- Cardano investor ADA Whale praised the project over growth since DeFi implementation.
- The investor’s 5% investment has yielded over 10X since Cardano implemented DeFi.
- There are more than forty-five DeFi projects currently running on the Cardano network.
A Cardano investor identified as ADA whale on Twitter (X) has given voice to the project’s growth, considering his experience over time. According to ADA Whale, a cautious deployment of less than 5% of his total ADA holdings has yielded over 10X since implementing DeFi on the Cardano network.
ADA whale also claims to have seen significant improvement in Cardano DEXes based on their efficiency over time. According to the impressed user, he could barely do 1,000 ADA transactions without excessive slippage in the early days of Cardano. Now, he comfortably executes over 20,000 ADA trades every day.
The investor’s claims signify impressive growth in Cardano, considering the numerous implementations on the blockchain network over the years. One of the Cardano users responding to ADA Whale’s post replied that the multi-DEX platforms coming up on the Cardano network have the potential to increase the number of trades by over 100,000 per day with minimal slippage.
Data from Cardanocube, an informative platform focused on the Cardano ecosystem, shows there are more than forty-five DeFi projects currently running on the Cardano network. In 2023, Cardano’s DeFi has experienced significant growth despite the overall slow nature of the cryptocurrency market.
DefiLlama’s data shows that the Total Value Locked (TVL) for DeFi projects on the Cardano network grew from $48.95 million in January 2023 to a yearly high of $187.21 million in July. This value has dropped to $161.25 million as of the time of writing.
Per the Cardano cube, there are currently eighteen DEXes running on the Cardano network. They include Minswap, Genius Yield, Ray Network, Spectrum Finance, SundaeSwap, and many others. The DEXes on Cardano use blockchain technology to build new types of marketplaces. They provide services covering decentralized trading systems, investment services, and digital assets storage.
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