Cardano's SundaeSwap DEX has reached a new milestone after crossing the $100 million mark in total value locked. Total value locked (TVL) is the overall value of crypto assets placed in a decentralized finance (DeFi) protocol—or in DeFi protocols generally. It has become an important statistic for evaluating interest in this particular segment of the cryptocurrency market.
The #SundaeSwap Protocol just crossed $100m in TVL! ?— SundaeSwap Labs ? (@SundaeSwap) February 13, 2022
You can check an updated chart on DefiLlama below! ?https://t.co/G9ejeJxPep pic.twitter.com/XywfmVxyOB
SundaeSwap is the first decentralized cryptocurrency exchange on the Cardano blockchain. Even though it only launched in January 2022, it has seen significant growth, with many traders using the platform for trading, swaps and yield farming.
Bitrue, a leading cryptocurrency exchange, has announced the addition of SundaeSwap token (SUNDAE) to the list of supported assets on its trading platform. SUNDAE's inclusion on the industry-leading exchange is a significant step forward in the global acceptance of the Cardano ecosystem's tokens.
Transaction activity spikes on Cardano blockchain
On Feb. 13, the Cardano network burst with a surge in on-chain transaction activity. According to current data from DeFi Llama, the rise in the transaction count amounted to a TVL of $108.43 million on SundaeSwap.
U.Today earlier reported that Cardano rose ahead of Bitcoin and Ethereum in terms of transaction activity, clinching first place. As per Messari data, Cardano overtook Bitcoin and Ethereum at $17.56 billion as the latter registered 24-hour transaction volumes of $10.55 billion and $5.77 billion, respectively. In comparison to Bitcoin and Ethereum, Cardano users also paid lower fees.