Cardano’s TVL records strong growth as investors anticipate Vasil deployment on the mainnet.
News of the upcoming Vasil hard fork has positively affected different aspects of Cardano. The price of ADA has been growing steadily, with investors expecting the asset price to surge further in the coming days.
In the meantime, Cardano’s Total Value Locked (TVL) has also gained momentum across various decentralized finance protocols.
In a tweet made by Cardano Daily, a Twitter account that shares updates about the Cardano project, Cardano’s TVL has shown positive growth since the date of the Vasil mainnet launch was announced.
The development suggests that the Cardano ecosystem now attracts more investors. The upcoming Vasil hard fork has given them yet another reason to believe in the Cardano project.
CARDANO TVL STATUS
The TVL on Cardano showed a positive growth in TVL after the Vasil hardfork, marking the return of money flow towards the ecosystem. Especially, @adax_pro experienced the most significant change in TVL: 2525%, contributing $627K TVL#tvl #status #cardano $ADA pic.twitter.com/9okdJhBmTT
— Cardano Daily (@cardano_daily) September 6, 2022
ADAX Pro Sees Strong Growth in TVL
The decentralized finance application that recorded the most significant growth is ADAX Pro. Fresh data from DefiLlama, a DeFi tracker service, shows the number of funds locked in ADAX Pro soared 2,525% in the last seven days.
“adax_pro experienced the most significant change in TVL: 2525%, contributing $627K TVL,” Cardano Daily tweeted.
Despite the massive increase of ADAX Pro’s TVL in the past seven days, the DeFi platform is currently seated as the fifth-largest Cardano DeFi protocol by total value, locked behind Minswap, Wingriders, Sundaeswap, and Muesliswap.
Cardano TVL Report
Cardano currently boasts of TVL worth $89.57 million. MinswapDEX has continued to lead Cardano’s DeFi ecosystem, boasting $46.81 million in total value locked. MinswapDEX’s TVL accounts for 52.26% of the total value locked on Cardano. $18.48M is locked in Wingriders, $18.17M in Sundaeswap, $5.5M in Muesliswap and $627K in ADAX Pro.
Vasil Upcoming Launch Fuels ADA’s Price
Vasil’s upcoming launch has had positive effects on Cardano. The upgrade is expected to deploy on September 22, 2022, which may bring more developers and investors to Cardano. ADA’s price is up 10% in the past seven days. However, there is a tendency that the price will surge further once the date for Vasil mainnet launch approaches.
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