As it recovers to $155 million, Cardano TVL soars by 30% in just 24 hours.
Since introducing smart contract functionality on the network, Cardano has become a major player in decentralised finance (DeFi). It is now the network with the most active development schedule as development has accelerated. The total value locked (TVL) on the network has increased as a result of this behaviour. Furthermore, despite the fact that this value has generally been falling, it recently saw a recovery, increasing by 30% in a single day. The TVL soon increased once a number of decentralised exchanges (DEXes) were introduced to the Cardano network. This was a result of the platform’s rapid uptake once well-known figures like Snoop Dogg joined it and brought their sizable fan networks with them. Back in March, Cardano’s TVL had reached a high of $326 locked. But at the same time that the market had shrunk, the DeFi sector had also suffered significantly. As a result, TVL had decreased by more than 50% since its peak, and the Cardano network had experienced the same loss in TVL as other networks.
The network is still dominated by Minswap (MIN), but newcomer WingRiders (WRT) has overtaken SundaeSwap (SUNDAE), the OG protocol, to take second place in terms of TVL. SundaeSwap is currently in third place with $36.51 million in total locked. Given how much TVL was added in the course of a year, 2021 was undoubtedly the year of decentralised finance (DeFi). DeFi TVL reached its peak in the same year, peaking at $230 billion, from a trend of $21 billion in January 2021. The remainder of the year would be characterised by this. That is, until the crypto market was completely shaken on December 4.
As Bitcoin has gone beyond $30,000, the cryptocurrency industry is currently experiencing a recovery trend. This recovery has had a small but noticeable influence on the DeFi TVL. The total value locked as of this writing is $112.39 billion, up 4.87 percent over the previous 24 hours on TVL.