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In March, 2022, Cardano’s decentralized finance (DeFi) protocols are witnessing the largest and most impressive inflow of assets into their vaults, staking instruments and other mechanisms.
Cardano (ADA) surpasses flagship Ethereum L2 network?
Popular community-driven account @cardano_whale has shared interesting statistics on Cardano’s accelerated adoption for decentralized finance (DeFi) protocols.
Cardano’s Total Value Locked including staking is now up to 22nd, the largest 1 month increase across all protocols with TVL > $10m. Cardano’s dominance in DeFi is now on par with Ethereum’s Optimism L2 (0.2%), keeps rising fast
— ADA whale (@cardano_whale) March 20, 2022
Cardano registers the largest increase of total value locked (TVL) across all top-tier DeFi protocols. It allows Cardano (ADA) to control 0.2% of the global DeFi ecosystem in just six months after smart contracts launch.
As such, Cardano (ADA) is getting closer to surpassing Optimism, a mainstream L2 solution for Ethereum (ETH) scalability based on optimistic rollups.
According to DeFi Llama tracker, Cardano’s (ADA) aggegated TVL sits at $277 million, up 15% in the last 24 hours. It more than doubled in the last two weeks.
Also, in the last two months, its dApps ecosystem’s TVL rocketed almost 100x.
Who is building on Cardano (ADA) right now?
As per DeFi Llama, there are five Cardano-based protocols active right now; also, it is used by a MuesliSwap multi-chain application together with emerging Bitcoin Cash-based platform SmartBCH.
More than 99% of Cardano’s TVL is controlled by Minswap (MIN) anв Sundaeswap (SUNDAE) decentralized crypto exchanges. Muesliswap (MUESLI) and ADAX Pro (ADAX) are also on the list.
As covered by U.Today previously, Cardano’s community is excited by the performance of the Sundaeswap (SUNDAE) DEX: it achieved sub-minute swap finality.