Cardano DeFi Activity Soars 36% As ADA Opens 2023 With Big Rallies

Decentralized finance (DeFi) activity is surging with Cardano (ADA) and Ethereum (ETH) competitors getting a red start to 2023.

DeFi Tracker DeFi Llama report As of this writing, Cardano’s total value lock (TVL) stands at $65.97 million, up about 36% from January 1, when Cardano’s TVL registered at $48.5 million.

Blockchain TVL represents the total capital held within a smart contract. TVL is calculated by multiplying the amount of collateral locked in the network by the current value of the asset.

Cardano’s top decentralized application (DApp) is Minswap, a multi-pool decentralized exchange (DEX). With a total of $27.26 million locked, Minswap accounts for over 41% of his TVL on the Cardano blockchain.

Cardano’s second most popular DApp is Indigo, a $11.35 million decentralized synthetic trading platform on TVL. Third is WingRiders, an automated market maker (AMM) DEX with a TVL of $10.87 million. Both Indigo and WingRiders have increased their TVL by about 25% in the past month.

Cardano’s rise in TVL is a good reflection of its price spike. ADA is trading around $0.322 at the time of writing, up more than 31% since December 31st. The eighth-largest crypto asset by market capitalization remains down nearly 90% from his all-time high of $3.09 set in September 2021.

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