Total Value of Cardano DeFi Ecosystem Nears $450M Amid Layer 1 Push; ADA Rockets 17%
Value locked on Cardano’s ecosystem grew rapidly in the past few weeks as a recent boost in Ethereum alternatives, such as Solana and Avalanche, is likely pushing crypto investors and users toward other blockchains in search of returns and capital allocation. Djed DJED stablecoin, a token pegged to the U.S. dollar, saw a supply increase of over 45% in the past week – indicative of capital inflows toward the token as investors looked to capitalize on yields.
The total value locked (TVL) of all Cardano-based projects jumped to over $440 million late earlier this week, crossing a previous peak of $330 million set in April. Most growth seemingly occurred over the past week, with lending protocol Indigo and on-chain exchange Minswap seeing their TVL surge by over 50% to nearly $100 million each. Such on-chain growth has boosted the price of Cardano’s ADA token, which is used to pay for network activity. The tokens surged some 17% in the past 24 hours, helping extend monthly gains to nearly 80%, data shows, and a 100% growth in leveraged futures bets on further ADA price volatility in the same period. As such, Cardano’s DeFi ecosystem has surged alongside those of other blockchains.
Source
https://t.me/Bitcoin_Crypto_Signals
