8.6% hike in Cardano TVL hinting toward a bullish pattern
In the last continuous two days, Cardano showed a significant increment in the total value locked(TVL) in its Defi ecosystem.
Cardano is a 8th ranked crypto asset by 24 hours trade volume in this industry and this project is known to provide a highly decentralized nature to the businesses, which was to use the Cardano network in the payment system. Last year Cardano showed the highest development activities in its network, which is enough to explain the dedication level of the Cardano project toward a better revolution with Blockchain technology.
However, Alonzo Hardfork was introduced in Cardano blockchain in September of last year but that is showing the impact in these days significantly. Due to Alonzo Hardfork, Cardano achieved smart contract features in its network and now it is attracting huge numbers of Defi protocols in the Cardano ecosystem.
On 21 March, the total value locked (TVL) in the Cardano Defi Ecosystem was $272.38 million, which was 13% higher than the 20 March TVL.
Now today, TVL is $399.57 million and this is 8.65% higher over 21 March. Here we have to keep in mind that Cardano is in its initial phase of success to provide a better ecosystem for Defi projects, so here we should not consider this TVL figure as a small number.
Right now Minswap protocol is leading in terms of highest TVL contributor in the Cardano Defi ecosystem. While SundaeSwap and Meld are standing at 2nd and 3rd rank in this list.
1,000+ projects in Cardano Ecosystem
Due to better security features, the majority of the new defi protocols are looking to go with the Cardano-like blockchain. In the present time, more than 1,000+ defi projects are under development.
However official data confirmed that more than 500 projects are in official level work to provide unique services with better dominance.
Recently during an interview, Cardano founder Charles Hoskinson said that by the end of this year, people will be able to use Cardano blockchain more likely than other competitive blockchain networks but with more security. In particular, Charles noted Solana as the biggest competitor of Cardano.
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