The Cardano network has seen a significant increase in the total value locked (TVL).
According to data from DefiLlama, the total value locked in the Cardano ecosystem reached an all-time high of $188.88 million on March 14.
According to DefiLlama data, when the shared governance tokens are included in the TVL valuation, Cardano’s TVL appears to be significantly higher. With this inclusion, Cardano’s TVL currently stands at around $271.02 million.
Cardano network saw rapid growth from roughly $1.7 million to $271 million, an increase of approximately 15,840% following the launch of the SundaeSwap and MinSwap DEXs. The increase in the total value of funds locked in the network’s smart contract was observed between January 12 and March 14, when the value of the funds reached new highs of $271 million.
Most of the funds in the network are concentrated on the SundaeSwap platform, which currently has about $115 million locked. Second place is the recently launched decentralized finance platform called MinSwap.
IOHK CEO Says It’s a Start
IOHK CEO and Cardano founder Charles Hoskinson says growth in TVL is just getting started :
“Most Cardano DApps are waiting for Vasil hard fork to come out. It looks like we haven’t seen anything in TVL yet.”
The upgrade in question appears to be named after the late Bulgarian mathematician Vasil Dabov. The upgrade is expected to happen this June. Currently, only six DEXs contribute to the total value locked in Cardano. MuesliSwap became the first decentralized exchange to launch on the mainnet in late December.
The most anticipated project to date, SundaeSwap is currently the largest DEX in the Cardano ecosystem with the largest TVL.
24790
