The Cardano DeFi Ecosystem Booms as Value Locked Soars Over 250%
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Cardano (ADA), the proof-of-stake blockchain platform that aims to make the world work better for all, is witnessing a surge in its decentralized finance (DeFi) ecosystem. The total value locked (TVL) in DeFi applications on Cardano has increased by more than 250% since the start of the year, reaching over $170 million.
TVL is a measure of how much cryptocurrency is locked in smart contracts that power various DeFi services, such as lending, borrowing, trading, and staking. A higher TVL indicates more demand and activity in the DeFi space.
According to DeFiLlama, a leading DeFi analytics platform, Cardano’s TVL growth has been driven by several factors, including the launch of new projects, the addition of the World Mobile Token, and the increasing adoption of ADA, Cardano’s native cryptocurrency.
Some of the most popular DeFi projects on Cardano are Minswap, a decentralized exchange with over $60 million in TVL; Indigo, a collateralized debt protocol with $30.9 million; WingRiders, another decentralized exchange with $19.4 million; Djed Stablecoin Protocol, a platform for creating stablecoins with $17 million; and Liqwid, a lending platform with $15 million.
Cardano’s DeFi ecosystem is expected to grow further as more developers and users join the network, which boasts unparalleled security and sustainability thanks to its innovative Ouroboros protocol. Ouroboros is the first peer-reviewed, verifiably secure blockchain protocol that enables Cardano to scale to global requirements without compromising security.
The Cardano Network So Far
Cardano was founded in 2015 by Ethereum co-founders Charles Hoskinson and Jeremy Wood. It is overseen by the Cardano Foundation, based in Zug, Switzerland. The project is built on peer-reviewed research and developed through evidence-based methods. It has the vision to create positive global change by redistributing power from unaccountable structures to individuals.
As of February 2023, Cardano has processed over 64.6 million transactions and deployed over 7,700 Plutus scripts on its network. There are over 1,225 projects building on Cardano, and 124 projects have launched on it. There are also over 8.1 million native tokens that have been released across 71,500 token policies.
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