Bullish activity has not slowed down in the Cardano ecosystem. Today, total value locked (TVL) on Cardano’s decentralized financial (DeFi) protocols has hit a new all-time high of over $134 million.

Cardano sees growing TVL and DEXs

According to data from the DeFi TVL aggregator, Defillama, the TVL of Cardano’s DEXs has surpassed the previous record $130 million reached last month.

The Defillama dashboard shows Cardano’s TVL is even higher when staked governance tokens are added to the TVL valuation. With the adjustment, TVL sits on Cardano at approximately $209 million. However, the live TVL of the proof-of-stake blockchain was about $133 at the time of writing.

Of the Cardano Defillama tracks decentralized exchanges, SundaeSwap has the largest TVL. SundaeSwap maintains 88.77% dominance, with over $116 million worth of TVL. The automatic market maker DEX saw its TVL rise about 72.43% in the past month.

SundaeSwap’s dominance may soon be challenged by MinSwap, another AMM DEX launching on the mainnet later this month. MinSwap has already staked approximately $12 million in TVL in its Liquidity Bootstrapping Event (LBE), with which it plans to use the market to price its MIN tokens.

The bullish TVL trend is accompanied by other optimistic indicators, such as the increase in the number of active wallets on the Cardano blockchain network. Cardano registered an average of 5000 new active wallets daily in February based on data from Cardano Blockchain Insights.

ADA price predictions are more optimistic than ever

Despite the surge in bullish network indicators, ADA’s price has traded between a high of $1.26 and a low of $0.75 over the past month. On the day, ADA changes hands around $0.94, down 3.05%. Year-to-date, the token currently ranked as the 9th largest crypto by market cap has fallen by about 28.1%

However, market analysts remain very optimistic for ADA. One of the latest price predictions made by Finders’ panel of fintech specialists for the token expects ADA’s price to reach $8.18 by the end of 2025.

Disclaimer

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

About the author

Olivia’s interests span the cryptocurrency and NFT and DeFi industries. She remains as fascinated with cryptocurrencies today as she was in 2017 when she first started reading about them. She is actively looking for the latest Crypto related stories. When she’s not writing, she tends to her pet Chihuahua or prepares vegan recipes. Reach me at [email¬†protected]



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