Cardano Total value Locked has surged and hits new all time highs according to Data from Defilama
One way to gauge the health of a protocol is to look at its total value locked (TVL), which is calculated by taking into account all staked assets’ spot values.
In recent months, the value of Cardano’s TVL has steadily increased. This was to be expected, as SundaeSwap and other DeFi protocols have increased Cardano’s television value. But Charles Hoskinson says this is just the beginning and that Cardano’s TVL will rise even further over the summer.
Both of Cardano’s TVL’s significant features should be taken into account. While its TVL has climbed by more than 20% in the same time period, SundaeSwap’s dominance has decreased by roughly 40% in a month.
Other projects are beginning to contribute more to TVL despite the fact that SundaeSwap has accomplished significant milestones.
As a result, the surge in TVL that Cardano started is continuing, as other projects contribute even more.
Cardano’s TVL Hits ATH – Still The Beginning.
Charles noted in a tweet, the great majority of projects in the Cardano ecosystem aren’t even contributing to TVL at this time.
As of right now, the TVL is only being supported by six different Cardano-based projects. Other chains’ TVLs on DeFi Llama are boosted by dozens, if not hundreds, of projects and protocols that don’t belong to the one in which they are implemented.
By analyzing the number of projects in the Cardano Ecosystem that contribute to the TVL and the number of existing or planned projects, this may be directly quantified.
About Defilama
Defilama considers all staking mechanisms, including liquidity pools, borrowing and treasury staking, and gives suggestions in a protocol. TVL’s favorable impact on many activities is also shown, as well as the domination of the most powerful TVL project (in terms of TVL). Cardano is currently trading at an all-time high of just over $264 million, according to data from DeFi Llama, which is a new all-time high.
For a time, Bitcoin held a monopoly on the cryptocurrency market, but as the industry matured, Bitcoin’s hold on the market began to dwindle, which benefited the whole cryptocurrency business in the long run.
That being said, the dominance of SundaeSwap is reducing, which implies that other Cardano dApps and protocols are now contributing more to TVL than they were before.
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