Cardano (ADA) is currently not performing too well at price level. The ADA price, like most crypto, is in the red and has been struggling since the second week of April. This overall trend is of course driven by bitcoin (BTC) which has been trading below the key USD 30,000 resistance for some time now.
Despite the fact that the price is not really able to establish an upward trend, the decentralized finance (DeFi) activity on the Cardano network in the past thirty days is on the rise. The network is witnessing a huge increase in transactions in DeFi applications thanks to the hype surrounding two new meme coins.
250,000 Cardano DeFi transactions
Dapps On Cardano dropped in a yesterday tweet namely seeing that the transactions on Cardano DeFi applications have increased to 350,000 per epoch. An epoch describes a specific time period on a blockchain; in the case of cardano, an epoch equals a period of 5 days. During the previous epoch, the total number of transactions was still equal to 160,000.
A day earlier, the same Twitter account shared another screenshot showing the results of the top performers decentralized exchanges (DEXs) and liquidity protocols of the cardano network. Popular names like Minswap, SundaeSwap, MuesliSwap, Wingriders and Liqwid Finance have all seen a significant increase in activity in recent weeks.
#DEFI is getting traction on #Cardano. Is it all about meme coins?@snekcoinada @PEPEBLUEADA ? Check out latest stats on:https://t.co/Z6Cksro0cA pic.twitter.com/1gIMt521Il
— Dapps On Cardano (@dappsoncardano) May 7, 2023
Last week you could also read in the Cardano news that the network as a whole had experienced good growth in the month of April. Thus, the previous increase in the total value locked (TVL) of the first quarter continues in the past month. However, the increase in the first three months was a lot more impressive in that respect. At the time of writing, the TVL equals $154.66 million according to data from Defi Llama. In early 2023, less than $50 million was tied up in DeFi applications on Cardano.
Meme coin hype
As Dapps On Cardano pointed out in the tweet, such an increase in the number of transactions was “all thanks to the latest meme-coin hypes like SNEK and PEPE.” The latter refers to Pepeblue – the recently introduced crypto on the Cardano network – and not to the popular meme coin that has recently been stealing the show within the crypto landscape.