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 LlamaCardano, 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.
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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.
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.
