The total value locked (TVL) on the Cardano (ADA) DeFi ecosystem has surpassed $160 million with a surge of close to 10% in the deployed capital, which increases Cardano’s value as a decentralized finance chain and increases liquidity for its protocols and tokens.
According to data retrieved by Finbold from DefiLlama on October 5, the Cardano network has seen an increase of 9.26% in its 1-week TVL. Reaching $161 million in the total value locked also meant an increase of 1.86% in the last 24 hours and 0.67% monthly, for this metric.
Total Value Locked on Cardano protocols. Source: DefiLlama
Despite a seemingly small increase in the last 30 days, having positive results already gives competitive advantages to the Cardano network, as most chains have seen investors’ and users’ capital outflowing from their protocols, resulting in TVL losses.
Cardano DeFi protocols ranked by TVL. Source: DefiLlama
Minswap (MIN), a decentralized exchange is the current leader with $42.41 million TVL. However, Indigo (INDY) can take its position at any moment, as INDY has been growing in value lately, with surges of 12.61% and 17.44% in last week’s and last month’s locked value, respectively. Indigo is a collateralized debt protocol, for decentralized derivatives operations.
Liqwid Finance (LQ), a lending protocol like AAVE, and Djed Stablecoin, a decentralized stablecoin like DAI on Ethereum, have each $19.23 million and $11.14 million TVL, respectively. With a lesser growth, not higher than 10% in all three timeframes.
Last, but not least important, another lending protocol, Optim Finance, has been conquering new ranks and investor’s interest, with the highest TVL pumps among other Cardano protocols, for +6.80% in a day, +19.08% in the last seven days, and +21.65% in a month.
As more investors and users start to deploy capital into Cardano’s network and protocols, ADA could face an imminent increase in demand for its native token, with a general increase in value for the whole ecosystem, which would eventually positively affect its price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
