Cardano’s Total Value Locked Reaches An All-Time High

Cardano’s total value locked reaches an all-time high while its blockchain has been making strides in DEFI so let’s have a closer look at today’s latest Cardano ADA news.

Cardano’s total value locked has increased since the start of the year. The latest stats from Defi Llama show that the total value locked on Cardano’s decentralized finance protocols reached a new high of more than $188 million on March 14 and the figures crossed $270 million when the staked governance tokens are added to the valuation of the PoS blockchain.

One of the six platforms that contributed to the total value locked on Cardano was the automatic marekt maker DEX SundaeSwap which led the chart with $113.36 million followed by Minswap with $71 million. While responding to the fast growth in Cardano’s TVL, Charles Hoskinson the CEO of IO Global said that this is only the start. The executive revealed that there are a lot of DeFi apps on the network that are awaiting the Vasil hard fork combinator event that will enhance the TVL even further:

“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL.”

Named after the Bulgarian mathematician Vasil Dabov, the Vasil hard fork is supposed to happen in June. Another upgrade is scheduled for October. IOG also has plans to introduce an array of scaling enhancements like pipelining, new plus CIPs, Hydra, and UTXO on-disk storage. The company also expects that these features will improve the Cardano throughput and will optimize the system to fit the growing range of DEFI apps and DEXs.

To support defi innovation, the Cardano scaling solution Orbis requested funding from the Ideascale platform because its ZK rollup layer 2 solutions can solve the scalability woes and will boost the network performance as well as developer experience. Cardano also witnessed the development of a few NFT projects already and the IOG director Tim Harrison revealed that 500 projects are now building on the blockchain with NFT projects accounting for the bigger share.

As recently reported, Cardano’s network is attracting quite the interest at least according to the IOHK Director of Marketing and Communications. Back in September 2021, Cardano went through one of the most important mainnet upgrades dubbed Alonzo which was a part of the development cycle of the platform known as the Goguen era, and possibly the most important part was the integration of smart contracts.
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