- Cardano’s TVL has increased exponentially over the last week
- Minswap is now the top DEX on the network
- ADA has broken above $1
Cardano (ADA) has been doing great recently, as is evident from its current market standings. The crypto is experiencing a sharp increase in value and breaking records in terms of the Total Value Locked (TVL) in the Cardano network simultaneously.
DeFiLama, an analytics firm focused on cryptos, released the latest findings from the network. According to the firm, the TVL in the Cardano network has hit beyond the $300 million mark. Apparently, the sharp rise in the network’s TVL is due to the increased activity on Minswap, a community-based DEX that accounts for roughly 63% of Cardano’s TVL.
Exponential growth
Interestingly, the Minswap DEX debuted on the network just two weeks ago, on 9 March. The exchange quickly gained popularity and attracted an influx of funds that saw the TVL surge past $200 million last week. The trend continued up to 16 March, when the DEX began to support yield farming. Now, with the DEX gaining even more ground, it appears that the previous top DEX on the network, SundaeSwap, has taken a backseat. SundaeSwap’s TVL is a distant $111 million.
SundaeSwap went live on the network back in January 2022 and quickly gained traction – even causing a spike in ADA’s price. However, things started to go south for the DEX when users started to complain about network failures that led to failed transactions. The DEX’s developers blamed the issue on network congestion. An earlier public falling out between SundaeSwap and CardStarter, a DEX accelerator, did not help either.
Another DEX named MuesliSwap, which joined the Cardano network back in November 2021, has failed to garner much support. The DEX has only managed to attract $1.68 million in TVL. This makes MinSwap the de facto leader of decentralized exchanges currently running on the network.
Cardano to get an upgrade soon
Admittedly the Cardano network has had its fair share of troubles that often plague huge projects in the industry. Its growth has not been very impressive, but the network’s founder and CEO, Charles Hoskinson, is keen to keep his team focused on developing the network to be more conducive for applications. Charles is optimistic that after the upcoming “Vasil” network upgrade, the network will see a massive influx of new applications joining the network. If that happens, Cardano will have a much higher TVL than now. ADA’s price is already gaining, posting a 28% increase over the last seven days as the coin breaks above the $1 mark.
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