Cardano DeFi TVL jumps 20%, ADA token rallies

The total value of assets locked (TVL) in Cardano’s DeFi ecosystem surged by 20% over the last 24 hours to $65.91 million, according to Defillama data.

Cardano’s DeFi TVL fell below $60 million on Nov. 10, 2022, finishing the year below the threshold. However, the ecosystem has made a gradual comeback since the start of the new year after a 35.66% surge over the last seven days.

Minswap dominates Cardano DeFi

The major DeFi protocol on Cardano is the decentralized exchange (DEX) Minswap — which  accounts for 41.02% of all of the ecosystem’s TVL, according to Defillama.

Minswap’s (MIN) TVL  rose by 22% over the last seven days and 13% over the last 24 hours. The last notable fund inflow to the protocol was on Dec. 27, 2022, when over $615,000 was deposited. However, since Jan. 1, the protocol has seen over $2 million in outflows.

The DEX native token MIN also reacted positively to the increased TVL — rising by over 15% over the last 24 hours to $0.01401.

ADA rallies

In light of the TVL jump, Cardano’s native token ADA was one of the best-performing digital assets amid a general market uptrend over the last 24 hours — increasing by over 15%.

ADA rose to as high as $0.34 before retracing to its current level of $0.32 as of press time, according to CryptoSlate data.

Journalist at CryptoSlate

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.