The DeFi TVL rankings for Cardano are rising. Cardano is ranked 16th out of all DeFi chains by DefiLlama, having a total value locked (TVL) of $1,83.16 million. DefiLlama statistics state that the staking option is included in this.
Cardano outperforms other chains, including Bitcoin and EOS, whereas Klaytn, Ultron, Fantom, and other coins score higher than Cardano in the DeFi rankings.
The largest DeFi chain is Ethereum, which has $30.92 billion in TVL, followed by Tron, which has $5.46 billion in TVL.
Cardano-focused The ADA Whale Twitter account draws attention to Cardano’s improvement in the DeFi rankings.
ADA Whale uploaded a snapshot of Cardano in 16th rank and expressed his excitement for the project. According to his calculations, Cardano is $10 million away from the top 15 and has to increase its TVL by less than two times in order to reach the top 10.
The biggest dApps are yet to appear, and the TVL is primarily valued in ADA, which is presently down 88% from its all-time high, although growth is still occurring, he observes.
Here’s likely trigger
Since the beginning of 2023, Cardano has experienced consistent increase in DeFi total value locked (TVL), which indicates the value of assets deposited. On May 14, the total amount of ADA locked in reached a record high of 504 million ADA.
The Vasil update, which improves Cardano’s smart contract capabilities, became live in 2022, and new dApps were then introduced.
The Djed stablecoin protocol is one example. It was introduced to the mainnet in late January of this year. In terms of DeFi TVL, Djed is now the sixth largest on Cardano with $13.8 million.
Few functioning dApps existed for Cardano prior to the Vasil update, and fewer than 10 of those contributed to its TVL. This number has now grown to 18. Cardano experienced a noteworthy month in February when the Valentine hard fork was initiated.
