After witnessing the value locked in its smart contracts increase by about $100 million this month, the Cardano ($ADA) network has overtaken Kusama ($KSM), Polkadot’s canary network, in total value locked in its decentralized apps.
According to statistics from the DeFiLlama decentralized finance analytics tool, the Cardano network currently has about $293.5 million in total value locked over six monitored protocols. Kusama, on the other hand, has a total of $290 million spread among 52 methods.
Total Value Locked (TVL) for a DeFi protocol, according to Binance Academy, is the total amount of money locked inside that protocol. “The TVL locked in Ethereum projects, for example, is typically measured in ETH or USD.”
It’s worth noting that Kusama is a Polkadot network pre-production environment that allows developers to explore and test new blockchains or apps before publishing them on the main network.
Cardano’s first usable DeFi application was released in January as part of an under-the-radar offering. MuesliSwap’s total value locked has risen to $12.5 million since then. Meld ($MELD) is ahead of it, with over $68 million in TVL.
SundaeSwap, a “native, scalable decentralized exchange and automated liquidity provision protocol” backed by cFund, Alameda Research (a quantitative cryptocurrency trading firm and liquidity provider founded by FTX CEO Sam Bankman-Fried), and Double Peak Group, is at the helm of Cardano’s DeFi ecosystem.” Behind it is Minswap, a decentralized exchange that saw its total value locked increase 400% in a week after it launched and now has $94 million locked on it.”
Earlier this month, Charles Hoskinson, co-founder and CEO of IO Global, the company in charge of Cardano’s research and development, suggested that “we ain’t seen nothing yet” when it comes to TVL on Cardano, as several projects await the Vasil hard fork combinator (HFC) event, which is scheduled for June.
According to reports, the number of addresses holding ADA for the long term increased by 32.1% last month to 408,000, following increasing by 10.9% in January and 5.78% in December, indicating that HODLers continue to accumulate the cryptocurrency.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews