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The positive growths in Cardano’s DeFi and NFTs ecosystems have not translated into a positive price performance for the ADA token.
Cover art/illustration via CryptoSlate
The total value of assets locked (TVL) on Cardano in terms of the ADA token reached a new all-time high of 341.42 million on March 7, according to DeFillama data.
The ADA token TVL has fallen to 333.16 million as of press time.
In US Dollar terms, Cardano’s DeFi TVL sits at $110.39 million, a far cry from its all-time high of over $300 million.
Decentralized finance (DeFi) activities on the Cardano network have grown in the current year with the launch of several new protocols.
In January, Cardano’s overcollateralized stablecoin Djed saw its TVL cross $10 million during the first 24 hours of its launch. Since then, the project has grown in leaps and bounds and currently accounts for more than 10% — over 31 million ADA — of the tokens locked in the network.
Besides Djed, the top three Cardano DeFi protocols, Minswap, WingRiders, and Indigo, have grown their TVL in the past 30 days. According to DeFillama data, Minswap’s TVL rose 13% to $40.27 million, while WingRiders and Indigo increased by 0.86% and 1.50% to $16.83 million and $16.76 million, respectively.
Other DeFi protocols like Aada and Liqwid also recorded significant growth during the reporting period.
Besides DeFi activities, the Cardano network has also seen an increased interest in non-fungible tokens (NFTs).
According to data from Dapps on Cardano, NFT marketplace JPG.store saw more transactions in the last six epochs than decentralized exchanges like Minswap, SundaeSwap, and MuesliSwap.
Besides that, the amounts of unique accounts interacting with the marketplace are more than that of Minswap and SundaeSwap combined.
Cardano founder Charles Hoskinson highlighted the growth of NFTs in the ecosystem in a March 6 podcast where he said:
“The thing about NFTs in Cardano is it is the most vibrant part of Cardano at the moment. It’s the fastest moving – 8 million assets have been issued. I think more than half the projects are in some way NFT-related, and it’s just exciting to see that level of durability, resilience, passion, and excitement.”
Meanwhile, the positive growths in Cardano’s DeFi and NFTs ecosystems have not translated into a positive price performance for the ADA token.
According to CryptoSlate’s data, ADA is down 1.93% to trade at $0.31994 as of press time. The digital asset has decreased over the last 30 days, falling by around 20%.
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