The Cardano network has experienced notable growth in terms of total locked values (TVL), which has been steadily rising since the beginning.
DeFi TVL on Cardano Skyrockets
According to the latest statistics from Defi TVL aggregator Defi Lama, the total value locked (TVL), on Cardano’s decentralized finance protocols (DeFi), has reached a new record of $188 million. When staked governance tokens and the value of the proof-of–stake blockchain are added, the figures reach $270 million.
The automatic market maker DEX SundaeSwap is the top platform contributing to Cardano’s total value with $113.36 Million. Minswap, a multi-pool, decentralized exchange with $71.69M, follows with Minswap, with $71.69M, and Meld, a non-custodial, banking protocol with $69.01M.
Charles Hoskinson, CEO of IO Global (formerly “IOHK”), spoke out to address Cardano’s rapid growth in TVL. According to the exec, there are many financial apps that decentralize on the network and are anticipating Vasil hard fork combinator(HFC) events which could lead to TVL rising higher.
“Most people don’t realize that Cardano DApps wait for the Vasil hardfork to launch in June so they can benefit from pipelining. It seems that TVL has yet to show anything.
Vasil Hard Fork and Aftermath
The upgrade is named after Vasil Dabov (a Cardano Ambassador and late Bulgarian mathematician), and will drop in June. A second upgrade is planned for October. IOG will introduce a variety of scaling enhancements like pipelining, new Plutus CIPs and UTXO on disk storage. These features are expected to increase Cardano’s throughput as well as optimize the system for a wider range of DeFi apps and smart contracts.
DeFi Innovation was supported by Orbis, an early-stage Cardano scaling technology – Orbis – which had previously applied for funding through Project Catalyst’s Ideascale platform. The document states that Orbis’ ZK layer 2 solutions for scaling will address the problem of scalability and improve network performance, as well as the developer experience.
Cardano witnessed several other non-fungible token projects (NFT) being developed on top of DeFi. Tim Harrison, IOG Director, revealed that there are more than 500 projects currently using the blockchain and NFT projects make up the majority.
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