Over 600 Million ADA Trapped in Cardano’s DeFi Ecosystem


The quantity of Cardano’s native tokens locked on DeFi apps has tripled since the beginning of the year, bringing the total worth of the ecosystem’s locked assets to over 600 million $ADA.

From about $49 million at the beginning of the year, DeFi monitoring and analytics provider DeFiLlama reports that the total value locked on Cardano is close to $180 million in U.S. dollars. The ADA market cap momentarily surpassed 600 million tokens, and although it has since dropped, it is still very near that level.

Free-Market Trade With $48 million in digital assets secured, Minswap is well ahead of Cardano in terms of total value locked. Next comes Indigo, a collateralized debt scheme that has locked in $39.3 million.

Lending protocols, decentralized exchanges, and collateralized debt protocols like the Djed Stablecoin make up the vast majority of protocols created on top of the Cardano ecosystem, locking up a large portion of the overall value.

According to a study by CryptoGlobe, significant ADA token holders (or “whales” and “sharks”) have been aggressively buying up the native token of the ADA smart contract to the tune of over $116 million in value since May 21.

Token holding addresses have reached their maximum amount since September 2022. Transaction volume on the network has been “rising nearly every week for the past 6 months,” as Santiment pointed out, which seems to correlate with increasing interest from Cardano whales and sharks.

The company claims that the last two weeks have seen “over 67 billion in ADA transaction volume,” which is the highest amount since September 2021.

Also Read: Veteran analyst Promises said, “Watch this token, it might move like a Shiba Inu!”

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