Total Value Locked by Cardano (ADA) Breaks Record of $300 Million

Reportedly, the popular public blockchain platform Cardano (ADA) is garnering notable traction with respect to the total value locked (TVL). It has been steadily climbing since the beginning of the year. Fair Share of Trouble for Cardano The growth of the Cardano Network as observed has been quite sluggish. However, the founder and CEO of the network, Charles Hoskinson has been keen on scaling the blockchain to be more favorable for applications to launch on the mainnet. Hoskinson is expecting a ‘large wave’ of new applications, post the upcoming network upgrade named ‘Vasil’ to roll out. It is expected to attract a massive influx. Progressive Growth of Total Value Locked by Cardano Only two weeks ago, on March 9, the Miniswap DEX launched on the network and gained increased popularity. Additionally, the present DEX also garnered an influx of funds that noted a surge of $200 Million in the TVL. The previous DEX, SundaeSwap launched in January, has permanently taken a backseat with $111 Million TVL. However, SundaeSwap couldn’t sustain all the issues the users began to have due to failed transactions. These issues were then blamed on network congestion by the developers. TVL on Cardano Skyrockets The cryptocurrency-centered analytics firm DeFi Lama’s collected data shows that the Cardano Protocol’s TVL has successfully succeeded the $300 million mark. The price of ADA has been steadily picking pace. In the past seven days, ADA’...