Cardano DeFi Activity Surges 30% in Big New Year Rally

Cardano (ADA), a rival to Ethereum (ETH), is off to a blazing start in 2023, with DeFi activity surging on the platform.

The total value locked (TVL) for Cardano is $65.97 million as of this writing, according to DeFi tracker DeFi Llama, up from $48.5 million on January 1.

In terms of popularity, the multi-pool decentralised exchange Minswap stands out as Cardano’s most popular decentralised application (DApp). In terms of TVL, Minswap accounts for about 41% of the total on the Cardano blockchain, which is now $27.26 million.

Indigo, a decentralised synthetics trading platform, has $11.35 million in TVL, making it the second most popular DApp on Cardano. Ranked third is WingRiders, an AMM DEX with $10.87 million in total trading volume. In the past month, Indigo and WingRiders have witnessed around a 25% boost in TVL.

Cardano’s TVL increase is quite similar to its price surge, which is now at nearly 31% as of December 31. When measured by market value, the ninth-largest cryptocurrency is still over 90% below its all-time high of $3.09, reached in September 2021.

📈 #Cardano has now jumped an impressive +30% since December 30th. Since the start of the rally, 28 new addresses have popped up on the network that hold 1M or more $ADA. Trading volume has hit a 2-month high, including increasing large whale transactions. https://t.co/6Zli0Q9IcI pic.twitter.com/GgEVOzXOF8

— Santiment (@santimentfeed) January 9, 2023