According to data from DeFillama, Total Assets Locked (TVL) on Cardano reached a record high of 341.42 million on March 7th for ADA tokens.
ADA token TVL has dropped to 333.16 million at the time of writing.
When converted to USD, Cardano’s DeFi TVL hit $110.39 million, far from the all-time high of over $300 million.
Cardano DeFi Activity Expands
Decentralized finance (DeFi) activity on the Cardano network has grown this year with the launch of several new protocols.
In January, Cardano’s overcollateralized stablecoin, Jed, surpassed $10 million in TVL in its first 24 hours of launch. Since then, the project has grown exponentially and now accounts for over 10% of his tokens locked in the network (over 31 million of his ADA).
In addition to Djed, the top three Cardano DeFi protocols Minswap, WingRiders, and Indigo have expanded their TVLs in the last 30 days. According to DeFillama dataMinswap’s TVL rose 13% to $40.27 million, while WingRiders and Indigo rose 0.86% and 1.50% to $16.83 million and $16.76 million, respectively.
Other DeFi protocols such as Aada and Liqwid also registered significant growth during the reporting period.
Prosperity of NFTs
In addition to DeFi activity, the Cardano network has also seen increased interest in non-fungible tokens (NFTs).
according to data From Dapps on Cardano, NFT marketplace JPG.store has confirmed more trades in the last 6 epochs than decentralized exchanges like Minswap, SundaeSwap and MuesliSwap.
In addition, the number of unique accounts interacting with the market is greater than Minswap and SundaeSwap combined.
Cardano founder Charles Hoskinson highlighted the growth of NFTs in the ecosystem in his March 6th podcast. Said:
“Cardano NFTs are the most dynamic part of Cardano at the moment. 8 million assets have been issued and are the fastest. More than half of the projects are related to NFTs in some way. But it’s been really exciting to see that level of endurance, resilience, passion and excitement.”
ADA price still struggling
Meanwhile, the positive growth of Cardano’s DeFi and NFT ecosystems has not been reflected in the positive price performance of the ADA token.
According to CryptoSlate data, ADA is down 1.93% to trade in $.0.31994 when pressed. Digital assets have declined over the last 30 days, down about 20%.
IntoTheBlock data Indicated 87% of Cardano investors are currently holding their tokens at a loss.
