The total value unlocked on Cardano reaches a new record milestone
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Answer The total value unlocked on Cardano reaches a new record milestone
According to data provided by the analytics company”Davy LamaThe total locked-in value (TVL) in the Cardano Protocol has now exceeded $300 million.
Minswap, a multi-pool decentralized trading platform driven by individual traders, represents 63.07% of the aforementioned amount.
According to a recent Twitter announcement, Minswap is currently undergoing maintenance after several issues were discovered.
A bug appeared that made users unable to barter, withdraw or collect their rewards.
Minswap debuted on the main network on March 9.
After that, the total closed value of TVL began to experience rapid growth.
Over the past seven days, the closing value has grown by a whopping 116%, steadily approaching the $200 million level.
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On March 16, the platform also launched support for the “Yield Farming” feature.
SundaeSwap, initially described as Cardano’s flagship DEX, has now ceded its leadership to Minswap.
SundaeSwap failed to gain any traction over the past week, as the total closed value of TVL stood at $111 million.
“SundaeSwap” launched on the mainnet in January, pushing the price of ADA up a bit.
But the momentum around the platform quickly faded after users started complaining about failed transactions.
The team behind the podium attributed the issue to heavy network congestion.
Before all these projects, the decentralized trading platform “MuesliSwap” had already appeared for the first time on Cardano in November 2021 and although it had the advantage of the first platform, it only raised $ 1.68 million in the total closed value.
Cardano’s growth appears slow at best, and the team is currently focused on scaling the blockchain to allow more applications to run on the mainnet.
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