In terms of ADA, the total value of assets locked on Cardano’s decentralized finance ecosystem reached an all-time high of 417.7 million coins on May 14.
While the TVL has dropped to 409.86 million coins as of press time, the increase suggested that the Cardano DeFi ecosystem was thriving.
In US Dollar terms, DeFi activities on Cardano had grown consistently since the start of the year when the TVL was just around $50 million.
However, that figure has tripled in less than six months to $151.08 million — though still significantly lower than its all-time high of over $300 million.
Minswap Leads Top 5 Protocols
The dominant DeFi protocol on Cardano is the decentralized exchange (DEX) Minswap, accounting for $55.7 million of the total TVL.
A decentralized non-custodial synthetic assets protocol Indigo follows the DEX, with a TVL of $29.67 million. Over the past week, the two protocols…
