Cardano network has seen significant increase in inflows into its ecosystem

According to DefiLlama, Cardano has seen a positive 24-hour change of near 13% in its Total Value Locked (TVL).To put it simply, TVL represents the value of assets that are currently being staked or deposited in a specific protocol.

cardano-network-has-seen-significant-increase-in-inflows-into-its-ecosystem

Source: Defillama

Cardano records a 13% spike in total value staked amid ecosystem inflows

Cardano has seen a significant increase in capital inflows into its ecosystem, resulting in a spike in total TVL. According to DefiLlama, Cardano’s TVL currently stands at $272.38 million. With the inclusion of equity governance tokens in the TVL valuation, Cardano’s TVL is much larger and currently stands at $361.4 million.

Most of the money on the network is now concentrated on the MinSwap decentralized platform, with $174.51 million currently locked. Second place goes to decentralized finance platform SundaeSwap with $108.14 million locked. Meld has a total value of $72.44 million locked up.

cardano-network-has-seen-significant-increase-in-inflows-into-its-ecosystem

Projects Building on Cardano | Source: IOG Global

Cardano (ADA) had a significant upgrade in September 2021, allowing the implementation of smart contract capabilities, allowing the blockchain to grow and operate faster than before.

The Cardano ecosystem is growing, with 517 projects being built on top of ADA, including non-fungible token collections (NFTs), DeFi lending, and new wallets. NFT Collections, for example, make up 34.7% of all Cardano projects.

Although the foundation for the future development of the Cardano ecosystem has been laid, the ADA price has not yet caught up. Cardano (ADA) has dipped below the $1 threshold, falling after hitting an all-time high. ADA is trading at $0.89, down more than 74% from its all-time high of $3.10. ADA might attempt a near-term rally if the bulls are ready to break the next hurdle at $0.95 (MA 50).

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