- The total value locked (TVL) on the Cardano network has soared past $270 million since the beginning of the year.
- Six platforms contribute to the staggering TVL on the Cardano network.
- Cardano’s CEO, Charles Hoskinson, stated that the TVL is likely to continue to rise post the upcoming Vasil upgrade.
The total value locked (TVL) on the Cardano network has soared to a new high since the beginning of the year.
According to statistics from DeFi TVL aggregator, DeFi Llama, the collective value locked on Cardano’s decentralized finance protocols has reached a new high of more than $188 million on March 14. The figures surpassed $270 million when staked governance tokens were added to the valuation of the Proof-of-Stake blockchain.
Out of the six platforms contributing to the collective value locked on the Cardano network, automatic market maker decentralized exchange SundaeSwap led the chart with an incredible $113.36 million.
Next on the list is the multi-pool decentralized exchange, Minswap with just over $71 million, followed by the non-custodial and banking protocol, Meld, with $69.01 million. These three DeFi apps are just the main apps on a list of several others that make up the TVL.
While responding to the accelerated growth in the total value locked on the network, Cardano and IO Global CEO Charles Hoskinson said that this is only the beginning. The executive also let slip that there are many decentralized finance applications on the network that are waiting in anticipation of the upcoming Vasil hard fork combinator (HFC) event.
Named after the Cardano Ambassador and Bulgarian mathematician, Vasil Dabov, the upcoming upgrade is expected to take place sometime in June. This update will be followed by another upgrade scheduled for October.
IO Global plans to introduce several scaling enhancements such as new Plutus CIPs, pipelining, UTXO on-disk storage, and Hydra. The company expects these enhancements to improve Cardano’s transaction processing rate, as well as optimize the system to be compatible with a growing list of DeFi apps, DEXs, and smart contracts.