The post Cardano (ADA) Gains Whopping $438 Million Amid 880% Ecosystem Growth Surge appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. In a staggering display of strength, the Cardano blockchain witnessed an unprecedented surge, catapulting its total value locked (TVL) to an impressive $438 million, according to data from DefiLlama. This meteoric rise marks astonishing 880% growth since the dawn of 2023, when Cardano’s TVL was a modest $50 million. At the forefront of this monumental leap is ADA, Cardano’s native token, which has experienced a remarkable 166% surge since the onset of October.  ADA to USD by CoinMarketCap However, the real spectacle lies in the sheer quantity of ADA locked in the Cardano ecosystem, soaring from 198.65 million to an astounding 681.62 million tokens, reflecting a net surge of 243% since January. Source: DefilLama Delving into the specifics, a substantial portion of the TVL, a staggering $105.3 million, is securely staked in Indigo. This autonomous synthetics protocol, providing on-chain exposure to real-world assets, has firmly established its presence within the Cardano ecosystem. Following closely is Minswap, the premier decentralized exchange on Cardano, contributing significantly with a TVL of $95.6 million. The podium concludes with Liqwid, a prominent lending protocol, securing 10.3% of the total locked-in value on the blockchain. This explosive growth underscores Cardano’s strengthening prominence in the decentralized finance landscape. The blockchain’s strategic partnerships, coupled with a burgeoning ecosystem of innovative projects, have propelled Cardano into a league of its own.…

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Filed under: News - @ December 17, 2023 3:20 am