According to DeFiLIama, Cardano’s total value locked surpassed $225 million as SundaeSwap’s dominance fell dramatically with the launch of the Minswap.
The total value locked of Cardano smart contracts has risen than $65 million in the previous seven days. A significant increase in the value of locked funds is most likely due to the redistribution of funds that were previously unavailable on the network.
SundaeSwap led the network with almost 97% of the entire value locked. SundaeSwap now has $114 million in locked ADA. The TVL of Minswap remains at $110.01 million, while the projects in third and fourth position each have less than $2 million in user funds.
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.”
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