TVL Reaches Peak in 2023

Cardano Stablecoin Djed Launch Incoming, Will ADA Prices Pump?

Increasing decentralized finance (DeFi) activity on Cardano has pushed the total value of assets locked on the network to the highest point this year.

According to DeFillama data, Cardano’s Total Value Locked (TVL) sits at $180 million – the highest since May 2022, when it was $201 million.

ADA Token TVL Surges

In terms of the ADA token, Cardano’s DeFi ecosystem also reached an all-time high of 463 million ADA on May 31. On May 20, BeInCrypto reported that the TVL had crossed the 400 million tokens milestone.

Cardano DeFi TVL (Source; DeFillama)

DeFi activities on Cardano saw consistent growth from the start of the year when the TVL was just around $50 million. Since then, the network has seen increased interest, suggesting that its DeFi ecosystem was thriving.


Cardano DEX Volume Increasing

The increasing TVL has also coincided with a rising DEX volume, according to DeFillama data. Cardano recorded its highest weekly transactions volume during the last three weeks of May when it rose to $98.26 million from $41 million.

Cardano DEX Volume
Cardano DEX Volume (Source: DeFillama)

This trend continued into June, with the current 7-day transaction volume at $127.1 million. DeFillama data showed that the first two days of this month have already seen $35.28 million.

Top Protocols Responsible for The Growth

MinSwap is the largest Cardano DeFi protocol with a TVL of $65.87 million. The DEX’s weekly volumes have ascended since last year and reached an ATH of over $72 million last week, thanks to the community interest in meme coin SNEK.

Besides its TVL, MinSwap has 17.53k UAWs (unique active wallets) which has grown by 33.5% in the last seven days.

Cardano Top 10 Protocols
Cardano Top 10 Protocols (Source: DeFillama)

The collateralized debt protocol, Indigo, saw its TVL grow by 15.95% in the last seven days. It has seen a 6x increase in TVL since launch, and volume puts it on the list of top 11 CDP protocols across all chains.

Meanwhile, the Liqwid protocol has also seen a 7-Day increase of 8.92% in its TVL. The lending protocol has a TVL of $13.38 million. Cardano’s first stablecoin Djed has $14.28 million locked in TVL.

With the rise in TVL, ADA is up 3.3% in the last seven days and is trading at $0.376, according to BeInCrypto data.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest