- Cardano saw a 172% surge due to stablecoins, and is making progress in the scalability and virtual machine.
- There is a significant shift from incumbent DEX to DeFi apps.
Cardano is a blockchain platform only , with no independent due diligence or substantive evaluation of any blockchain asset, digital currency, cryptocurrency, or associated funds.
Messari claims in new research that Cardano’s total value locked (TVL), or the amount of assets lying within its protocols, has increased 172% quarter over quarter (QoQ).
Reason for Increased 172%
It also comes just a few days after the alpha phase of Aiken was launched. Aiken is a smart contracts language and toolchain designed to ease and improve smart contract development on the Cardano blockchain.
Even for developers, smart contracts may be difficult to implement and read, which is something Cardano is attempting to address with Aiken in order to attract more users to its network. It is also well-equipped with cutting-edge features and is well optimized for developers to obtain a positive experience.
According to Messari, the recent launch of Cardano-stablecoins was one of the primary drivers of growth.
“On Cardano, total value locked (TVL) denominated in USD increased 172% QoQ from $50.8 million to $138.3 million. The recent acceptance of new stablecoins, which is a cornerstone of DeFi but was previously absent from the ecosystem, was a driver for this expansion.”
According to Messari, Minswap, a Cardano automated market maker (AMM), remains the chain’s leading decentralized exchange (DEX) in terms of TVL, but its dominance has decreased in the first quarter due to the emergence of several DeFi protocols including ADA-backed stablecoin Djed.
Reasons for the dominance shift happening from incumbent DEXs to DeFi apps
Djed, an overcollateralized ADA-backed stablecoin minting system, finished the first quarter with a TVL of $13.1 million and a 9.5% domination.
Liqwid, a borrowing and lending protocol, ended the first quarter with a TVL of $8.4 million and a 6% market share.
Indigo, a synthetic asset and stablecoin issuer, ended the first quarter with a TVL of $24.1 million and a 17.4% market share.”
Messari claims that Cardano made substantial progress in technology innovations like scalability and VM (virtual machine) compatibility in the first quarter of this year.
Lace, a new Cardano-native crypto wallet that allows hardware wallet integration and access to NFT (non-fungible token) marketplaces, decentralized apps (DApps), and DeFi services, was revealed last week by Cardano developers at Input Output Global.
The creators said they are already working on new features for future editions and vow to provide Lace with regular updates and refinements.
“The Lace team has already begun work on a DApp Store, a desktop app, and digital identity solutions.” Meanwhile, currency on/off ramps, in-wallet swaps, a more robust staking experience with multi-delegation, and a portfolio view is also planned.”
CNF has just revealed the addition of billionaire American businessman, Mark Cuban to the ecosystem. The businessman has long been a skeptic of the project, claiming that there has been little uptake of the Cardano app and that there is less demand for ADA payments in comparison to Dogecoin, which he fully supports. Book.io, a Web3 marketplace built on Cardano, stated that it has been able to attract investors such as Mark Cuban. It will expand quickly under the supervision of its acclaimed early investors with such significant investors.