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Cardano’s ecosystem is gaining traction, with key metrics pointing towards a solidifying position in the DeFi space

Cardano is positioning itself as a contender among the top ten cryptocurrency chains by total value locked (TVL). 

With a substantial month-on-month increase, Cardano’s ascent shows a growing appetite among investors for alternatives to Ethereum and Solana. 

The top chains by TVL

Ethereum continues to lead the pack with a TVL of $24.154 billion, despite a slight 0.25% decrease over the past day. It’s followed by Tron and BSC. 

Notably, Solana recorded a 32.68% increase over the past month, which points to a resurgence in investor confidence. 

Cardano, although ranking 11th, shows promising growth with a remarkable 53.22% one-month change. It now has $245.45 million in total value locked. 

This major increase could hint at a potential shake-up in the DeFi hierarchy. 

Notably, Bitcoin is now below Cardano with $238,75 million in TVL. 

Cardano’s top protocols

The rising TVL within Cardano is not without its champions. Indigo leads with a TVL of $57.26 million, followed closely by Minswap at $55.58 million. 

Both protocols have shown significant one-day and one-month increases, indicative of the vibrant activity within the Cardano network. 

Other notable protocols include Liqwid and Optim Finance in the lending category, and Djed Stablecoin, which has seen a 43.93% rise over the past month. 

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