{"id":518890,"date":"2023-02-07T10:30:57","date_gmt":"2023-02-07T10:30:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=518890"},"modified":"2023-02-07T09:58:22","modified_gmt":"2023-02-07T09:58:22","slug":"cardano-defi-tvl-rises-more-than-2x-in-a-month","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-defi-tvl-rises-more-than-2x-in-a-month\/","title":{"rendered":"Cardano DeFi TVL Rises More Than 100% In One Month"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">DeFi protocols in Cardano, a proof-of-stake smart contracting platform, have locked over $100 million in user assets as of February 7.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to DeFiLlama\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Cardano\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">statistics<\/span><\/a><span data-preserver-spaces=\"true\">, Cardano DeFi protocols command a total value locked (TVL) of slightly over $103 million, which is more than 2X the amount on January 1. Early this year, Cardano TVL stood at $48.95 million.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The upswing of TVL could be because of several factors. However, top of the list is the broader recovery in the crypto markets. The rising tide of Bitcoin, which rose from below $15,000 to over $24,000 in early February, supported ADA&#8217;s rise, Cardano&#8217;s native currency.\u00a0<\/span><\/p>\n<figure id=\"attachment_518892\" aria-describedby=\"caption-attachment-518892\" style=\"width: 891px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-518892\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-Price-On-February-7.png?resize=891%2C518\" alt=\"Cardano Price On February 7\" width=\"891\" height=\"518\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-Price-On-February-7.png?w=891 891w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-Price-On-February-7.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-Price-On-February-7.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-Price-On-February-7.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-Price-On-February-7.png?w=750 750w\" sizes=\"(max-width: 891px) 100vw, 891px\"><figcaption id=\"caption-attachment-518892\" class=\"wp-caption-text\">Cardano Price On February 7| Source: <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">ADAUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Cardano&#8217;s DeFi TVL is expanding faster than the overall market. To illustrate, from January 1 to February 7, the total DeFi TVL across all chains rose from around $38 billion to $48 billion, an increment of approximately 20%. During this time, Cardano DeFi TVL rose by over 100%.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-ada-up-by-over-65-in-2023-heres-why\/\">Cardano (ADA) Up By Over 65% In 2023 \u2013 Here\u2019s Why<\/a><\/div>\n<h2><span data-preserver-spaces=\"true\">ADA Prices Are Recovering, Developers Are Building<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The fact is there could be several factors behind the revival of DeFi activities in Cardano. <\/span><span data-preserver-spaces=\"true\">After a biting crypto winter which saw ADA drop by more than 70% from 2021 highs, markets appear to be recovering. This may be boosting users&#8217; confidence to engage in DeFi, including in protocols launched on Cardano.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The proof-of-stake smart contracting platform has also been implementing changes and adding features to enhance scalability.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Under Basho, the goal of Cardano developers is to boost performance and scalability. Cardano is based on Bitcoin&#8217;s code but with smart contracting capability, which was activated via Alonzo, marking the end of Goguen.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Cardano uses an unspent transaction output (UTXO) model, diverging from account-based systems like Ethereum, where the validator can prioritize transactions by tagging higher fees. Therefore, users in Cardano know beforehand the fees they pay. All transactions are queued via an off-chain sequencer and confirmed on-chain.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Launch of Djed, An Overcollateralized Stablecoin\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">MinSwap, a decentralized exchange, dominates with a 32% market share, managing $34.07 million in user assets. Djed, an overcollateralized stablecoin developed by Input-Output Global (IOG) and COTI, has a <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/djed-stablecoin?denomination=USD\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">TVL<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0of $11 million.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/cardano\/cardano-whales-sharks-accumulated-406m-ada\/\">Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The stablecoin was launched in early February 2023 after a year in development, and the developer said it is overcollateralized by between 400% and 800% by ADA. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">IOG said the stablecoin would offer an alternative to volatile crypto assets currently being used in the smart contracting platform. MinSwap, MuesliSwap, and WingRiders are some of the DeFi protocols that have supported Djed. However, Djed could be integrated into over 40 projects in the Ethereum competitor in the coming months.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of the time of writing on February 7, ADA is changing hands at $0.38, down 3% in the past trading week but up roughly 68% from December lows.