Due to an influx of liquidity in decentralized protocols and applications (dApps), Cardano continues to increase in total value locked in March 2022.
Cardano has been an integral part of the blockchain technology space since its launch in 2017 by Charles Hoskinson. Although the project lacked use cases in the first four years of its existence, 2022 has seen Cardano reach new milestones. This comes after the completion of the Alonzo Hard Fork update in September 2021, which has seen more than seven dApps based on the protocol, according to data retrieved from DeFiLlama.
according to be[In]Crypto Research, Cardano TVL has gained 39,000% since the beginning of 2022. On January 1, Cardano had a total value locked of $822,261, and it recovered to approximately $326 million on March 24, 2022.
Cardano is a blockchain protocol that was designed for visionaries, innovators, and change makers. As the first peer-reviewed protocol, Cardano aims to build a sustainable future that helps people work together to help solve global problems with innovative solutions.
In addition to being a pillar in the decentralized finance revolution sparked by the possibilities of crypto, Cardano has several use cases in agriculture, government, retail, education, healthcare, and finance.
What contributed to Cardano’s total locked value increase?
Cardano has seven dApps that contribute to locked value in the form of decentralized exchanges (MiniSwap, ADAX Pro, MuesliSwap, SundaeSwap and MeowSwap), as well as Meld and VyFinance.
Two protocols (MiniSwap and MuesliSwap) have stood out in recent days towards the end of March.
when be[In]Crypto Research conducted a study on Cardano TVL As of mid-March, MiniSwap had a total value locked of approximately $95.36 million, and MuesliSwap had a TVL of approximately $1.6 million.
At the time of writing, there has been a 106% increase in MiniSwap TVL to approximately $197.11 million. MuesliSwap also saw a 41% increase to approximately $2.26 million.
After crossing the $300 million milestone near the end of March, fueled by increased liquidity in the aforementioned dApps, Cardano gained some distance on blockchains like Gnosis (GNO), Oasis (ROSE), Fusion (FSN ), Bitcoin (BTC), Telos (TLOS), Neo (NEO), Algorand (SOMETHING), and Tezos (XTZ) among others.
This means that there could be more dApps running in the Cardano ecosystem, which could push its total value locked towards the $500 million mark in the near future.
The total value locked has also had a positive impact on the price of ADA. ADA made a new high of $1.24, which is a 29% increase from the March 1, 2022 price of $0.9599.
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