Cardano’s decentralized finance (DeFi) space is reaching new milestones at a very rapid pace. Per data from Defillama, the total value locked in Cardano’s DeFi ecosystem has crossed $400 million.
Cardano’s DeFi TVL is being spurred on by Minswap
A look at the DeFi data aggregator shows that the total value locked on all DeFi platforms in the Cardano ecosystem now stands at over $402 million, after increasing by 6% on the day.
Minswap, a community-focused automatic market maker decentralized exchange which launched this month, has been the major driving force of the latest surge. Minswap’s TVL has increased 117% in the last week and now sits at over $193 million.
The DEX now has a 48.24% dominance among others, surpassing SundaeSwap, the previous leader, in just 10 days after its launch. Minswap’s success has marked an overall more than double increase in one month for the TVL of the Cardano DeFi ecosystem. Cardano’s TVL was around $133 million at the start of March.
Meanwhile, Minswap is not leaning on its laurels. The project’s developers are advancing towards being even more community-centric. They recently made DEX’s GitHub repository open-source. And their roadmap has Q2 of this year earmarked as the project’s timeline to shift to being run through a decentralized autonomous organization (DAO) and community governance.
The TVL growth is not the only reason Cardano community members are currently highly optimistic. Cardano supporters are anticipating several upgrades through the year that will not only scale and optimize the blockchain but also empower a “massive wave” of new project launches.
The price of ADA has surged slightly following TVL growth
While Cardano’s DeFi space is now eyeing a half-a-billion value, the price of Cardano’s native token ADA had been proving slow to match its rapid growth. However, ADA seems to have caught the momentum, as it is putting up an impressive surge.
The price of ADA has gained 20.7% in the last week, as it seems to be on the cusp of reclaiming $1 levels. ADA is up 3.5% on the day, trading at $0.97. The token has so far reached an intra-day high of $0.99, per data from CryptoRank.
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