The positive developments of Cardano (ADA) within the branch of decentralized finance (DeFi) have been featured in the Cardano news many times since the start of the year. The network continues to develop on several fronts to increase its established name within the world of crypto and blockchain. With many new improvements in the pipeline, the numbers don’t lie at the moment either. The network is slowly but surely conquering ground within the DeFi landscape and has now reached a new milestone.
$400 million ADA to TVL
The Total Value Locked (TVL) of Cardano, or the total value assets that are locked into smart contracts on the network, now has the 400 million ADA reaches. At the current Cardano price, no less than $ 150.83 million is tied up in the network. Of course, this in itself does not say much, but when you compare the figures from the beginning of this year, it illustrates the very positive development of Cardano. As of January 1, this metric was still at about $50 million, which means that the TVL has increased by a total of 200%.
The TVL serves as a measure of overall liquidity within the ecosystem. Cardano’s impressive rise shows the growing confidence and interest in the DeFi arm of the layer-1 blockchain.
Cardan upgrades
While the TVL shows great developments, a lot is also happening behind the scenes. For example, ‘Hydra Head’, a scalability tool that will accelerate transactions on the network, was launched earlier this month on the mainnet. Hydra is, as it were, a second layer on top of Cardano that improves scalability.
Cardano also welcomed the algorithmic stablecoin Djed this year and launched the ‘Valentine’ upgrade on Valentine’s Day that improves security and interoperability. This increased collaboration between blockchains is particularly driving improvement within the DeFi world.
Cardano has a reputation among many as one of the most active crypto networks in development and the positive effects within the branch of decentralized finance are currently being reflected in some way.
