Increasing decentralized finance (DeFi) activity on Cardano has pushed the total value of assets locked on the network to the highest point this year.
According to DeFillama data, Cardano’s Total Value Locked (TVL) sits at $180 million – the highest since May 2022, when it was $201 million.
ADA Token TVL Surges
In terms of the ADA token, Cardano’s DeFi ecosystem also reached an all-time high of 463 million ADA on May 31. On May 20, BeInCrypto reported that the TVL had crossed the 400 million tokens milestone.
DeFi activities on Cardano saw consistent growth from the start of the year when the TVL was just around $50 million. Since then, the network has seen increased interest, suggesting that its DeFi ecosystem was thriving.
Cardano DEX Volume Increasing
The increasing TVL has also coincided with a rising DEX volume, according to DeFillama data. Cardano recorded its highest weekly transactions volume during the last three weeks of May when it rose to $98.26 million from $41 million.
This trend continued into June, with the current 7-day transaction volume at $127.1 million. DeFillama data showed that the first two days of this month have already seen $35.28 million.
Top Protocols Responsible for The Growth
MinSwap is the largest Cardano DeFi protocol with a TVL of $65.87 million. The DEX’s weekly volumes have ascended since last year and reached an ATH of over $72 million last week, thanks to the community interest in meme coin SNEK.
Besides its TVL, MinSwap has 17.53k UAWs (unique active wallets) which has grown by 33.5% in the last seven days.
The collateralized debt protocol, Indigo, saw its TVL grow by 15.95% in the last seven days. It has seen a 6x increase in TVL since launch, and volume puts it on the list of top 11 CDP protocols across all chains.
With the rise in TVL, ADA is up 3.3% in the last seven days and is trading at $0.376, according to BeInCrypto data.
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