Cardano DeFi Ecosystem Explodes As Ethereum Rival’s TVL Goes Up 172% Since Last Year: Crypto Insights Firm
New data from crypto insights firm Messari shows the Cardano (ADA) ecosystem’s rapid expansion over the last year.
In a new report, Messari says that Cardano’s total value locked (TVL), or the amount of assets sitting within its protocols, has gone up 172% quarter over quarter (QoQ).
According to Messari, the recent launch of Cardano-stablecoins were the main drivers behind the growth.
“Total value locked (TVL) denominated in USD on Cardano grew 172% QoQ from $50.8 million to $138.3 million. The recent adoption of new stablecoins was a catalyst for this growth, as they are a cornerstone of DeFi but were missing from the ecosystem.”
Messari says that Minswap, an automated market maker (AMM) on Cardano, remains the chain’s leading decentralized exchange (DEX) as far as TVL, but decreased in dominance over the first quarter due to the emergence of several DeFi (decentralized finance) protocols, including ADA-backed stablecoin Djed.
“The shift in dominance from incumbent DEXs to emerging DeFi applications is due to:
- Djed, an overcollateralized ADA-backed stablecoin minting protocol, ending Q1 with a TVL of $13.1 million and a dominance of 9.5%.
- Liqwid, a borrowing and lending protocol, ending Q1 with a TVL of $8.4 million and a dominance of 6%.
- Indigo, an issuer of synthetic assets and stablecoins, ending Q1 with a TVL of $24.1 million and a dominance of 17.4%.”
Messari says that in Q1 of this year, Cardano saw significant progress in technological developments such as advancements in scalability and VM (virtual machine) compatibility.
Last week, Cardano developers Input Output Global announced the launch of Lace, a new Cardano-native crypto wallet that supports hardware wallet integration and access to NFT (non-fungible token) marketplaces, decentralized apps (DApps) and DeFi services. Users can also stake ADA directly from the platform.
The developers say they are already working on new features that will be added to future releases as they promise to give Lace a slew of regular updates and enhancements.
“The Lace team is already hard at work developing a DApp Store, a desktop app and digital identity solutions. Meanwhile, fiat on/off ramps, in-wallet swaps, a richer staking experience with multi-delegation, and a portfolio view are all in the pipeline.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
  
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/VectorBar/Mingirov Yuriy
The post Cardano DeFi Ecosystem Explodes As Ethereum Rival’s TVL Goes Up 172% Since Last Year: Crypto Insights Firm appeared first on The Daily Hodl.
