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HomeCrypto NewsMarket"Hard Week" As Cardano Total Value Locked (TVL) Suffers Major Loss

“Hard Week” As Cardano Total Value Locked (TVL) Suffers Major Loss

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This week, all decentralized finance (DeFi) projects on the Cardano blockchain have not had a smooth ride.



According to Cardano Daily, a Twitter-based media outlet that covers developments on the Cardano network, DeFi projects on the blockchain have suffered losses ranging from 5% to 30%.

“CARDANO TVL STATUS: The TVL of Cardano has experienced one of the hardest weeks with regard to TVL. All projects witnessed loss in TVL, varying from 5% up to 30% loss,” Cardano Daily tweeted.

Cardano TVL suffers Loss
Images source: https://twitter.com/cardano_daily/status/1577280621776347136

 

Out of the nine decentralized finance projects analyzed by Cardano Daily, Aada Finance experienced the maximum loss compared to other DeFi protocols. Per the data, 29.64% value has evaporated from Aada Finance this week. This unfortunate development plunged the total value locked in Aada Finance to $312,000.

The second protocol that witnessed the most losses was FluidTokens, which saw 19.01% worth of value withdrawn from the project. Minswap, SundaeSwap, and MeoSwapFi recorded losses in their TVL of up to 8.1%, 7.43%, and 6.55%, respectively.

Furthermore, the total value locked in MueliSwap and ADAX Pro also plunged by 6.49% and 6.1%, respectively.

WingRiders was the least affected project among all Cardano DeFi protocols that started the week at a loss. Cardano Daily data shows that the popular decentralized exchange only incurred 5.74% losses in its total value locked.

“wingriderscom witnessed the minimum loss in comparison to the ecosystem. Only 5.74% withdrew from the project,” Aada Finance said.

Cardano TVL Performance

Meanwhile, the overall Cardano TVL is worth $74.65 million, down 0.27% in the last 24 hours. Minswap is ranked as the most valuable DeFi protocol on the Cardano network, with a 51.60% dominance ($38.52 million). WingRiders is the second-largest Cardano decentralized finance project, with a $15.41 million value locked on the platform.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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