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Quite a number of metrics can be used to define a healthy blockchain network and one of these is the state of such protocol’s Decentralized Finance (DeFi) ecosystem as it relates to Total Value Locked (TVL). While Cardano (ADA) appears to be seeing an imbalance in its price volatility, it is recording a notable but subtle growth in its DeFi TVL.
Cardano DeFi TVL at ATH
According to data from DeFi aggregator, DeFiLlama, the total number of ADA tokens locked on its associated DApps is now pegged at an All-Time High (ATH) of 557.62 million ADA coins. This figure has been on a steady run and rose from 198.65 million ADA as of January 1 to the current level.
While this figure is not being complemented in Dollar terms as a result of the fall in the price of the token, it does showcase how much interest is harbored by the investors within the Cardano DeFi world.
The relative growth in the total ADA deposits on DeFi platforms will not be appreciated unless compared with other top renowned Ethereum killers like Solana. Based on the same DeFiLlama data, Solana saw the total SOL locked slip from 20.53 million on January 1 to 14.3 million SOL where it is currently pegged.
The data showed that while many blockchain protocols present a facade of a thriving DeFi world, relatable figures actually prove that Cardano is one of the few protocols with a positive growth track.
Banking on Cardano Developer Feats
Cardano has been seeing a number of impressive utility addition due to its steady developer activity over the past year. The interest in the protocol is hinged on the visible and relatable products such as its first Light wallet, Lace, and services such as the advances in its staking offerings.
Cardano has also been gaining traction in enterprise adoption as it is beaming its focus on decentralized identity and the pursuit of scalability to drive all of its systems across the board. Notably, Cardano comes off as one of the most robust smart contract platforms in the world, seeing it boasts of a significant traction in its Non-Fungible Token (NFT) ecosystem as well.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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