Cardano’s progress within the decentralized ecosystem has been experiencing rapid and remarkable expansion. Notably, when observing the Total Value Locked (TVL) metric in the context of Decentralized Finance (DeFi), the metric has surged to an unprecedented peak of 616 million ADA tokens, equating to a value of nearly $178 million.
Renowned cryptocurrency analyst and prominent YouTuber Dan Gambardello conveyed this significant development, suggesting that this occurrence could potentially be regarded as one of the most promising indicators of positive market trends in the entire cryptocurrency sphere.
Despite being positioned 13th on DefiLlama, it’s steadily rising among the ranks of Total Value Locked in comparison to other chains, rising an impressive 9.43% surge within a span of 30 days.
Overall, Cardano’s DeFi ecosystem comprises 24 protocols, showcasing the platform’s comprehensive presence in the domain. First in the rank is Minswap [MIN], a Decentralized Exchange [DEX] that boasts a remarkable 160.29 million ADA [equivalent to $47.86 million] in Total Value Locked. This constitutes a substantial 26.65% of the overall locked assets.
Following closely are Indigo [INDY] and Liqwid [LQ] at the second and third positions. Both protocols have witnessed an impressive monthly growth of 9.45% [$40 million] and 10.05% ($20 million) in locked value, respectively.
In terms of market trends, Cardano, like several other leading cryptocurrencies, faced a recent value decline due to regulatory actions by the U.S. Securities and Exchange Commission [SEC] targeting platforms like Binance and Coinbase [NASDAQ: COIN].
Cardano’s Notable Network Activity
However, Cardano’s ecosystem has attracted the attention of sharks and whales, evident in the surge of ADA accumulation, reaching its highest level since September 2022. Remarkably, holders owning between 100,000 and $10 million worth of ADA tokens have collectively added over $116 million following the peak on May 21.
Simultaneously, Cardano has witnessed remarkable growth in transaction volume. With each passing week over the last six months, transaction volume has exhibited exponential growth, closely shadowing the rising price that’s approaching the $0.30 mark. A spectacular feat, over 67 billion ADA was transacted in consecutive weeks, reminiscent of levels last seen in September 2021, TronWeekly reported the other day.