Cardano (ADA) has seen an over 180% increase in its total value locked (TVL) in its decentralized finance (DeFi) space, rising from $188.65 million on Oct. 17 to $431.44 million on Dec. 15, 2023. 

Cardano’s TVL growth 

According to DeFiLlama’s data, Cardano’s TVL surged remarkably, moving from $188.65 million on Oct. 17 to the current $431.44 million. This increase reflects a substantial growth rate of 180.636% during this period.

Given the challenges of attracting liquidity to the Cardano network in the presence of defi giants like Ethereum (ETH) and Solana (SOL). With this recent surge, Cardano has elevated its standing in the defi landscape, securing the 12th position.

Indigo, a decentralized non-custodial synthetic assets protocol tailored for the Cardano network, emerges as a key driver of Cardano’s growth. 

Indigo boasts a TVL of $102.72 million, closely followed by the decentralized exchange Minswap and Liqwid, a decentralized lending protocol, with TVLs of  $94.67 million and  $47.86 million respectively. 

This development underscores the impact of Cardano’s extensive developmental efforts, particularly since the introduction of smart contracts on its network. Among the protocols launched in the same timeframe, the Cardano DJED stablecoin from COTI also commands significant liquidity, registering a TVL of $26.13 million.

Cardano’s strides in defi can be attributed to consistent protocol upgrades by its parent company, Input Output Global (IOG). Consequently, the locked ADA in all smart contracts on the network has surged from 272.27 million in January to the current 824.06 million.

Cardano analyst predicts massive surge  

Analyst Tyler Strejilevich has made a bold fore

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Author: Ogwu Osaemezu Emmanuel

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