The transaction volume of the Cardano ($ADA) network recently surpassed that of the Bitcoin ($BTC) and Ethereum ($ETH) networks, approaching the $70 billion level. Cardano’s volume is growing as the total value of its decentralized finance (DeFi) applications approaches $400 million.
Cardano’s daily transaction volume was close to $70 billion at one point, according to data from Messari, surpassing BTC’s $15.9 billion and Ethereum’s $3.6 billion. Litecoin ($LTC) was the only other chain to reach $1 billion in trading volume in a 24-hour period.
The Cardano network’s transaction volumes have skyrocketed, as has its decentralized financial ecosystem, which now stands at over $400 million, according to data from DeFiLlama. According to CryptoGlobe, Minswap, a “cardano-based automated market maker (AMM) decentralized exchange (DEX) that enables different pricing functions for a single pool of liquidity,” recently became the first DeFi protocol by total value locked.
SundaeSwap, funded by cFund, Alameda Research and Double Peak Group, is a “native and scalable decentralized exchange and automated liquidity provisioning system”. SundaeSwap has a total locked value of $113 million, compared to $188 million for Minswap.
According to the source, CryptoGlobe, a well-known ADA whale recently stated that the total value locked in the Cardano blockchain “will soon reach billions” as more new projects are launched.
Alternatives to decentralized money markets, such as Compound and Aave, are “queuing up,” according to the whale, which also said the Cardano community is “ready to start its own Defi growth.” Cardano recently overtook Kusama in terms of total value locked, prompting their comments.
Charles Hoskinson, co-founder and CEO of IO Global, the company in charge of research and development of Cardano, said earlier this month that “we haven’t seen anything yet” regarding TVL on Cardano, as several projects await the Vasil hard fork combinator (HFC) event, which is expected to take place in June.