Cardano Might Reach $1 Billion in TVL at Year-End as Metric Grows: Details

Cardano’s total value locked has surpassed its previous high of $130 million set last month

According to Defillama, a DeFi TVL aggregator, Cardano’s total locked value surpassed its previous record of $130 million set last month. At the time of writing, the live TVL of the proof-of-stake blockchain is around $132.52 million.

When staked governance tokens are included in the TVL valuation, the Defillama dashboard reveals that Cardano’s TVL is much greater. With the change, Cardano’s TVL now stands at about $215.55 million.

SundaeSwap has the highest TVL of Cardano decentralized exchanges, Defillama monitors. With approximately $114.97 million in TVL, SundaeSwap maintains a market share of 53.51%. Over the past month, the TVL of the first Cardano-based DEX has increased by around 69.98%.

@MinswapDEX started to increase TVL market share quite rapidly.

Please look at out TVL graphs.https://t.co/lYdpiMKxHY pic.twitter.com/No9ykMWxsG

— Cardano Blockchain Insights (@InsightsCardano) March 3, 2022

SundaeSwap’s dominance may soon be challenged by MinSwap, another AMM DEX that is set for mainnet launch later this month. Already, MinSwap has around 13 million ADA in TVL staked in its Liquidity Bootstrapping Event (LBE), through which it intends to use the market to determine the price of its MIN tokens.

⏰2 Days left! More than 13M $ADA deposited to the LBE! 🎉
Please note that the 25% fee for any $ADA withdrawal (meaning swap from purrADA to ADA) will be start on March 3rd 2:00 AM UTC.
Let's Go! 👉 https://t.co/wBrjlH55Fr pic.twitter.com/bfjJsmhnIz

— Minswap (@MinswapDEX) March 2, 2022

SundaeSwap’s supremacy may soon be challenged by MinSwap, a DEX AMM is expected to go live on the mainnet later this month. MinSwap has approximately $13 million staked in TVL in its Liquidity Bootstrapping Event (LBE), which it intends to use to price its MIN tokens.

Cardano might reach $1 billion in TVL

Cardano is recording more than $200 million in TVL with six DeFi protocols already running on the Cardano blockchain. This highlights the potential of reaching the $1 billion mark by the end of the year as several projects such as Ardana, Aada, Liqwid, Djed and Cardano Maladex are expected to launch.

2/Only 6 months ago people were saying Cardano would never have DeFi. Now we have 6 protocols at >$200m TVL, many more on the way

Like we have seen with others (like Terra), TVL growth tends to go parabolic after a slow start. We could easily see billions by end of year pic.twitter.com/g27fKDkYeo

— ADA whale (@cardano_whale) March 3, 2022

Other positive signs, such as the increase in the number of active wallets on the Cardano blockchain network, support the growing TVL trend. The number of wallets holding Cardano’s ADA currency crossed the three million mark in February. Nearly 500 projects are currently in development on the Cardano blockchain, with DEXs accounting for 6.1% of that total.