- The Cardano Network is seeing growth in many of its metrics. The most recent is the growth in the TVL.
- Furthermore, the ADA token TVL increased so much that it is now more than 3 times what it started the year with.
There is something about Cardano that not many people aren’t talking about. This proof-of-stake network continues to see much growth in this area. Still, it isn’t in the limelight like it should be. Apparently, more locked ADA tokens continue their growth in the network. Compared to the data in January, one can see the massive growth in the ADA ecosystem. The number of locked ADA tokens is increasing and recently touched the 600 million level.
Locked Cardano Tokens Reaches New Level
- Despite the challenges, the ADA token continues to touch new levels. In fact, it recently saw an increase in locked tokens. In the crypto industry, there are two sides of the market; the centralized and decentralized sectors. Apparently, the decentralized sector holds a large percentage of the recent increase in locked ADA tokens. Furthermore, it represents the amount of ADA tokens that remain largely untouched.
- DeFi tracking and analytics service DefiLlama provided the data for the recent discovery. Furthermore, their data provides insight into the massive growth that is quietly taking place in the Cardano network. Apparently, the ADA ecosystem started the year with less than $50 worth of million tokens locked up. But recently, this data increased by over 3 times to stand at $180 million. This is quite a good development, as it signifies a good fundamental. Moreover, it shows that despite the poor market situation, the ADA community is rallying behind the token.
Breakdown of Locked ADA Token
- A breakdown of the locked ADA tokens shows the different entities holding them. In fact, many crypto firms have ADA tokens in the tens of thousands of dollars.
- Decentralized exchange Minswap is leading on Cardano regarding total value locked, with $48 million worth of ADA tokens. One of the things to note is that the ADA tokens this particular firm holds large value.
- Indigo, a collateralized debt protocol, is the second largest if you consider the rankings. Furthermore, locking more tokens reveals their long-term interest in the Cardano ecosystem. Apparently, they have $39.3 million worth of ADA tokens in total value locked.
More Whales Hold ADA Tokens
- It is very important to highlight the type of protocols holding these tokens. Apparently, lending protocols, decentralized exchanges, or collateralized debt protocols are the major ecosystems locking up Cardano. The TVL growth on the Cardano network is something many would want to see more often. So far, it continues to look good.
- Whales in the network are accumulating more tokens too. New data shows an accumulation of $116 million worth of the Cardano smart contract’s native token since May.
In conclusion, there’s acceptance of the new improvements on the Cardano network. There’s an increase in TVL growth. Moreover, whales are actively accumulating the ADA token also.
