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Cardano DeFi Taps Two Month High as ADA Price Surges

2 mins
Updated by Kyle Baird
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In Brief

  • DeFi on Cardano is up 40% so far this year.
  • Leading projects have seen collateral increases.
  • ADA prices have surged 20% on the day.
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Crypto markets are in the green today, and Cardano (ADA) is outperforming its brethren. Decentralized finance (DeFi) on the network is also making a comeback.

Cardano DeFi has reached a two-month high in terms of total value locked. The TVL locked across the Cardano ecosystem has surged 40% since the beginning of this year, according to DeFiLlama.

It has currently reached $90 million, which is the highest level it has been since the beginning of November. The figure is still tiny compared to that of Ethereum or BNB Chain, but it has outpaced them for growth recently.

However, the bigger picture is not so pretty, with Cardano DeFi currently languishing 79% down from its all-time high TVL in March.

A Cardano Comeback?

The top five DeFi projects on Cardano are all experiencing double-digit gains at the moment. The leading project is the Minswap DEX which has a 31% market share. Minswap TVL has surged 27% over the past week and is currently $27.8 million.

The Meld and Indigo lending platforms have both seen their collateral rise by more than 40% over the past seven days. Furthermore, the WingRiders DEX has jumped 51% in total value locked in just a week.

WingRiders recently announced Curve-inspired stable swap pools offering to cater to the expansion of stablecoins on Cardano.

DeFi degens are flocking to the Cardano ecosystem in droves. Additionally, this has been evidenced by an uptick in transaction activity over the past month. Again, the Minswap DEX is the clear leader for transactions.

The uptick in DeFi and on-chain activity over the past couple of weeks has finally been reflected in ADA prices.

ADA Flips Dogecoin  

Cardano’s native coin has retaken eighth place in the market cap charts after flipping Dogecoin.

ADA has surged a whopping 20% over the past 24 hours, becoming one of the day’s top performers. As a result, it has reached its highest price since mid-November at $0.331 at the time of writing.

ADA/USD 1 month - BeInCrypto
ADA/USD 1 month – BeInCrypto

However, ADA would need to break resistance at the $0.37 level to notch up any further gains. The coin has made an impressive 32.4% over the past week. Nevertheless, ADA remains far from its lofty all-time high of $3.09 in September 2021.

Top crypto projects in the US | June 2024

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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