Crypto markets are in the green today, and Cardano (ADA) is outperforming its brethren. Decentralized finance (DeFi) on the network is also making a comeback.
Cardano DeFi has reached a two-month high in terms of total value locked. The TVL locked across the Cardano ecosystem has surged 40% since the beginning of this year, according to DeFiLlama.
It has currently reached $90 million, which is the highest level it has been since the beginning of November. The figure is still tiny compared to that of Ethereum or BNB Chain, but it has outpaced them for growth recently.
However, the bigger picture is not so pretty, with Cardano DeFi currently languishing 79% down from its all-time high TVL in March.
A Cardano Comeback?
The top five DeFi projects on Cardano are all experiencing double-digit gains at the moment. The leading project is the Minswap DEX which has a 31% market share. Minswap TVL has surged 27% over the past week and is currently $27.8 million.
The Meld and Indigo lending platforms have both seen their collateral rise by more than 40% over the past seven days. Furthermore, the WingRiders DEX has jumped 51% in total value locked in just a week.
WingRiders recently announced Curve-inspired stable swap pools offering to cater to the expansion of stablecoins on Cardano.
DeFi degens are flocking to the Cardano ecosystem in droves. Additionally, this has been evidenced by an uptick in transaction activity over the past month. Again, the Minswap DEX is the clear leader for transactions.
The uptick in DeFi and on-chain activity over the past couple of weeks has finally been reflected in ADA prices.
ADA Flips Dogecoin
Cardano’s native coin has retaken eighth place in the market cap charts after flipping Dogecoin.
ADA has surged a whopping 20% over the past 24 hours, becoming one of the day’s top performers. As a result, it has reached its highest price since mid-November at $0.331 at the time of writing. ADA/USD 1 month – BeInCrypto
However, ADA would need to break resistance at the $0.37 level to notch up any further gains. The coin has made an impressive 32.4% over the past week. Nevertheless, ADA remains far from its lofty all-time high of $3.09 in September 2021.