Total Value Locked in Cardano’s DeFi Protocols Soars Past $400M
The total value locked on Cardano’s decentralized finance (DeFi) protocols has surged past the $400 million mark, with the price of the network’s native token, ADA, rising over 11.8% in the last seven days and over 74% in the past month.
Cardano’s DeFi Protocols Lock in Over $433M
Data from DeFi protocol tracker DeFiLlama shows that the total value locked in Cardano’s DeFi protocols is now over $433 million, a significant increase from around $50 million at the beginning of the year.
Huge Increase in ADA Value Locked on Cardano’s Ecosystem
The recent surge in the total value locked in Cardano’s DeFi protocols is attributed to the increase in the price of ADA, but when measured in ADA, the total value locked has gone from 200 million ADA to 674 million ADA since the beginning of the year.
Exponential Growth in Cardano’s Network
IOG’s weekly development report revealed an exponential growth in Cardano, with the platform launching 152 projects and currently hosting 1,307 projects. The network has witnessed 79.7 million transactions, suggesting increased adoption and utilization.
Cardano’s Token Metrics and Smart Contract Deployment
Regarding token metrics, the report indicated that 9.1 million native tokens are circulating within the ecosystem and are governed by 81,621 token policies. The deployment of Plutus scripts, a set of tools for smart contract development, has reached 6,260 for version 1 and 4,981 for version 2, demonstrating steady progress in smart contract deployment and execution.
Institutional Interest and Whales in Cardano
Transactions exceeding $100,000 on the Cardano network have been consistently reaching new highs, indicating growing interest from institutional investors and whales in Cardano and its native token ADA.
Hot Take: Cardano’s DeFi Locks Over $433 Million
The value locked in Cardano’s ecosystems DeFi protocols has soared past $400 million, showing significant growth in both the value and adoption of the network and its native token, ADA.
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