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Cardano Attracts $50 Million to DeFi Projects in Last 30 Days, TVL Reaches $117 Million

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Sun, 02/27/2022 - 15:34
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Arman Shirinyan
Millions are attracted by the Cardano network with the appearance of DeFi products
Cardano Attracts $50 Million to DeFi Projects in Last 30 Days, TVL Reaches $117 Million
Cover image via stock.adobe.com

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Cardano network has seen a rapid increase in the capitalization of DeFi products following the full release of the SundaeSwap platform and the growing number of decentralized products on the network, per DeFiLIama.

The total value locked in the Cardano network has seen a rapid increase from approximately $70 million to $117 million at press time. The spike in the total value of funds locked in the network's smart contract was observed from Feb. 12 to Feb. 17, when the value of funds reached the current ATH of $127 million.

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Terra (LUNA) Surpasses Solana (SOL) by Market Cap Amid Price Recovery

The majority of funds on the network is concentrated on the SundaeSwap decentralized platform, with $115 million currently locked. Second place is being held by MuesliSwap decentralized finance platform with $2 million locked.

Cardano TVL
Source: DeFiLIama

In comparison to networks like Ethereum or even Polkadot, Cardano's ecosystem seems less diverse as almost 100% of the TVL is concentrated in a platform backed by network developers. For example, first place TVL-vise on the Ethereum network is held by Terra with $20 billion locked, which is less than 20% of the TVL.

ADA market performance

With the increased usage of the network and a slight rebound on the crypto market, ADA was able to bounce from the local bottom and even reach the $1 resistance point. In the long-term, Cardano is moving in a sharp downtrend and losing more than 70% of its value.

At press time, ADA is trading at $0.89, which correlates with the lowest point of May 2021.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.