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Cardano Records 13% Spike in Total Value Staked Amid Ecosystem Inflows: Details

Mon, 03/21/2022 - 15:44
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Tomiwabold Olajide
Cardano network has seen significant increase in inflows into its ecosystem
Cardano Records 13% Spike in Total Value Staked Amid Ecosystem Inflows: Details
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According to data from DefiLlama, Cardano has seen a positive 24-hour change of near 13% in its total value locked (TVL).To put it simply, total value locked (TVL) represents the value of assets that are currently being staked or deposited in a specific protocol.

Cardano's Total Value Locked (TVL), Image Credit: DefiLlama

The Cardano network has seen a significant increase in inflows into its ecosystem, resulting in a spike in total value locked (TVL). According to DefiLlama, Cardano's TVL presently stands at $272.38 million.

With the inclusion of staked governance tokens in the TVL valuation, Cardano's TVL is much greater and stands at $361.4 million presently.

The majority of funds on the network is now concentrated on the MinSwap decentralized platform, with $174.51 million currently locked. Second place is held by the SundaeSwap decentralized finance platform with $108.14 million locked. Meld has $72.44 million in total value locked.

More than 500 projects building on Cardano

The Cardano (ADA) network saw a significant upgrade in September 2021, which allowed the implementation of smart contracts capabilities, allowing the blockchain to develop and operate at a faster rate than it had previously been able to.

Projects Building on Cardano
Projects Building on Cardano, Image Credit: IOG Global

According to the recent report, the Cardano ecosystem is still growing, with 517 projects now being built on ADA, including non-fungible token (NFTs) collections, DeFi lending and new wallets. NFT collections, for example, account for 34.7% of all Cardano projects.

Although the foundation for future Cardano ecosystem growth has been laid, the ADA price has yet to catch up. Cardano (ADA) has dropped below the $1 barrier, declining after reaching its all-time high. ADA is trading at $0.89, down over 74% from its all-time high of $3.10. If the bulls are ready to smash the next hurdle at $0.95 (MA 50), ADA may strive for a near-term upside run.

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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.