Cardano Network has seen a significant increase in Total Value Locked (TVL)
According to data from Defilama, the total value locked in the Cardano ecosystem reached a new high of $188.88 million on March 14th. The Cardano network has seen a significant increase in Total Value Locked (TVL), as well as its increasing number. Decentralized Products.
The DeFilama dashboard shows that Cardano has a significantly higher TVL when staking governance tokens are included in the TVL valuation. With this inclusion, Cardano’s TVL is now approximately $271.02 million.
Following the launch of SundaeSwap and MinSwap DEXes, the Cardano network has seen a rapid increase in total value from approximately $1.7 million to $271 million, an increase of approximately 15,840%. An increase in the total value of funds locked in the network’s smart contracts was observed from January 12 to March 14, when the value of funds reached a new peak of $271 million.
Most of the funds on the network are concentrated on the SundaeSwap decentralized platform, which currently has $115 million locked in. In second place is the recently launched Minswap decentralized finance platform with $71.82 million locked in. The total value locked of MuesliSwap is $12.4 million.
IOHK CEO says development is just beginning at TVL
IOHK CEO And Charles Hoskinson, the founder of Cardano, said of the start of TVL development: “What doesn’t make sense to most is that many Cardano dApps are waiting for the Vasil hard fork to launch in June to benefit from pipelining. are doing. So it looks like we haven’t seen anything on TVL yet.”
The upgrade in question is named after Bulgarian mathematician Vasil Dabov, who was a prominent member of the Cardano community. The upgrade is expected this June.
Currently, only six DEXs are contributing to the total value locked on Cardano. MuesliSwap became the first decentralized exchange to launch on the mainnet in late December.
SundaeSwap, the most anticipated project to date, is currently the largest DEX on the Cardano ecosystem with the largest TVL.
Last week, multi-pool decentralized exchange MinSwap announced its launch on the Cardano mainnet. Its users are now able to accumulate liquidity in exchange for rewards and swap tokens in a decentralized manner. Within barely a week of launch, Minswap is up 65.36%, registering a total value locked of $71.82 million.