Cardano, the eighth-biggest cryptocurrency, has become a leading blockchain in terms of Total Value Locked (TVL). TVL is a measure that calculates the total amount of cryptocurrency locked in smart contracts or protocols on a blockchain.
According to a tweet from Coin98 Analytics, Cardano is now recognized among the top 10 blockchains with the highest TVL, standing alongside Ethereum. This emphasizes Cardano’s growing prominence in the blockchain space beyond its market capitalization ranking.
At the end of 2023, besides #Ethereum, here are the top 10 blockchains with the highest TVL:
— Coin98 Analytics (@Coin98Analytics) December 31, 2023
Cardano’s Rising DeFi Standing: Exploring TVL and ADA Metrics
DefiLlama rankings currently position Cardano at the 12th spot among DeFi chains, flaunting a market Total Value Locked (TVL) of $481.9 million, with Ethereum claiming the top position. In ADA terms, the TVL is presently at 812.36 million ADA.
In recent weeks, Cardano’s ecosystem has witnessed a rapid surge in locked value, driven by crypto investors and users seeking alternatives to Ethereum for returns and capital allocation.
The most significant growth occurred in mid-December, reaching an all-time high for the Total Value Locked (TVL) of all Cardano-based projects, peaking at $531.26 million on December 15.
While the Total Value Locked in ADA reached a record high on December 9, hitting 947.78 million ADA, the current value of ADA stands at $0.60, reflecting a 0.57% decrease in the last 24 hours.
SundaeSwap’s Ambitious 2024 Goals Unveiled in Latest Tweet
In a recent tweet, the Cardano decentralized exchange (DEX), SundaeSwap, has laid out its ambitious plans for the year 2024. A standout among these initiatives is the imminent launch of its new v3 contracts, anticipated to bring substantial scalability enhancements. The v3 contracts are projected to process nearly 10 times as many orders as the v1 contracts in practical terms while utilizing less than a tenth of the block space.
Aside from scalability improvements, the v3 contracts will introduce alterations to the fee structure. Moreover, they will enable the extension of the protocol with innovations without necessitating a massive liquidity migration event, fostering a more flexible ecosystem. Additionally, the v3 contracts will provide enhanced primitives for composability with other protocols, enhancing the overall interoperability of SundaeSwap within the broader blockchain landscape.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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