Cardano has continued to record significant growth in the last couple of months following its support of smart contract functionality last year.
The support of smart contracts on Cardano pushes the network a step closer to the decentralized finance sector, and it has continued to boost users’ interest in the project.
With smart contract functionality supported, a handful of decentralized exchanges (DEXs) have gone live on Cardano, with the total value locked (TVL) across these protocols skyrocketing tremendously in just over a month.
According to data on Defi Llama, a decentralized finance on-chain analytic platform, the total value locked across Cardano-based protocols has surpassed $100 million.
At the time of writing, Cardano’s TVL sits at $118.95 million across the five decentralized exchanges currently running on the blockchain.
Cardano’s $118.95 million in TVL represents a 5776% increase in the last month, a remarkable feat that is rare to find in the crypto market.
Similarly, the volume of TVL has surged by 13.17% in the last 24 hours as well as a 36.90% increase in the last seven days.
Following the network’s growth in TVL, Cardano currently sits ahead of Stacks, Tezos, EOS, Algorand, and Stellar networks.
The development came weeks after the Cardano Foundation disclosed that the network recorded $75.4 million in TVL for the month of January 2022.
Majority of TVL on SundaeSwap
It is worth noting that despite the fact there are five decentralized exchanges on Cardano, users seem to be more comfortable using SundaeSwap, the first DEX that went live on the network.
Per the Defi Llama data, of the $118.95 million in TVL on the Cardano network, SundaeSwap alone accounts for $116.04 million, as the exchange claims a 97.55% dominance.
The #SundaeSwap Protocol just crossed $100m in TVL!
You can check an updated chart on DefiLlama below! https://t.co/G9ejeJxPep pic.twitter.com/XywfmVxyOB
— SundaeSwap Labs (@SundaeSwap) February 13, 2022
Meanwhile, SundaeSwap native cryptocurrency (SUNDAE) was listed on popular cryptocurrency exchange Bitrue yesterday.
Cardano Users Can Now Claim their Veritree Tokens
In other news, the Cardano Foundation also announced that Cardano users who participated in the Veritree airdrop in December can now redeem their Veritree tokens ($TREES) today.
Get Ready To Redeem
Your @veritree_ tokens100,000 tokens available for redemption tomorrow!
Tree metadata + #NFTs
Find out more: https://t.co/3Ph5UFPPIn #CardanoForest #CardanoCommunity #NFTree https://t.co/BfXAzcPfrT
— Cardano Community (@Cardano) February 15, 2022
According to the Cardano Foundation, a total of 100,000 TREES will be made available for redemption.
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