Cardano Total Value Locked (TVL) Surges 194x Since January 2022.
A popular Cardano enthusiast has shared on Twitter the tremendous growth in the total number of ADA locked across various decentralized exchanges on the network within a period of two months.
Total Value Locked
7th Jan: 1.4m ADA
7th Feb: 112m ADA
7th Mar: 272m ADAWonder if the zero utility ghostchain meme coin hits a billion before or after summer
— ADA whale (@cardano_whale) March 7, 2022
According to the Twitter user with the username Cardano_Whale, the total value locked in ADA has surged by 194,00% since January 7, 2022.
Per the update, Cardano’s TVL, which was around 1.4 million ADA on January 7, 2022 has increased tremendously to 272 million ADA as of today.
The feat represents a 194,000% growth in the last two months, which further suggests an increased interest in the adoption of Cardano.
TVL Expected to Hit Over $1B By Year-End
Meanwhile, the total value locked in USD has also been growing at an exponential rate in recent times. Cardano’s total value in USD is currently worth $160.79 million, as the network surged by 5.32% in the last 24 hours.
User activity on Cardano has been gaining momentum since smart contract functionality was enabled on the blockchain.
Since smart contracts were enabled on Cardano, only six decentralized exchanges (DEXs), including SundaeSwap, Minswap, ADA Pro, etc have made their debut on the popular blockchain.
Despite the existence of six decentralized trading platforms, SundaeSwap (SUNDAE), which is the first-ever Cardano DEX, has become the favorite among Cardano enthusiasts.
According to data on DeFi Llama, of the $160.79 million total value locked on Cardano, SundaeSwap accounts for 71.70% of the TVL, representing $115.29 million.
Interestingly, more DEXs, including ADA Finance, Ray Network, Occam.Fi, YaySwap, Cardax, Matrixswap, and Meowswap are still building in anticipation of launching on the network in the near future.
With more decentralized trading platforms considering making their debut on Cardano, it is expected that the TVL in USD will skyrocket to over a billion dollars before the year runs out.
$ADA Tipped to Soar in 2022
Meanwhile, ADA is currently trading around $0.81 at the time of writing. Like other cryptocurrencies, the coin has lost 4.8% of its value in the last 24 hours.
Despite the underperformance of ADA this year, the cryptocurrency is tipped to become one of the most promising digital currencies expected to surge this year.
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