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Cardano Added Over $230 Million in DeFi Inflows in March: Details

Thu, 03/31/2022 - 14:52
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Tomiwabold Olajide
Cardano's TVL presently stands at $361.25 million
Cardano Added Over $230 Million in DeFi Inflows in March: Details
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According to data from DefiLlama, the Cardano DeFi ecosystem has attracted nearly $230 million more in funds since the start of March.

This is reflected in the surge of the total value locked (TVL) from roughly $199.74 million to all-time highs of $434.74 million. The spike in TVL was observed from March 1 to March 28, when the present all-time highs were reached.

However, after a retreat from all-time highs, Cardano's TVL presently stands at $361.25 million. Without the inclusion of staked governance tokens in the TVL valuation, Cardano's TVL stands at $262.36 million presently. The majority of funds on the network remain concentrated on the Minswap decentralized platform, with $164.25 million currently locked.

Second place is held by the recently launched SundaeSwap decentralized finance platform, with $94.26 million locked.

Liquidity to be injected into Cardano's DeFi start-ups

Digital investment firm Waves Financial has announced the launch of a new ADA yield fund to support Cardano's rapidly expanding DeFi platform start-ups.

The fund aims to provide liquidity, with millions in line to support new decentralized finance (DeFi) platforms launched in the Cardano ecosystem, starting with an initial $100 million.

As stated in a release, the new fund will support new decentralized exchanges, lending protocols and stablecoin issuers building on Cardano.

Presently, more than 500 projects are building on Cardano. With the release of new solutions on the chain, Cardano becomes more relevant for institutional investments that often look for real value behind the project rather than speculative returns.

The number of whales on the Cardano network has also increased by 1.7%, with roughly 42 addresses holding 1,000,000 to 10,000,000 ADA and created since March 21. These whales reportedly hold between $1.2 million and $12 million in ADA, according to Santiment data.

Additional data provided by on-chain analytics firm IntoTheBlock shows that the volume of large transactions exceeding $100,000 jumped by 50 times in 2022.

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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.