Cardano’s DeFi ecosystem nears $300M TVL, buoyed by ADA’s bullish trend

The total value of assets locked (TVL) in Cardano’s decentralized finance (DeFi) ecosystem is approaching a 21-month high of $300 million on the back of the blockchain network’s native ADA token bullish price movement.

Per DeFillama data, Cardano’s TVL sits at $298 million as of press time, representing a 508% growth on the year-to-date (YTD) metric for a network whose TVL stood at under $50 million at the start of the year.

Cardano DeFi TVL — Cardano blockchain decentralized finance TVL. (Source: DeFillama)

TVL measures the value of digital assets locked in a particular DeFi protocol/ecosystem. It can be used to gauge an ecosystem’s health and perceived trust, as a rising TVL suggests investors’ willingness to use the protocol/ecosystem.

Cardano DeFi activities

Data from DeFillama shows that DeFi activity on Cardano is witnessing a resurgence amid the bullish market sentiment.

Per the data aggregator’s dashboard, decentralized exchanges’ trading volume on Cardano during the last 24 hours stood at more than $10 million, while this same metric has recorded a 103% weekly increase to $41.31 million as of press time.

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Author: Oluwapelumi Adejumo

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Cardano’s DeFi ecosystem nears $300M TVL, buoyed by ADA’s bullish trend

Cardano DeFi activities