The Cardano network has seen a rapid increase in total value locked (TVL) following the launch of Minswap DEX and a growing number of decentralized products on the network, per DefiLlama.
When staked governance tokens are included in the TVL valuation, the DefiLlama dashboard reveals that Cardano's TVL is much greater. With the inclusion, Cardano's TVL now stands at about $242.43 million.
The total value locked in the Cardano network has seen a rapid increase from approximately $199.74 million to $253.42 million. The spike in the total value of funds locked in the network's smart contract was observed from March 1 to March 9, when the value of funds reached the current ATH of $253 million.
The majority of funds on the network is concentrated on the SundaeSwap decentralized platform, with $115 million currently locked. Second place is held by MuesliSwap decentralized finance platform with $12.54 million locked. Over the last month, MuesliSwap has marked a 247% increase.
However, without the inclusion of staked governance assets, Cardano's blockchain TVL was around $167.45 million.
Growing number of decentralized products
Multi-pool decentralized exchange Minswap announced its debut on the Cardano mainnet earlier today. Its users are now able to deposit liquidity in exchange for rewards and to swap tokens in a decentralized way. Yield farming will become available on the exchange starting from March 14. Minswap completed its audit in collaboration with concept-to-launch software innovation lab Tweag.
According to data provided by cryptocurrency analytics platform DefiLlama, Minswap currently has $49.87 million in total value locked. SundaeSwap, which went live on the mainnet in late January, currently has $115.73 million in total value locked, which makes it the biggest Cardano DEX for now.