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- The data by DeFiLama shows that Cardano’s TVL has crossed the mark of $300 million.
- Minswap, a community-driven multi-pool decentralized exchange, constitutes 63.07% of $300 million.
- Following the launch of Minswap’s mainnet debut on the exchange, the TVL of exchange started growing rapidly.
The total value locked in the Cardano has crossed the mark of $300 million as per the data provided by DeFiLama, a cryptocurrency-focused analytics firm.
Out of the total sum mentioned above, Minswap, a community-driven multi-pool decentralized exchange, is responsible for 63.07% of it. As of now, the DEX is under maintenance after detecting several issues, according to the latest announcement on Twitter.
Due to this, the users cannot withdraw, swap or harvest their farming yield. Although, users are allowed to cancel their orders.
On March 9, the mainnet of the Mindswap made its debut. Following this, the TVL of the exchange saw rapid growth. It has increased by a whopping 116%, almost reaching the $200 million mark. The exchange also released support for yield farming on March 16.
Initially launched as the flagship Cardano-based DEX, SundaeSwap has transferred the position to Minswap. With its TVL frozen at $111 million, the project was unsuccessful in gaining any traction over the past week.
The ADA token price slightly raised in January with the launch of SundaeSwap on the mainnet. But soon after, the momentum started fading away as frustrated users began complaining of failed transactions. The team behind the project reported high network congestion as the reason for the issue. A public fight with CardStarter, the decentralized accelerator, was overshadowed by the project’s debut.
Meanwhile, MuesliSwap made its debut on Cardano in November. The exchange could only collect a mere amount of $1.68 million in TVL even though it had a first-mover advantage.
The growth of Cardano seems quite stagnant; the team’s major priority at the moment is to focus on scaling the blockchain so that more applications can make their debut on the mainnet.
The Cardano co-founder recently revealed that a wave of brand new applications would soon be approaching Cardano once the forthcoming launch of the Vasil fork scheduled in July completes.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
