According to data from DefiLlama, the Cardano blockchain had an amazing rise that sent its total value locked (TVL) skyrocketing to an astounding $438 million.
With this incredible ascent, Cardano’s TVL has grown by an astounding 880% from the beginning of 2023, when it was only $50 million.
The leader of this enormous advance is ADA, the native token of Cardano, which has increased by an astounding 166% since October began.
The true show, though, is the massive amount of ADA that has been locked in the Cardano ecosystem; from 198.65 million to an incredible 681.62 million tokens, a net increase of 243% since January.
Digging into the details, Indigo is the safe haven for a sizeable chunk of the TVL—a whooping $105.3 million. With its on-chain exposure to real-world assets, this autonomous synthetics protocol has solidified its place in the Cardano ecosystem.
Minswap, the leading decentralised exchange on Cardano, comes in second with a TVL of $95.6 million, making a substantial contribution. Finally, Liqwid, a well-known lending system, secures 10.3% of the overall blockchain locked-in value.
Cardano’s increasing relevance in the decentralised financial sector is highlighted by its fast growth. A growing ecosystem of cutting-edge enterprises and the blockchain’s strategic collaborations have put Cardano in a class by itself.
As 2023 comes to an end, the figures clearly demonstrate Cardano’s explosive growth, leaving industry insiders excited about what lies ahead for this blockchain giant.
