TVL on Cardano has increased by 36% since the beginning of the year

The network’s TVL rose from $48,5 million to $66,39 million in 12 days

12.01.2023 - 13:40

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Last updated on Aug 5, 2024

What’s new? User and developer activity on the Cardano network increased dramatically at the beginning of the year, with total value locked (TVL) reaching $66,39 million. The increase from January 1, when TVL was at $48,5 million, was 36,88%. That is according to data from the DefiLlama platform.

Link to DefiLlama

Cardano was created by Input Output Hong Kong (IOHK) and Ethereum co-founder Charles Hoskinson in 2017. The native ADA token enables users to participate in the operation of the network.

What else is known? The best decentralized application (DApp) on the Cardano blockchain became the decentralized exchange (DEX) Minswap with a TVL of $27,22 million. In second place was DEX Indigo with $11,48 million. Closes the top three leaders the automated market maker (AMM) WingRiders with a TVL of $10,79 million. Meanwhile, Indigo and WingRiders increased TVL by 30,17% and 26,85%, respectively, over the last month.

Cardano’s TVL growth coincided with ADA’s rise in value. ADA is trading at $0,3228 as of January 12, at 13:30 UTC, up by 20,62% for the week (Binance’s data). The asset ranks eighth in the ranking of cryptocurrencies by market capitalization with a figure of $11,33 billion.

According to analysts at Santiment, the Cardano network ranked first in terms of developer activity in 2022. Polkadot (DOT) and Cosmos (ATOM) were also in the top three.

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