DeFi on Cardano is booming

Total Value Locked (TVL) has been rising steeply since the start of February 2023 and is making new ATH in a bear market when that is not usual. Cardano reached its previous ATH in March 2022 when TVL was at 324M ADA. We are now at 362M ADA (118M USD). DeFi on Cardano is unique in this respect. For all other major smart contract platforms, the number of native coins locked in DeFi is deeply below ATH. TVL in dollar value is low in the case of Cardano compared to some platforms where it is locked up to over a billion dollars and even tens of billions of dollars for Ethereum. If the trend holds, Cardano has a chance to catch up to the current champions within a year or two.

This article was prepared by Cardanians with support from Cexplorer.

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