BlocksInform
The total value locked (tvl) in the decentralized financial area (challenge) of cardano has more than doubled to date this year, so much so that there is now more than $100 million ada locked on challenge protocols on the network.
Based on defillama readings, the total value frozen on the cardano network started in 2023 to approximately 49 million dollars, Since then, it has been in the neighbourhood of $104 million. The increase may be attributed in part to the assessment of cardano prices, the cryptocurrency went from about $0.25 early in the year to about $0.39 at the time of writing.
The cryptocurrency’s price rise was significant, but failed to keep up with the cryptocurrency community’s price target at $0.495 for the first month of the year, as investors expected $ADA to nearly doubled in January.
Did not follow the cryptocurrency community's price target of $0.495 for the first month of the year, as investors expected $ada to almost double in January.
In particular, the total locked-in value of Cardano measured in $ADA also increased considerably, from $198.6 million ADA to $27.5 million at the time of writing. Source: defillama the amount of $ada locked onto the network exploded soon after the launch of the djed stablecoin algorithm ($djed), which is an algorithmic stabilizer formally verified for cardano that is supported by crypto-currency. The stablecoin was announced back in September 2021, and launched earlier this month.
As reported, the reserve ratio for $DJED surpassed 600% shortly after launch, with investors moving over 30 million $ADA to its base reserves to mint over 11.8 million DJED in roughly a week.
The growing total value locked comes at a time in which the number of smart contracts deployed on Cardano has surpassed the 5,000 mark. As CryptoGlobe reported, Cardano surpassed the 3,000 smart contract mark in August of last year, after adding around 100 smart contracts in a month at the time.
As cryptoglobe reported, Cardano surpassed the mark of 3,000 smart deals in August of last year, having added about 100 smart deals in one month at the time. As CryptoGlobe pointed out, Cardano surpassed the 3,000 smart deal mark last August, after adding a hundred smart deals in one month at the time.