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Flickr, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DeFi protocols in Cardano, a proof-of-stake smart contracting platform, have locked over $100 million in user assets as of February 7.\u00a0 According to DeFiLlama\u00a0statistics, Cardano DeFi protocols command a total value locked (TVL) of slightly over $103 million, which is more than 2X the amount on January 1. Early this year, Cardano TVL stood at $48.95 million. The upswing of TVL could be because of several factors. However, top of the list is the broader recovery in the crypto markets. The rising tide of Bitcoin, which rose from below $15,000 to over $24,000 in early February, supported ADA&#8217;s rise, Cardano&#8217;s native currency.\u00a0 Cardano&#8217;s DeFi TVL is expanding faster than the overall market. To illustrate, from January 1 to February 7, the total DeFi TVL across all chains rose from around $38 billion to $48 billion, an increment of approximately 20%. During this time, Cardano DeFi TVL rose by over 100%. Related Reading: Cardano (ADA) Up By Over 65% In 2023 \u2013 Here\u2019s Why ADA Prices Are Recovering, Developers Are Building The fact is there could be several factors behind the revival of DeFi activities in Cardano. After a biting crypto winter which saw ADA drop by more than 70% from 2021 highs, markets appear to be recovering. This may be boosting users&#8217; confidence to engage in DeFi, including in protocols launched on Cardano. The proof-of-stake smart contracting platform has also been implementing changes and adding features to enhance scalability.\u00a0 Under Basho, the goal of Cardano developers is to boost performance and scalability. Cardano is based on Bitcoin&#8217;s code but with smart contracting capability, which was activated via Alonzo, marking the end of Goguen.\u00a0 Cardano uses an unspent transaction output (UTXO) model, diverging from account-based systems like Ethereum, where the validator can prioritize transactions by tagging higher fees. Therefore, users in Cardano know beforehand the fees they pay. All transactions are queued via an off-chain sequencer and confirmed on-chain. The Launch of Djed, An Overcollateralized Stablecoin\u00a0 MinSwap, a decentralized exchange, dominates with a 32% market share, managing $34.07 million in user assets. Djed, an overcollateralized stablecoin developed by Input-Output Global (IOG) and COTI, has a TVL\u00a0of $11 million.\u00a0 Related Reading: Cardano Whales, Sharks Have Accumulated 406M ADA In 2023: Santiment The stablecoin was launched in early February 2023 after a year in development, and the developer said it is overcollateralized by between 400% and 800% by ADA. IOG said the stablecoin would offer an alternative to volatile crypto assets currently being used in the smart contracting platform. MinSwap, MuesliSwap, and WingRiders are some of the DeFi protocols that have supported Djed. However, Djed could be integrated into over 40 projects in the Ethereum competitor in the coming months. As of the time of writing on February 7, ADA is changing hands at $0.38, down 3% in the past trading week but up roughly 68% from December lows. Feature image from Flickr, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":518891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12332,84386,54512,87759],"class_list":["post-518890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-cardano","tag-cardano-defi","tag-defi","tag-djed"],"acf":[],"yoast_head":"\n<title>Cardano DeFi TVL Rises More Than 100% In One Month<\/title>\n<meta name=\"description\" content=\"Cardano DeFi TVL has risen by more than 2X in a month. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano DeFi TVL Rises More Than 100% In One Month","url":"http:\/\/uniquehot.com\/news\/cardano\/cardano-defi-tvl-rises-more-than-2x-in-a-month\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/cardano\/cardano-defi-tvl-rises-more-than-2x-in-a-month\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-DeFi.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-DeFi.jpg?fit=1024%2C540"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["cardano","cardano defi","defi","djed"],"dateCreated":"2023-02-07T10:30:57Z","datePublished":"2023-02-07T10:30:57Z","dateModified":"2023-02-07T10:30:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Cardano DeFi TVL Rises More Than 100% In One Month\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/cardano-defi-tvl-rises-more-than-2x-in-a-month\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/cardano\\\/cardano-defi-tvl-rises-more-than-2x-in-a-month\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Cardano-DeFi.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Cardano-DeFi.jpg?fit=1024%2C540\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"cardano\",\"cardano defi\",\"defi\",\"djed\"],\"dateCreated\":\"2023-02-07T10:30:57Z\",\"datePublished\":\"2023-02-07T10:30:57Z\",\"dateModified\":\"2023-02-07T10:30:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Cardano-DeFi.jpg?fit=1024%2C540","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518890"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=518890"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/518891"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=518890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=518890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=518890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}