Cardano DeFi TVL Rises More Than 100% In One Month

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	16,447,946,777	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

16,447,946,777

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.4669	0.4669	0.467

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.4669

0.467

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4772	0.4648	0.4675	0.4669	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4772

0.4648

0.4675

0.4669

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	15:09:28	213.47	0.46694	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

15:09:28

213.47

0.46694

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,951,458.74	8,421,130.87	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,951,458.74

8,421,130.87

Cardano DeFi TVL Rises More Than 100% In One Month

07/02/2023 10:30am

NEWSBTC

DeFi protocols in Cardano, a proof-of-stake smart contracting platform, have locked over $100 million in user assets as of February 7. According to DeFiLlama statistics, Cardano DeFi protocols command a total value locked (TVL) of slightly over $103 million, which is more than 2X the amount on January 1. Early this year, Cardano TVL stood at $48.95 million. The upswing of TVL could be because of several factors. However, top of the list is the broader recovery in the crypto markets. The rising tide of Bitcoin, which rose from below $15,000 to over $24,000 in early February, supported ADA’s rise, Cardano’s native currency. Cardano’s DeFi TVL is expanding faster than the overall market. To illustrate, from January 1 to February 7, the total DeFi TVL across all chains rose from around $38 billion to $48 billion, an increment of approximately 20%. During this time, Cardano DeFi TVL rose by over 100%. Related Reading: Cardano (ADA) Up By Over 65% In 2023 – Here’s Why ADA Prices Are Recovering, Developers Are Building The fact is there could be several factors behind the revival of DeFi activities in Cardano. After a biting crypto winter which saw ADA drop by more than 70% from 2021 highs, markets appear to be recovering. This may be boosting users’ confidence to engage in DeFi, including in protocols launched on Cardano. The proof-of-stake smart contracting platform has also been implementing changes and adding features to enhance scalability. Under Basho, the goal of Cardano developers is to boost performance and scalability. Cardano is based on Bitcoin’s code but with smart contracting capability, which was activated via Alonzo, marking the end of Goguen. Cardano uses an unspent transaction output (UTXO) model, diverging from account-based systems like Ethereum, where the validator can prioritize transactions by tagging higher fees. Therefore, users in Cardano know beforehand the fees they pay. All transactions are queued via an off-chain sequencer and confirmed on-chain. The Launch of Djed, An Overcollateralized Stablecoin MinSwap, a decentralized exchange, dominates with a 32% market share, managing $34.07 million in user assets. Djed, an overcollateralized stablecoin developed by Input-Output Global (IOG) and COTI, has a TVL of $11 million. Related Reading: Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment The stablecoin was launched in early February 2023 after a year in development, and the developer said it is overcollateralized by between 400% and 800% by ADA. IOG said the stablecoin would offer an alternative to volatile crypto assets currently being used in the smart contracting platform. MinSwap, MuesliSwap, and WingRiders are some of the DeFi protocols that have supported Djed. However, Djed could be integrated into over 40 projects in the Ethereum competitor in the coming months. As of the time of writing on February 7, ADA is changing hands at $0.38, down 3% in the past trading week but up roughly 68% from December lows. Feature image from Flickr, Chart from TradingView

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ADAUSD Cardano