The Cardano ecosystem has been generating a sustained increase in its presence in decentralized finance since it started this 2023. It has already passed $190 million as total value lockedgoing from 184 million to 196 million on May 24 and at the time of writing this note, it decreased to 191.6 million dollars.
Total Value Locked (TVL) in Cardano dollars – Source: DefiLlama
An important point to consider in decentralized finance protocols is that the higher the price of the native token of the network or of the protocol in question, the higher the TVL will be, but this does not imply greater adoption of the protocol.
It is relevant to take into account the total number of tokens locked in the protocol, which is a more realistic metric, both for adoption and growth. of the chain or of the protocol in question.
Total Value Blocked expressed in ADA tokens – Source: DeFiLlama
In this sense, the previous image shows how the growth of participation in the protocol has been increasing steadily since January 2023. Indeed, On April 16, 2023, it exceeded its all-time high for tokens locked, reaching more than 450 million ADA locked..
On March 23, 2022, with an amount of almost 425 million ADA locked, it had been the record with the largest number of tokens locked in the protocol, and by May 24 of this 2023 it had already reached the figure of 536 million.
This represents considerable growth for the Cardano ecosystem, beyond the price of the native token, these metrics are reflecting the development and adoption of the protocol by more and more users.
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