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.

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.