Cardano (ADA) recently hit a new all-time high of $134 million in total value locked into the ecosystem. This value has increased by no less than 577% compared to January.
Cardano network increasingly popular
The amount of smart contract activity on Cardano has recently received a significant boost. More and more users are using the feature to increase their returns.
According to data from Defi Llama, Cardano, a decentralized on-chain financial data analytics platform, has hit a new record high of $134.86 million. This amount comes from various decentralized exchanges.
SundaeSwap shows the way
While a handful of decentralized exchanges have already made their debut on the network, a vast majority of total locked-down value is currently on SundaeSwap. However, BitDegree news report that some users were not too satisfied with the record capacity on the platform that caused failed transactions.
According to the data, SundaeSwap accounts for 89.86% of all value locked on the network. This amounts to $121.19 million of the total amount.
The second exchange on the list is Minswap, which has $11.57 million in locked value on the platform. Other decentralized exchanges on the list include MuesliSwap and ADAX Pro, which have locked down $2.08 million and $16,800 respectively.
Cardano-based decentralized exchanges also hit a record last month when they hit $118.95 million. This was an increase of 5.776% from what was recorded in January.
Optimism among Cardano enthusiasts
After a promising start in March, many Cardano enthusiasts expect the total locked-in value to rise to $200 million by the end of the month. With this, it is on its way to becoming the most significant proponent of DeFi.
While the growth of Cardano total locked-down value may be considered slow, the volume is expected to increase as more decentralized exchanges are implemented on the blockchain.
A number of exchanges want to make the step to the Cardano platform next week. This could lead to rapid growth in the total locked-in value. In addition, the blockchain can finally compete with other projects such as Ethereum and Solana.