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Cardano (ADA): Charles Hoskinson Excited at DeFi Inflows into Ecosystem

Wed, 03/15/2023 - 13:46
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Tomiwabold Olajide
Interest in Cardano DeFi has increased
Cardano (ADA): Charles Hoskinson Excited at DeFi Inflows into Ecosystem
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Cardano founder Charles Hoskinson is excited about a spate of growth in the Cardano DeFi ecosystem. The Cardano creator responded to a user who posted information on Cardano's TVL breaking out.

Cardano's Defi TVL, or total value locked, has reached 393.98 million ADA, the highest since March 2022, according to DefiLlama data.

In dollar value, Cardano's TVL equates to $135.69 million, and Minswap DEX and Indigo account for over 50% of this TVL, DeFiLlama data shows. Djed stablecoin is the fourth largest, with $11.42 million in TVL.

Since the launch of the overcollateralized Djed stablecoin in late January, interest in Cardano DeFi has increased. DJED is pegged to the dollar, backed by the base coin ADA as an independent asset, and it uses SHEN as its reserve coin.

Djed requires between 400% and 800% in collateral value to be posted before it is issued to a user.

The Djed stablecoin passed its first test of resilience over the last weekend in the wake of the SVB buzz. As USDC and other stablecoins such as FRAX, DAI and USDD lost their peg, Djed held on to its dollar peg.

Cardano (ADA) Jumps 10%, Here's How Ecosystem Defied Market Turmoil

As reported, Djed saw increased demand that led to record trading volumes on DEXes and a spike in DJED minting over the weekend.

Cardano network's DeFi apps can also now benefit from improvements to cross-chain functionality thanks to the Valentine upgrade from February.

In a major accomplishment, at the start of the week, CardanoDEX MuesliSwap revealed the first multi-hop swap carried out on Cardano DeFi.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.