Cardano Sees Massive DeFi Growth as TVL Soars

Cardano’s DeFi ecosystem is experiencing a significant resurgence, with its total value locked (TVL) nearing a milestone of $700 million.

This marks a remarkable recovery from its low point of $50 million in November 2022, during the fallout from FTX’s collapse. Data from DeFiLlama reveals that the blockchain has gained over $400 million in TVL, standing at approximately $680 million today.

Alongside this growth in TVL, activity on Cardano’s decentralized exchanges (DEXs) has reached unprecedented levels. Daily trading volume has soared to $22.35 million—the highest since December 2023. On a weekly basis, trading volume hit $117.32 million, its best performance in over a year.

Founder Charles Hoskinson has highlighted these achievements as a turning point, describing them as evidence of growing adoption and expanding DeFi opportunities on the network.

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The enthusiasm surrounding Cardano’s DeFi progress has also fueled a rally in the ADA token. In the past week, the cryptocurrency has surged by more than 20%, reaching a peak of $1.21, its highest value since 2022. This surge has elevated Cardano’s market capitalization to over $40 billion, cementing its place as one of the top digital assets globally.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.