Cardano’s DeFi ecosystem is hitting new heights, with its total value locked (TVL) nearing an all-time high of $700 million.
DeFillama shows the network has added over $400 to its $680 Million as at press time. This number marks a massive turnaround for the blockchain network, which saw its TVL drop to as low as around $50 million in November 2022 following FTX’s shock collapse.
TVL can be regarded as an indicator of the trustworthiness and health of a DeFi eco-system. The metric reflects a blockchain network’s growing appeal in the crypto space, with an increase signaling a surge in investor’s confidence in the platform.
In addition to its TVL growth, Cardano’s decentralized exchanges (DEXs) reported a trading volume of $22.35 million in the past day, the highest since December 2023. DeFillama’s data shows that weekly DEX trade volume reached $117.32 Million, which is the best result since May 2023..
Speaking on these numbers, Cardano founder Charles Hoskinson said they represent the dawn of DeFi activity on the blockchain network while highlighting the ecosystem’s progress and growing adoption.
ADA Price Rally
The improved DeFi activities come as Cardano’s ADA token has emerged as a top performer during the current market uptrend.
In the past seven days, crypto assets have gained over 20% and reached $1.21. According to CryptoSlate data, this is ADA’s highest price level since 2022.
This momentum has propelled Cardano’s market capitalization to over $40 billion, making it the ninth-largest digital asset globally. This rally is in line with the broader market’s bullish conditions, and the advancements of several ecosystems.
Market observers noted that recent developments — including the implementation of Zero-Knowledge (ZK) technology and the transition towards decentralized governance — have boosted Cardano’s prospects.
According to them, these innovations have provided a strong foundation for sustained growth and solidified the network’s position as a critical player in the crypto space.
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