- Cardano’s DeFi ecosystem is thriving with a TVL increase of almost 200% in the last 12 months.
- Leading DeFi apps include SundaeSwap, Minswap, Indigo Protocol, and Aada Finance.
- Cardano ecosystem developers continue to add more developments despite ADA barely moving an inch in price.
Cardano’s decentralized finance (DeFi) ecosystem may be thriving despite ADA not making the biggest gains this 2023. This is confirmed by Messari in its Q2 2023 report.
According to data provided by Messari, the total value locked (TVL) of DeFi protocols based on Cardano were up by 10% since the last 3 months and by 199% in the last 12 months. Specifically, the TVL rose from $77.9 million to $151.7 million in the mentioned timeframe.
Some of the leading DeFi apps include decentralized exchanges SundaeSwap and Minswap, non-custodial synthetics assets platform Indigo Protocol, and lending platform Aada Finance.
Aside from a thriving DeFi ecosystem, Cardano network developments continue to ramp up, with the Input Output Global (IOG) team led by Charles Hoskinson leading the way.
Overall, the biggest developments that Cardano saw were topped by the launching of Ouroboros, which enabled liquid staking and economic models to further incentivize the decentralized participation of network contributors.
These developments show that the Cardano ecosystem remains strong despite its native coin ADA not getting the spotlight in terms of price surges. At the moment, ADA is the 9th largest cryptocurrency in terms of market capitalization, which is $10.3 billion, as per CoinGecko.
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