Cardano (ADA) stands out as a significant competitor to the top blockchains based on the total value locked (TVL) in decentralized finance (DeFi). The recent increase in TVL on Cardano, which has seen a substantial month-on-month growth, indicates a growing appetite among investors for alternatives to Ethereum (ETH) and Solana (SOL).
Top Blockchains by TVL
The largest altcoin and smart contract platform, Ethereum, continues to lead with a TVL of $24.15 billion, despite a slight 0.25% decrease. It is followed by Tron (TRX) and BNB Smart Chain (BSC). Solana, in particular, recorded a significant 32.68% increase in TVL last month, indicating a notable resurgence in investor confidence.
Despite ranking 11th in terms of TVL, popular altcoin Cardano shows promising growth with a substantial 53.22% increase in the past month. Cardano’s TVL currently stands at $245.45 million.
This significant increase in Cardano could be an early indicator of a potential shift in the DeFi sector. Notably, the largest cryptocurrency, Bitcoin (BTC), currently has a TVL of $238.75 million, just below Cardano.
Top Protocols on the Cardano Blockchain
The Cardano Blockchain features several protocols with increasing TVL. Indigo leads these protocols with a TVL of $57.26 million, followed by Minswap with $55.58 million. Both protocols have seen significant increases in their TVLs on a daily and monthly basis, reflecting high activity on the Cardano Blockchain.
Among the major protocols on the Cardano Blockchain, the lending category includes Liqwid and Optim Finance, along with the stablecoin Djed, which recorded a 43.93% increase last month.
