Cardano’s TVL Growth Impressive, But Still Outside DeFi Top 20

• Cardano TVL surged to $242M in just two weeks, driven by a 40% rebound in ADA.
• Splash Protocol on Cardano sees a massive 51% TVL increase today.
• Cardano’s TVL is still down from its record high of $506M, ranking 28th among blockchains.

In the past few days, the total value locked (TVL) across various DEX pools on the Cardano blockchain has increased significantly, reaching $242.45 million. Two weeks ago, Cardano’s TVL was $187.94 million, coinciding with ADA’s price falling to $0.321 on July 5, its lowest point for this year.

Meanwhile, ADA’s market value has rebounded by over 40%, reaching a monthly high of $0.4522 on Tuesday. This comeback in ADA price has consequently been reflected in the TVL on the Cardano blockchain.

Splash Protocol leads the pack of dApps that are recently propelling TVL growth on the network, posting a massive increase of 51.78% in the last 24 hours alone. With $20.52 million locked via this platform, its TVL has grown by 116% over the last 30 days.

Meanwhile, the biggest platform where ADA enthusiasts locked their assets is the Minswap DEX, boasting $63.58 million in TVL. While it saw a negative growth of 4.41% in the last 24 hours, its TVL figure has surged by over 8.2% in the last seven days.

Notably, Cardano TVL reached a new record high of $506 million in the first quarter of 2024, surpassing its previous peak of $449 million, which it achieved in the fourth quarter of 2023. However, it has since entered a downtrend and has not yet fully recovered, currently standing at $242.45 million.

Cardano is now ranked 28th among blockchains with the largest TVL. Although its ranking has dropped from 11th to 28th during the first and second quarters of 2024, it is still an improvement from its 34th position at the beginning of 2023.

The top five blockchains by TVL are Ethereum with $58.96 billion, Tron with $8.21 billion, Solana with $4.98 billion, BNB Chain with $4.733 billion, and Arbitrum with $3.14 billion.