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The total value of assets locked (TVL) on Cardano, expressed in ADA tokens, surpassed the 500 million threshold for the first time earlier today, as reported by DeFiLlama.
According to the data, the TVL for the ADA token was at 198.65 million on January 1 but has risen to 513.25 million as of the current reporting. This marks a new all-time high for the smart contract platform.
Source: DeFiLlama
The growth in TVL is noteworthy, especially considering that Cardano achieved the 400 million ADA tokens milestone on May 19. This suggests that more than 100 million new ADA tokens were added to Cardano in under a month, despite the U.S. SEC categorizing it as a security in their lawsuit against Binance on June 5. The Cardano Foundation has contested this classification by the SEC.
The rising TVL on Cardano reflects a steady upward trajectory in decentralized finance (DeFi) activities on the network throughout the year, as an increasing number of traders are engaging with decentralized applications developed on the blockchain.
Leading DeFi protocols on Cardano
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As per DeFiLlama, the decentralized exchange (DEX) Minswap is the primary DeFi protocol on Cardano, accounting for 34.32% of the total TVL within the ecosystem. It ranks as the 30th largest DEX across all blockchains.
The DEX achieved its highest trading volume month of over 500 million ADA tokens in May, with daily users exceeding 30,000. The Cardano meme coin SNEK contributed to the record-setting trading month for Minswap and other DEXs, generating increased interest in the ecosystem.
Other prominent DeFi protocols on Cardano, such as Indigo and WingRiders DEX, also experienced significant growth in May and introduced new features to enhance their offerings.
Indigo reported that its TVL increased by over 21% from May 1 to June 1, reaching $31.57 million. However, it has since declined to $29.75 million as of the current reporting. The protocol noted substantial growth in its iAssets, including iBTC and iETH, along with heightened participation in INDY governance.
WingRiders DEX also saw growth in May, with its TVL reported at $15.61 million as of the latest data from DeFiLlama. The protocol’s website attracted over 65,000 visits and recorded a trading volume of $10.63 million.
In addition, a relatively new DEX, VyFinance, saw its TVL exceed 20 million ADA tokens on June 12, just under a month after its launch.
The post Cardano’s DeFi TVL surges past 500 million ADA amid growing ecosystem interest appeared first on CryptoSlate.
