Cardano has seen its total value locked (TVL) rise to an impressive new high, reaching 637 million ADA. In US dollar terms, this translates to $153.7 million.
The recent surge suggests renewed interest and activity in the Cardano ecosystem.
Notably, this figure is still below its maximum TVL in dollars, which stood at $326 million in March 2022.
The best projects on Cardano
Minswap leads the pack of projects on Cardano with a TVL of $41.24 million, up 1.80% over the last day.
Indigo, a collateralized debt position platform (CDP), with a TVL of $39.66 million and an increase of 2.10% in one day.
Liqwid, a lending platform, is in third place with a TVL of $18.41 million. Other projects worth mentioning include Djed Stablecoin, Optim Finance, and VyFinance.
Interestingly, while some projects like MuesliSwap, which operates on two chains, have seen positive growth over the last month, others like VyFinance have seen a drop in the same period.
Main channels on TVL
Ethereum continues to dominate the decentralized finance (DeFi) space, with a TVL of $19.882 billion and over 336,000 active users. Tron and Binance Smart Chain (BSC) follow with TVL of $6.648 billion and $2.68 billion, respectively. Although Ethereum maintains the top spot, it has seen a 16.01% decline over the past week.
Meanwhile, emerging chains like Arbitrum and Polygon have also made their presence felt.
For example, Solana, despite having a TVL of $321.26 million, has witnessed a promising 2.79% increase in active users over the past day, indicating potential growth and adoption in the near future.
