- Cardano staking value has increased by a whopping 98.56% since January 2022.
- Minswap (MIN) is responsible for majority of Cardano TVL increase.
LAGOS (CoinChapter.com) — Cardano ecosystem is experiencing remarkable growth as the total value locked on the platform surpassed the $200 million mark.
Despite a negative crypto market sentiment in 2022, Cardano network has recorded massive growth in liquidity locked on its platform. Data from Defi Llama, a cryptocurrency tracking platform revealed that the blockchain network on Thursday hit a new all-time high.
The TVL for the largest Proof-of-Stake (PoS) digital asset hit $225.66 million, breaking all of its previous records. The new milestone attained by Cardano shows the increase in its staking value after a long dipped period.
In fact, Cardano’s TVL on January 20 was barely over $3 million, and in the last ten days, the TVL has risen from about $152 million to more than $200 million. Notably, this indicates that the blockchain platform staking value has increased by a staggering 98.56% since the beginning of this year.
The impressive growth was acknowledged by Charles Hoskinson, Cardano’s founder who noted that the ecosystem will continue to expand. Hoskinson while responding to a tweet noted that the network is poised to see more projects launch on its platform this year.
However, Cardano native token (ADA) has not rallied along with its staking reserve. ADA at the time of publication was trading at around $0.82, down by 2.4% on the day.
Minswap (MIN) Lead Charge For Majority Of Cardano TVL
Cardano-based AMM decentralized exchangeMinswap (MIN) recently surpassed SundaeSwap and currently leads the charge among projects staking on the Cardano network. Minswap led with a 120% dominance in the last 7 days and $112.82 million in TVL.
Following closely in second is the recently displaced SundaeSwap (SUNDAE) with $111.3 million in TVL. Other notable dApps contributors include MuesliSwap (MILK) with $1.5 million and ADAX Pro (ADAX) with $14,020.
Additionally, Cardano On-Chain signal unlike the staking receiver was down on the day. The blockchain platform, however, indicated that the bearish signal could actually be a good time for customers to buy the dip.
It is also worth noting that the total DeFi market stands at $26 billion, a long way off the all-time high of $95 billion it reached back in September.
What Contributed To The Surge In Cardano’s TVL?
According to Santiment data, Cardano remains one of the top five fastest developed assets in the last 30 days. This impressive growth has been credited to several unique features and activities on the blockchain network.
The blockchain network topnotch security and unparalleled sustainability to societies also contributed to an increase in staking on its platform.
Cardano’s cheap and easy network is another reason for the remarkable growth of the blockchain network. Also, its token (ADA) is cheap and its utility is increasing with the deployment of dApps.
Notably, easy staking via the network platform is another reason for growth. Cardano is a proof of stake blockchain, this allow users to easily delegate ADA to decentralize the network and get paid tokens.
ADA’s tokenomics which aims to protect users from inflation also facilitated the growth of Cardano’s ecosystem. The max supply of ADA is 45 billion and the total supply is 34 billion.
