Bullish activities have not slowed down in the Cardano ecosystem. Today, total value locked (TVL) on Cardano’s decentralized finance (DeFi) protocols has reached a new all-time high of over $134 million.
Cardano seeing growing TVL and DEXs
Per data from the DeFi TVL aggregator, Defillama, the TVL of Cardano’s DEXs has surpassed its previous high of $130 million reached last month.
The Defillama dashboard shows Cardano’s TVL to be even higher when staked governance tokens are added to the TVL valuation. With the adjustment, TVL on Cardano is sitting at around $209 million. However, the live TVL of the proof-of-stake blockchain was around $133 at the time of writing.
Among the Cardano decentralized exchanges Defillama tracks, SundaeSwap has the largest TVL. SundaeSwap maintains an 88.77% dominance, with over $116 million in TVL. The automatic market maker DEX has seen its TVL increase around 72.43% in the last month.
SundaeSwap’s dominance may soon be challenged by MinSwap, another AMM DEX that is set to on mainnet launch later this month. Already, MinSwap has around $12 million in TVL staked in its Liquidity Bootstrapping Event (LBE) through which it intends to use the market to determine the price of its MIN tokens.
The bullish TVL trend is accompanied by other upbeat indicators like the surge in the number of active wallets on the Cardano blockchain network. Cardano recorded an average of 5000 new active wallets daily in February going by data from Cardano Blockchain Insights.
ADA price predictions are more bullish than ever
Despite the spate of bullish network indicators, the price of ADA has traded between a high of $1.26 and a low of $0.75 in the last month. On the day, ADA is changing hands at around $0.94, down 3.05%. Year to date the token which is currently ranked as the 9th biggest crypto by market cap is down around 28.1%
However, market analysts remain highly bullish for ADA. One of the latest price predictions made for the token by Finders’ panel of fintech specialists expects the price of ADA to reach $8.18 by the end of 2025.
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?