One of the projects deployed on Cardano faces a massive increase in TVL
A decentralized trading platform with native and fast automated market technology, Cardano-based Wingriders has gained nearly 8,000% on its TVL in the past seven days, according to network tracking service DeFiLIama.
Between April 12 and April 13, the project gained over $41 million in total value of funds locked in the project. Such a strong increase shown on the tracking service is not actually tied to natural demand.
The strong spike is caused by the official release of the platform, and the $500,000 that remained there before registration most likely belonged to users participating in the closed DEX tests.
Cardano-based decentralized solutions
According to the TVL redistribution, the number of decentralized projects on Cardano has increased to 10, showing the fundamental growth of the network. Some experts note that Cardano has around 20 projects, which are not yet publicly listed or in the latest stages of development.
In addition to decentralized trading platforms, Cardano is gearing up for the release of the first network-powered stablecoin solutions. Previously, U.Today covered what’s here for Cardano supporters after IOHK released 10 important ecosystem updates.
The long post included partnerships with farms that expected to bring liquidity and staking to decentralized finance platforms. Platforms like MuesliSwap announced limit swaps and implementation of Cardano-based stablecoin Djed.
Cardano Market Performance
Unfortunately, a variety of network updates, the implementation of new technologies and general network growth does not seem to be enough for cryptocurrency investors as Cardano is still among the biggest losers in the market, with a loss 25% over the past 14 days.
ADA already lost around 70% of the previously gained value between March 16 and April 1 and now trades at $0.89.
