Cardano is the seventh most capitalized cryptocurrency in the crypto industry, with over $13.6 billion currently.
The cryptocurrency, the development of which is led by Ethereum co-founder Charles Hoskinson, is also one of the most prominent blockchains in the decentralized finance (DeFi) ecosystem.
According to data from the DeFi Llama platform, the blockchain of Cardano has deposited over $151.8 million in its smart contracts.
Although the number is small compared to other blockchains, such as Ethereum and BNB Chain, the current value deposited on the Cardano network is a sign of the adoption the cryptocurrency has gained so far in 2023.
At the start of this year, the total value locked (TVL) on the Cardano network was $48.9 million. At press time, this metric rose 210.4%, taking Cardano to 1-year highs.
There is no doubt that the months since 2023 have been particularly positive for cryptocurrencies, despite the bear market seen in 2022 and the concerns caused by rising inflation and the global macroeconomic crisis.
The adoption of cryptocurrencies like Cardano, which was launched in 2015 as the crypto industry’s first science-based blockchain, continues to rise.
Minswap, the main Cardano DEX
34% of the total value deposited in the Cardano blockchain is locked in the Minswap protocol, the main decentralized exchange (DEX) of this digital ecosystem.
The current value deposited in Minswap smart contracts is $51.4 million, doubling since the start of the year as merchants and users regain interest. Over the past month, this DEX has moved more than $125 million in trading volume.
According to analysts, there are several reasons for the exponential growth Cardano has seen in its TVL. Among them, the constant development of its blockchain ecosystem, with launches such as the DJED algorithmic stablecoin, the Hydra scaling solution and the Valentine and Dynamic P2P updates.
Likewise, the thriving developer community that has joined Cardano is also fueling its growth, as well as latest collaborations which announced the network with protocols and companies such as Wanchain, Dead Pxlz and Paima Studios to further expand its ecosystem, ensure interoperability and facilitate the development of new gaming, NFT and Web3 applications.
In March, Cardano positioned itself as the blockchain with the second highest development activity in the crypto industry, recording 511 development activities in total, according to data viewed on the Proof of GitHub platform.
At press time, Cardano’s native cryptocurrency, ADA, trades at $0.39 per unitreflecting a 56% increase since January.
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