The interest in the Cardano network, which started to appear in the field of decentralized finance with the support of smart contracts, is increasing day by day. While there are a limited number of decentralized exchanges (DEX) launched on the network, investors using these exchanges have brought a significant flow of funds to the network in the past month and Cardano has seen a massive increase in the total value locked (TVL).
According to decentralized finance monitoring platform DeFi Llama, the total value locked among Cardano-based projects has exceeded $100 million. According to current figures, there is a total of 120 million dollars worth of funds in 5 decentralized exchanges located in the network. The majority of these locked funds, such as $117.21 million, are on the SundaeSwap platform.
While the amount of locked funds in the network on January 14 was only $ 1.9 million, there has been a rapid inflow of funds since then, and the amount of funds in the network has seen an increase of over 6,000 percent. This was recorded as an extremely remarkable development in terms of seeing such a rapid fund inflow in such a short period of 1 month. While the fund inflow continues in the last days, it is seen that the total value locked in the network has increased by 14 percent in the last 24 hours.
According to the latest situation, Cardano, which has started to appear in the DeFi industry, has now surpassed older networks such as EOS, Algorand, Tezos, Stacks and Stellar in this sector.
Looking at the TVL chart, the most striking point is that the locked total value, which was $ 3.2 million on January 20, jumped up to $ 84 million in 48 hours. Demand for the network continued to increase rapidly, with the Cardano Foundation bringing this fund increase to the agenda in January.
The first DEX SundaeSwap developed on the Cardano network also has the majority of the pie. So much so that 117.21 million dollars of funds, which corresponds to 97.68 percent of the total TVL of 120 million dollars, are found in the SundaeSwap protocol.