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TVL Locked Value in Cardano is growing at a rapid pace…Learn the factors behind it!

TVL Locked Value in Cardano is growing at a rapid pace…Learn the factors behind it!

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Answer TVL Locked Value in Cardano is growing at a rapid pace…Learn the factors behind it!

DeFi in Cardano continues to expand.

Looking at the achieved numbers, which may seem shocking, they reveal rapid growth.

To put the reader in the picture:

At the beginning of January 2022, the closed value of TVL on the Cardano blockchain was estimated at $3.2 million.

At the time of writing this article, this value has risen to $167 million.

A locked value is the amount of money deposited in decentralized finance protocols and decentralized applications operating on a blockchain.

Given this large and rapid growth, many observers believe that the path to the first billion dollars is not difficult.

Read:Hackers steal more than 200 million dollars from trading platforms, including platforms in the Middle East

What has helped the rise in TVL locking value on Cardano is the performance and activity of several new decentralized trading platforms such as:

SundaeSwap, Meld, and MinSwap.

There are currently several Cardano stablecoin projects in development including “DJed” and “Ardana”.

However, these projects do not have a specific release date yet.

The oldest network stablecoins such as USDT and USDC are likely to stand out.

These popular stablecoins can work once the Layer 2 upgrade “Milkomeda” is released which is already in the testing phase.

The upgrade could be ready in June, according to an announcement by IOHK, the development arm of Cardano, which also said that two major upgrades are planned for June and October.

Each of these upgrades will introduce several key features to the blockchain that will improve Cardano’s capabilities and expand its reach.

Cardano’s development process is progressing rapidly:

Cardano’s development process shows no signs of slowing down, as are projects built on the Cardano blockchain.

SundaeSwap revealed that it has completed its first run with the implementation of community governance.

Read:The postponement of the Bitcoin (BTC) index funds is taking the cryptocurrency market down

SundaeSwap has also integrated three other wallets that can interact with its protocol.

Similarly, MinSwap revealed that more liquidity pools have been added to its platform.

Despite the updates and the high value closed in Cardano, the price of the coin is still below the $1 level, having fallen further in the past few days to an estimated price at the time of writing at $0.80.

Read also:

Bitcoin drops below $40,000 ahead of US inflation data

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