Cardano (ADA) Hits a New All-Time High of $134M in Total Value Locked (TVL).
Smart contract activity on Cardano has received a significant boost in recent times, as more users are taking advantage of the feature to increase their returns.
The Cardano network recorded a new feat today, as its total value lock (TVL) has reached an all-time high.
According to data provided by Defi Llama, a decentralized finance on-chain metric data analytic platform, Cardano has reached a new all-time high of $134.86 million across various decentralized exchanges.
SundaeSwap Leads the Way
While a handful of decentralized exchanges (DEXs) have already made their debut on the network following the support of smart contracts, a vast majority of the TVL is currently on SundaeSwap (SUNDAE).
According to the data, SundaeSwap accounts for 89.86% of all TVL locked on the network, representing $121.19 million of the total sum.
The second DEX on the list is Minswap, which has a record of $11.57 million in TVL on the platform. Other DEXs in the list include MuesliSwap and ADAX Pro, which have $2.08 million and $16,800, respectively.
It is worth noting that the previous all-time high was recorded last month when the TVL across Cardano-based decentralized exchanges hit $118.95 million, which represented a 5,776% increase from what was recorded in January.
Cardano TVL to Surge
Following a promising start to March, many Cardano enthusiasts envisage that the TVL could spike to $200 million by month-end, which sets the network on the path of being considered as a significant DeFi proponent.
While the growth of Cardano TVL could be seen as slow, volume is expected to surge when more decentralized exchanges finally deploy on the blockchain.
As reported, a number of DEX are considering launching on Cardano in the coming weeks, which could see rapid growth in the TVL, and the blockchain can finally compete with other notable projects like Ethereum and Solana.