As evidenced by DeFi data tracker defy elama, Cardano’s Minswap DEX has registered an astonishing increase in Total Value Locked (TVL). At the beginning of March, MinSwap recorded TVL staked $11.57 million in its Liquidity Bootstrapping Event (LBE), through which it intends to use the market to determine the price of its MIN token.
Today’s #TVL is gainer @MinswapDEX With an increase of 3438250.0%! I
Current TVL at $43,238,414 #cardano
https://t.co/GttdkPuFpy
— Defilama Metrics Bot (@DefiLlamaBOT) 6 March 2022
At the time of publication, this figure has risen to $43.59 million per DeFilama data, representing an increase of nearly 350% within seven days. Ahead of its mainnet launch, Cardano’s Minswap DEX is already off to a solid start. Minswap, a community-focused decentralized exchange on the Cardano blockchain, announced that the DEX mainnet launch is scheduled for March 8.
You can only provide liquidity to an existing pool. Swapping and all other features will be available at our mainnet launch on March 8th.
— Minswap (@MinswapDEX) 6 March 2022
The Liquidity Bootstrapping Event (LBE) that began on 23 February has reached the encounter phase, where participants can exchange ADA/Min Liquidity Pool tokens in Purrada tokens to represent their share of the ADA/Min pool.
Cardano’s total value locked reaches all-time high
According to DeFi TVL aggregator Defilma, the TVL of Cardano’s DEX has exceeded $160 million for the first time. The overall value of crypto assets held in a decentralized finance (DeFi) system—or the DeFi protocol in general—is known as the Total Value Lock (TVL). It has become an important statistic to evaluate interest in that particular segment of the cryptocurrency market.
When staking governance tokens are included in the TVL valuation, the Defilma dashboard shows that Cardano’s TVL is huge. With this change, Cardano’s TVL now stands at approximately $227.5 million.
SundaeSwap is the largest of the Cardano decentralized exchanges tracked by Defillama, accounting for almost half of the total value locked on the Cardano blockchain.
SundaeSwap maintains 50.50% dominance in the market with approximately $114.89 million in TVL. In the past month, the TVL of the first Cardano-based DEX increased by about 41.83%.