Cardano is attempting to establish itself as a competitor in the top 10 chains of cryptocurrencies by total value locked (TVL).
Cardano’s rise, which has increased significantly month over month, indicates that investors are becoming more and more interested in alternatives to Ethereum and Solana.
The top chains by TVL
With a TVL of $24.154 billion, Ethereum is still ahead of the field even after a minor 0.25% drop over the previous day. Following it are BSC and Tron.
Notably, Solana saw a 32.68% gain in the previous month, indicating that investor confidence may be returning.
Despite being ranked eleventh, Cardano’s rise is encouraging, as seen by its astounding 53.22% one-month change. Right now, the total value locked in it is $245.45 million.
This significant rise would portend a possible upheaval in the DeFi hierarchy.
Notably, with $238,75 million in TVL, Bitcoin is currently less than Cardano.
Cardano’s top protocols
There are supporters of the growing TVL in Cardano. With a TVL of $57.26 million, Indigo is in the lead, closely followed by Minswap with $55.58 million.
Significant one-day and one-month gains have been seen for both protocols, indicating the thriving activity in the Cardano network.
Other noteworthy protocols are Djed Stablecoin, which has increased 43.93% in value over the last month, and Liqwid and Optim Finance in the lending sector.
