TVL Cardano Rises to 1-Year High

Growing DeFi activity on the Cardano network has caused the total value of assets locked in its smart contracts (TVL) to hit a yearly high. According to the analytical platform DeFillama, the figure reached $180 million – only $21 million less than the historical maximum recorded in May 2022. By comparison, in January 2023, Cardano’s TVL was around $50 million.

ADA weekly trading volume on DEX exceeds $100M

The rise of TVL Cardano also coincided with a spike in DEX trading volume. In the last three weeks of May, the network recorded its highest weekly transaction volume of $98.26 million.

The trend continued in June, with current 7-day transaction volume of $127.1 million.

MinSwap Protocol Takes a Leading Position in the Cardano Ecosystem

Decentralized exchange (DEX) Minswap remains the dominant protocol in the Cardano DeFi ecosystem, accounting for $65.87 million of total TVL. Its weekly trading volumes have been growing since last year and reached $72 million last week thanks to community interest in SNEK memcoin. The number of wallets that interact with Minswap on a daily basis has increased by 33.5% over the past 7 days to 17.53 thousand.

Second place went to the non-custodial protocol of synthetic assets Indigo. Since its launch, its TVL has increased 6 times. Another exchange, WingRiders, comes in third with $14.89 million, while Cardano’s super-backed algorithmic stablecoin Djed has a TVL of $14.28 million. Lending platform Liqwid closes the top five with $13.33 million.

Stay in touch! Subscribe to bitcoinlinux.com at Telegram.