According to the DeFi TVL aggregator platform, DeFiLlama, the total value locked in Cardano has been skyrocketing since January. From $1.7M at the start of the year, the blockchain network’s TVL is currently stable at $180 million.
Project lead Charles Hoskinson believes this is only just the beginning as he envisions a more gargantuan TVL by June when many DApps building on Cardano are expected to go live after the Vasil hardfork.
“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hardfork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL”
Cardano TVL Sees Astronomical Growth
The aggregator platform also provides information about the number of staked governance tokens that are included in Cardano’s TVL valuation. By adding the staked governance tokens to Cardano’s total TVL, the number demonstrates a higher range of TVL, i.e $261.3 million at the time of writing.
DeFiLlama further shows Cardano’s total value locked in DEX platforms such as SundaeSwap and a non-custodial banking protocol Meld. While SundaeSwap is dominating the charts with nearly $115.09 million total value locked at the time of writing, DeFi banking protocol Meld comes a close second, posting $66.8 million worth of Cardano locked at press time.
The blockchain protocol is successfully running six top DeFi protocols that are heralded to propel the network to see billions in TVL by year-end. Moreover, Cardano is looking forward to onboarding other projects such as Ardana, Aada, Liquid, Djed, and Cardano Maladex which is likely to add more to the network’s growing rage.
TVL or total value locked is a term that denotes the overall value of crypto assets deposited in decentralized finance (Defi) protocols. The term has emerged as a key metric that is used to gauge the interest of investors in that particular protocol.
The Cardano network is attracting hordes of new users and has reported an increase in the number of wallets active on the Cardano blockchain. The number of active wallets on Cardano has recently crossed the 3 million mark which may be one of the key factors adding more to the growing TVL statistics.