Cardano DeFi activity has blossomed despite the SEC designating ADA as a security, but that has not stopped many users from dumping their holdings.

The total value of assets locked (TVL) on Cardano has reached a record high of 578 million ADA, according to data from DeFiLlama.

Cardano DeFi Activities Thrive

Since the beginning of the year, decentralized finance activity on Cardano has increased exponentially, with more traders utilizing decentralized applications built on the blockchain.

Evidence of Cardano’s thriving DeFi sector is reflected in the growth of its top 10 protocols. According to DeFillama data, these protocols recorded double digits growth over the past month.

Additionally, Cardano has recorded more than 1000 Plutus V1 smart contracts in 2023 — another indication of the increased activity on the blockchain network.

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Author: Oluwapelumi Adejumo

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