The total value locked on Cardano’s decentralized finance (DeFi) protocols has recently soared past the $400 million mark over the price of the network’s native token, ADA, surging more than 11.8% over the last seven days, and more than 74% over the past month.
According to data from decentralized finance protocol tracker DeFiLlama, the total value locked on the Cardano ecosystem’s DeFi protocols is now at $433 million after surging from around $50 million at the beginning of the year.
The recent rise was mostly driven by the price of ADA surging, but when measured in ADA the total value locked on Cardano’s ecosystem has also surged significantly so far this year, going from around 200 million ADA at the beginning of the year to 674 million ADA at the time of writing.
The Cardano network has been growing exponentially this year, with IOG’s weekly development report earlier this month showing that the network has seen the launch of 152 projects and 1,307 currently building on top of it. The platform has facilitated 79.7 million transactions, demonstrating the increasing adoption and utilization of the Cardano network.
Regarding token metrics, the report revealed that 9.1 million native tokens are circulating within the ecosystem, governed by 81,621 token policies. Additionally, the deployment of Plutus scripts—a set of tools for smart contract development—has reached 6,260 for version 1 and 4,981 for version 2, showcasing Cardano’s steady progress in smart contract deployment and execution.
Earlier this month the Cardano network started seeing a significant increase in the volume of transactions exceeding $100,000 as these consistently reach new highs, indicating institutional investors and whales’ growing interest in Cardano and its native token ADA.
Featured Image via Unsplash
