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Cardano’s ecosystem reaches ATH of 600M ADA used on DeFi

Cardano’s ecosystem reaches ATH of 600M ADA used on DeFi

Cardano (ADA) has been growing its presence in the Decentralized Finance (DeFi) ecosystem, since the launch of its first native DeFi protocols in early 2022. Although it is one of the oldest Layer-1 blockchains for smart contracts, Cardano took some years before being opened for public development and application deployment.

There is steady growth when looking at Cardano’s Total Value Locked (TVL) in DeFi — measured in the native token ADA — currently reaching an all-time high on August 8, as noticed by Finbold on data provided by DefiLlama.

The platform registered 601.35 million ADA ($179 million) that are being used by all 24 protocols part of Cardano’s DeFi ecosystem.

Cardano TVL measured in ADA. Source: DefiLlama

Cardano still has a long way to go, climbing the TVL ranks among other chains. It currently sits in the 13th position on DefiLlama, considering locked amounts in US dollars (USD) — which has seen a surge of 9.43% in a 30-day period.

Of all this Total Value Locked, $15.69 million are made by stablecoins. With a huge dominance of 74% by Indigo USD (IUSD) among all other stablecoins being used on Cardano.

DeFi protocols on Cardano

The leading DeFi protocol built on Cardano is Minswap (MIN), a Decentralized Exchange (DEX) with over 160.29 million ADA ($47.86 million) in Total Value Locked. Accounting for 26.65% of the total.

Number two and number three are Indigo (INDY) and Liqwid (LQ). Both saw a monthly increase of 9.45% to $39.36 million and 10.05% to $19.91 million, respectively.

Indigo is a decentralized non-custodial synthetic assets protocol built for Cardano, also the deployer of the ecosystem’s leading stablecoin. Liquid is a decentralized interest rate curve for lending and borrowing on Cardano.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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