Total Value Locked In Cardano Hits $75.4 Million, While ADA Wallets Hit 3M

Total Value Locked in Cardano Hits $75.4 Million in January 2022.

Cardano’s decentralized finance (DeFi) journey has started well, as the network recorded significant growth in user activity in January 2022. 

According to the Cardano foundation, the total value locked (TVL) in Cardano reached $75.4 million last month. 

On January 1, 2022, the TVL on the blockchain was barely $1 million. However, as decentralized application (dApp) developers flocked to Cardano, the amount of value locked on the network began to increase rapidly. 

Between January 23, 2022, and January 24, 2022, the TVL in Cardano surged above $80 million for the first time, setting an all-time high (ATH) of $84.7 million on January 24.

Our January roundup of Cardano on-chain stats is here?

Interested in knowing more about these stats?

Let's start with this..
Cryptionary term: Total Value Locked (TVL)

?Follow the thread to learn more! #Cardano #blockchain #DeFi pic.twitter.com/8LWpcqxDVn

— Cardano Foundation (@CardanoStiftung) February 1, 2022

TVL is a metric that is used to measure the overall growth of the DeFi industry. It represents the number of assets being deposited in a specific blockchain protocol, such as Cardano.

TVL includes all the assets deposited in all functions of the DeFi protocol such as staking, lending, and liquidity pools.

This month’s significant increase in Total Value Locked was a result of DeFi protocols being added to the Cardano blockchain.

Other User Activities Grow

Aside from the surging TVL in the network, the number of unique addresses holding Cardano’s native cryptocurrency ADA also soared last month. 

Per the stat, the number of wallets holding the cryptocurrency hit 2.99 million, representing a 12.24% increase from what was recorded last month. 

In addition, Cardano noted that approximately 29.4 million transactions were made on the blockchain last month, representing 17.8% growth compared to last month’s value. 

The milestone suggests that interest in Cardano is growing rapidly, especially as the project continues its journey into the world of decentralized finance. 

Cardano Upcoming Upgrades to Lure Developers 

As reported, Cardano’s ADA could be the most promising cryptocurrency in 2022, based on the number of developments lined up for the project in the coming months. 

Cardano is expected to unveil a peer-to-peer testnet that will usher in P2P stakes in the coming months, as well as launch the Hydra layer 2 system to further enhance the network’s speed in order to process one million transactions per second. 

These upcoming upgrades could see more developers flock to the network following the congestion suffered by rival DeFi networks Ethereum and Solana.