Cardano has seen its total value locked (TVL) ascend to an impressive new high, reaching 637 million ADA. In terms of the US dollar, this translates to $153.7 million.
The recent surge suggests renewed interest and activity in the Cardano ecosystem.
Notably, this figure is still short of its peak dollar TVL, which stood at $326 million in March 2022.
The top projects on Cardano
Minswap leads the pack of projects on Cardano with a TVL of $41.24 million, marking a 1.80% rise in the past day.
Indigo, a collateralized debt position (CDP) platform, with a TVL of $39.66 million and a one-day increase of 2.10%.
Liqwid, a lending platform, sits in the third spot with a TVL of $18.41 million. Other noteworthy projects include Djed Stablecoin, Optim Finance, and VyFinance.
Interestingly, while some projects like MuesliSwap, which operates on two chains, have seen positive growth over the last month, others like VyFinance have experienced a decline in the same period.
Top chains by TVL
Ethereum continues to dominate the decentralized finance (DeFi) space, boasting a TVL of $19.882 billion and over 336,000 active users. Tron and Binance Smart Chain (BSC) follow with TVLs of $6.648 billion and $2.68 billion, respectively. Although Ethereum retains the top spot, it has seen a decrease of 16.01% over the past week.
Meanwhile, emerging chains like Arbitrum and Polygon have also made their presence felt.
For instance, Solana, despite having a TVL of $321.26 million, has witnessed a promising 2.79% increase in active users over the past day, signaling potential growth and adoption in the near future.
Tomiwabold Olajide
Arman Shirinyan
