood at 79.58 million (without including stake). However, with the stake, TVL is recorded at 97.9 million.

The overall value of crypto assets placed in a decentralized finance (DeFi) system — or DeFi protocols in general — is referred to as total value locked (TVL).

Minswap is the largest of the Cardano decentralized exchanges tracked by Defilama. With approximately $41.47 million in TVL, Minswap has maintained 42.36% market dominance.

Two days more to Vasil

Cardano is fast approaching the Vasil upgrade, which aims to bring increased functionality, performance, scalability and interoperability to the blockchain through new features and improvements. The hard fork combinator event is scheduled to launch on Sept. 22, while Vasil functionality becomes available on Sept. 27, which is one epoch after the hard fork.

According to an update provided by IOG, 99% of mainnet blocks are now being created by Vasil nodes (1.35.3). Top Cardano dApps have confirmed testing and readiness. Meanwhile, top exchanges continue to make good progress on their updates, with 8 of the top 12 exchanges indicating readiness by liquidity.

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