JAKARTA The Cardano network has experienced an increase in activity in its decentralized financial ecosystem (DeFi). The increase will occur starting in early 2023.
According to a decentralized financial tracking data report, DeFi Llama, Cardano has a total value locked or a total value locked (TVL) of US$65.97 million. This number has increased by 36 percent from January 1. At that time TVL Cardano was in the range of US$48.5 million.
For information, TVL represents the total capital owned by the crypto project contained in its smart contract. TVL itself is calculated by multiplying the number of guarantees locked into the network with the current asset value.
In addition, Cardano also has the highest decentralized application (DApp) on the network, namely Minswap. Minswap is a decentralized crypto exchange platform (DEX).
Minswap has a total value of 27.26 million US dollars locked in the network. That way, the DEX exchange platform represents more than 41 percent of TVL on the Cardano network.
Minswap is not the only one that stands out the most as DApps in the Cardano blockchain. Another prominent decentralized application is Indigo's decentralized synthetic trading platform.
The platform has US$11.35 million TVL. Then, the third is WingRiders, DEX Automated Market Maker (AMM) with US$10.87 million TVL. Both have experienced a 25 percent increase in DeFi on the Cardano network in the past month.
The decentralized financial transaction activity in the Cardano network, which is fronted by Minswap, Indigo, and WingRiders, also affects the performance of ADA's crypto prices. In the past week, ADA coins experienced an increase of 18.8 percent based on Coinecko data. At the time of writing, ADA is trading at a price of IDR 4,969 per coin.
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