Cardano’s DeFi Ecosystem Booms, Surging 172% in TVL Since Last Year, Says Crypto Insights Firm
Crypto insights firm Messari has reported that the Cardano (ADA) ecosystem has seen an explosive expansion over the past year. According to Messari’s latest report, the total value locked (TVL) within Cardano’s protocols has risen by 172% quarter over quarter (QoQ). The report highlighted that the recent launch of Cardano-stablecoins has been the driving force behind this growth.
The report revealed that Minswap, an automated market maker (AMM) on Cardano, remains the ecosystem’s leading decentralized exchange (DEX) in terms of TVL. However, it has decreased in dominance over the first quarter due to the emergence of several DeFi (decentralized finance) protocols, including ADA-backed stablecoin Djed.
Messari also noted that Cardano has made significant progress in technological developments such as advancements in scalability and VM (virtual machine) compatibility during Q1 of this year.
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. The developers promise to give Lace a slew of regular updates and enhancements, including a DApp Store, desktop app, digital identity solutions, fiat on/off ramps, in-wallet swaps, a richer staking experience with multi-delegation, and a portfolio view.
Clever Robot News Desk 19th April 2023
