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A well-known user on Twitter known as Cardano whale (@Cardano_whale) recently stated that he predicts the total locked value (TVL) of the Cardano network will “reach billions in a short amount of time” as additional projects are built on the platform.
More Projects Happening On The Cardano Network
As shown in the tweet posted by @Cardano_whale with more than 80,000 followers, the Cardano system is “quite decentralized than other Byzantine fault tolerant (BFT) networks.” It has a lot of decentralized exchanges using the platform.
The whale went on to say that substitutes to decentralized currency markets, like Compound and Aave, are “lining up,” and that the Cardano society is “eager to kickstart its own Defi expansion.” Their remarks came immediately after Cardano overtook Kusama based on the total Valuation of tokens locked.
At the moment, the total Valuation of Cardano that is locked is over $315 million, which is higher than a previous amount of roughly $200 million earlier this month. The total Valuation Locked for a Decentralized Finance protocol, as stated by Binance Academy, is the total amount of money locked inside that protocol. “The TVL that is locked in Ether projects, for example, is quantified in either Ethereum or USD.”
The first working DeFi app for Cardano was released in January. MuesliSwap’s total Valuation locked has risen to $12.6 million since then. MELD (Meld) is one step ahead of MuesliSwap, with more than $72 million.
Minswap, another decentralized market with its total Valuation locked, climbed more than 400% one week after its launch. It is the leading Cardano’s DeFi ecosystem in terms of total value locked, and it now has more than $115 million in funds locked away.
SundaeSwap is “a native, robust decentralized market and an automatic liquidity provision system” supported by Alameda Research, Double Peak, and cFund.” ALameda Research is a crypto trading firm that also provides liquidity services, and it was founded by the CEO of the trading platform FTX. SundaeSwap has a total of $108 million Total Valuation Locked.
Cardano To Increase Its TVL
At the beginning of the month, Charles Hoskinson, the executive of IO company, the firm in charge of research and innovation for Cardano, suggested that “the firm has a lot to offer” in terms of Total locked on Cardano, as more projects will be launched soon. They are awaiting the “Vasil hard fork combinator” ceremony scheduled for June.
Presently, Cardano has surpassed the proof-of-work coin Ethereum in terms of usage as its safer and uses the proof-of-work protocol, which is environmentally friendly. Also, the transaction fee is cheaper and the network speed faster. ADA is trading at $0.8941, an increase of 4.72% in the past 24 hours. The market cap, as shown on CoinMarketCap, is $30.1 billion.
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