Cardan SundaeSwap DEX has hit another milestone after crossing the $100 million mark in total value locked. Total value locked (TVL) is the aggregate value of crypto assets placed in a decentralized finance (DeFi) protocol or DeFi protocols in general. It has become an important statistic to gauge interest in this particular segment of the cryptocurrency market.
the #SundaeSwap The protocol just crossed the $100 million mark in TVL! 💰
You can check out an updated chart on DefiLlama below! 👇https://t.co/G9ejeJxPep pic.twitter.com/XywfmVxyOB
— SundaeSwap Laboratories 🍨 (@SundaeSwap) February 13, 2022
SundaeSwap is the first decentralized cryptocurrency exchange on the Cardano blockchain. Even though it was only launched in January 2022, it has seen significant growth with many traders using the platform for trading, swaps and yield farming.
Bitrue, a leading cryptocurrency exchange, has announced the addition of the SundaeSwap (SUNDAE) token to the list of supported assets on its trading platform. The inclusion of SUNDAE on the industry-leading exchange is a significant step forward in the global acceptance of Cardano ecosystem tokens.
Transaction activity spikes on the Cardano blockchain
On February 13, the Cardano network erupted with an increase in on-chain transaction activity. According to current data from DeFi Llama, the increase in transactions amounted to a TVL of $108.43 million on SundaeSwap.
U.Today reported earlier that Cardano leapfrogged Bitcoin and Ethereum in terms of transaction activity, claiming the top spot. According to data from Messari, Cardano overtook Bitcoin and Ethereum at $17.56 billion, with the latter having recorded 24-hour trading volumes of $10.55 billion and $5.77 billion, respectively. Compared to Bitcoin and Ethereum, Cardano users also paid lower fees.
