The Cardano network has experienced notable growth in terms of total locked values (TVL), which has been steadily rising since the beginning.
DeFi TVL on Cardano Skyrockets
The latest stats from DeFi TVL aggregator Defi Llama suggests the total value locked (TVL) on Cardano’s decentralized finance (DeFi) protocols has broken a new high of more than $188 million on March 14. These figures exceed $270million when staked governance tokens were added to the blockchain’s valuation.
Cardano’s six platforms contribute to total value. The DEX SundaeSwap automatic market maker leads the chart with $113.36million. Minswap multi-pool decentralized Exchange has $71.69million and Meld non-custodial and bank protocol Meld has $69.01 million.
While responding to the rapid growth in Cardano’s TVL, Charles Hoskinson CEO of IO Global (aka “IOG”, formerly known as “IOHK”), saidThis is only the beginning. According to the exec, there are many finance apps that decentralize on the network and are anticipating Vasil hard fork combinator(HFC) events which could lead TVL to rise.
“What most also don’t understand is that many Cardano DApps are waiting for the Vasil hard fork in June to launch to benefit from pipelining. So it seems we ain’t seen nothing yet on TVL.”
Vasil Hard Fork & Aftermath
The upgrade was named after Vasil Dabov, a Cardano Ambassador and mathematician from Bulgaria. It is expected that it will be available in June. Another upgrade is scheduled for October. IOG will introduce a variety of scaling enhancements like pipelining, new Plutus CIPs and UTXO on disk storage. The company expects these features will improve Cardano’s throughput and optimize the system to fit in an increasing range of DeFi apps, smart contracts, and DEXs.
To support DeFi innovation, an early-stage Cardano scaling solution – Orbis – had recently requested funding from Project Catalyst’s Ideascale platform. According to the document published, Orbis’ ZK rollup layer 2 solutions will solve the scalability woes and boost network performance as well as developer experience.
Cardano witnessed several other non-fungible token projects (NFT) being developed on top of DeFi. In fact, IOG Director Tim Harrison had revealed that more than 500 projects are currently building on the blockchain, and NFT projects account for a lion’s share.