Cardano Just Achieved Major Milestone in DeFi Space

Cardano has broken into the top 10 by total value locked (TVL), with a recent peak at $343 million.

This milestone for the Cardano blockchain shows interest and engagement in its DeFi ecosystem.

Current DeFi leaders

The DeFi ecosystem is dominated by several key players. Ethereum sits at the pinnacle with a TVL of $29.537 billion. It is followed by Tron, which has a TVL of $8.104 billion. It is followed by BSC (Binance Smart Chain), which boasts a TVL of $3.084 billion.

Arbitrum, an Ethereum layer-2 solution, ranks fourth with a TVL of $2.339 billion. Polygon, another Ethereum scaling solution, stands at fifth with a TVL of $885.65 million. Optimism, also an Ethereum layer-2 network, comes in sixth with $825.23 million.

Solana, known for its high-performance blockchain, is seventh, with a TVL of $810.36 million, attracting attention with its fast transactions and low fees. Avalanche occupies eighth place with $754.1 million. Cronos comes in ninth place with a TVL of $353.35 million.

Finally, Cardano, in tenth, rounds out the list, following the chain’s recent resurgence on the DeFi scene.

Top Cardano projects

Cardano’s growth in the DeFi space is driven by various protocols that have contributed to its increased TVL.

Indigo, a CDP protocol, leads with a TVL of $84.92 million. Minswap, a decentralized exchange, is not far behind, with $79.8 million.

Other protocols like Liqwid (lending), Djed Stablecoin (decentralized stablecoin) and MuesliSwap (DEX) further showcase the diversity of Cardano’s DeFi offerings.