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A widely-followed Cardano ($ADA) whale on social media has revealed they believe the total value locked (TVL) on the Cardano blockchain is “going into the billions soon” as more projects are launched on top of it.
According to a tweet shared by ADA whale with its over 80,000 followers, they see the Cardano network as “more decentralized than all BFT [Byzantine fault tolerant] chains” and one that is already rich in decentralized exchanges.
TVL going into the billions soon
Speeds as fast as Solunavax
More decentralised than all BFT chains
Already rich in DEXes. Alternatives for Compound, Anchor, AAVE etc lined up
A community evidently ready to bootstrap its own DeFi growth
Cardano is about to bring the pain. https://t.co/sbEiDqH5Ic
— ADA whale (@cardano_whale) March 15, 2022
The whale added that alternatives to decentralized money markets such as Compound and Aave are “lined up” and pointed to the Cardano community being “ready to bootstrap its own Defi growth.” Their comments came shortly after Cardano surpassed Kusama in terms of total value locked.
At the time of writing, Cardano’s total value locked is above $315 million, up from around $200 million at the beginning of this month. According to Binance Academy, Total Value Locked (TVL) for a DeFi protocol is the aggregate amount of funds locked into that protocol. For instance, “the TVL locked in Ethereum projects is typically measured in ETH or USD.”
Cardano’s first usable DeFi application was launched back in January after it launched through an under-the-radar offering. The platform, MuesliSwap, has seen its total value locked since grow to $12.6 million. Ahead of it comes Meld ($MELD), with over $72 million in TVL.
Leading Cardano’s DeFi ecosystem when it comes to total value locked is Minswap, a decentralized exchange that saw its total value locked jump 400% in a week after it launched. It currently has over $115 million in TVL.
Behind it it is SundaeSwap, a native, scalable decentralized exchange and automated liquidity provision protocol” that is backed by cFund, Alameda Research (a quantitative cryptocurrency trading firm and liquidity provider founded by FTX CEO Sam Bankman-Fried); and Double Peak Group.” SundaeSwap has $108 million in TVL.
Earlier this month Charles Hoskinson, co-founder and CEO of IO Global, the company responsible for Cardano’s research and development, suggested “we ain’t seen nothing yet” when it comes to TVL on Cardano, as several projects are waiting for the Vasil hard fork combinator (HFC) event, which is expected to take place in June.