Cardano is positioning itself as a contender among the top ten cryptocurrency chains by total value locked (TVL).
With a substantial month-on-month increase, Cardano's ascent shows a growing appetite among investors for alternatives to Ethereum and Solana.
The top chains by TVL
Ethereum continues to lead the pack with a TVL of $24.154 billion, despite a slight 0.25% decrease over the past day. It's followed by Tron and BSC.
Notably, Solana recorded a 32.68% increase over the past month, which points to a resurgence in investor confidence.
Cardano, although ranking 11th, shows promising growth with a remarkable 53.22% one-month change. It now has $245.45 million in total value locked.
This major increase could hint at a potential shake-up in the DeFi hierarchy.
Notably, Bitcoin is now below Cardano with $238,75 million in TVL.
Cardano's top protocols
The rising TVL within Cardano is not without its champions. Indigo leads with a TVL of $57.26 million, followed closely by Minswap at $55.58 million.
Both protocols have shown significant one-day and one-month increases, indicative of the vibrant activity within the Cardano network.
Other notable protocols include Liqwid and Optim Finance in the lending category, and Djed Stablecoin, which has seen a 43.93% rise over the past month.