The Total Value Locked on Cardano’s DeFi Ecosystem Surpasses $600 Million
The total value locked on Cardano’s decentralized finance (DeFi) ecosystem has reached a new milestone, surpassing $600 million worth of ADA tokens. This marks a significant increase from the beginning of the year, when the total value locked was around $49 million. The growth of the ecosystem has been fueled by various protocols, including lending protocols, decentralized exchanges, and collateralized debt protocols.
Main Key Points:
- The total value locked on Cardano is close to $180 million in U.S. dollars.
- Decentralized exchange Minswap leads in terms of total value locked, with $48 million worth of digital assets.
- Indigo, a collateralized debt protocol, follows with $39.3 million in total value locked.
- Most of the protocols with a significant value locked are lending protocols, decentralized exchanges, and collateralized debt protocols.
- The value locked on Cardano’s DeFi protocols had doubled from the beginning of the year to reach $100 million.
Cardano Whales and Sharks Accumulate More ADA Tokens
Large ADA token holders, known as whales and sharks, have been actively accumulating tokens, adding over $116 million worth of ADA since May 21. These addresses, holding between 100,000 and 10 million ADA tokens, have reached their highest level since September 2022. This accumulation coincides with the growing on-chain activity on the Cardano network, with transaction volume consistently rising over the past six months.
Hot Take:
The significant increase in the total value locked on Cardano’s DeFi ecosystem and the accumulation of ADA tokens by whales and sharks indicate a growing interest in the platform. With the rise in on-chain activity and transaction volume, Cardano is establishing itself as a strong player in the world of decentralized finance.
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