Cardano’s DeFi ecosystem is gaining momentum as the network’s Total Value Locked (TVL) metrics continue to soar. According to data by DefiLlama, the TVL on the Cardano network has seen a remarkable increase of 20% almost every month.

This growth trend highlights the increasing popularity of the network’s DeFi ecosystem and indicates that Cardano is quickly becoming a major player in the DeFi space.

In recent news, the TVL on the Cardano network has surpassed the all-time high mark in ADA and broken the previous record, reaching $110 million in just one month. This milestone is a significant achievement for Cardano and indicates that the network’s DeFi ecosystem is thriving and growing at an impressive rate.

The growth in TVL on the Cardano network is attributed to the network’s unique mechanisms and solutions based on the eUTxO model. Cardano’s eUTxO model allows for greater flexibility and security in executing transactions, which has caught the attention of many investors and developers.

If Cardano’s ADA price reaches its all-time high, which was witnessed in September 2021, the total value of funds locked on the network would reach $3 billion, making Cardano one of the largest DeFi networks in the world. This would be an impressive feat for a network that is relatively new in the DeFi space and a testament to the success of Cardano’s DeFi ecosystem.

Cardano’s growth in the DeFi space is a positive sign for the network’s future, and it is expected that more developers and investors will turn to Cardano’s DeFi ecosystem. As the network continues to develop and improve its solutions, we can expect to see more growth and success in the Cardano DeFi ecosystem in the coming months and years.

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This article was republished from azcoinnews.com

A new report from DappRadar on the state of DeFi shows that the industry has had a successful quarter despite facing challenges since late 2022. While the overall cryptocurrency market saw a downtrend in 2022, which affected the number of users interacting with DeFi applications, the industry has witnessed a considerable increase in Total Value Locked (TVL).

According to the report, the number of daily active wallets (dUAW) decreased by almost 10% compared to the previous quarter.

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However, this is in line with the overall decline in dUAW across all cryptocurrency sectors since Q4 2022. Most of these users are active on Binance, reaching 449,000 dUAW in Q1 2023. However, this still represents a 28% decrease compared to the 629,000 dUAW in the last quarter of 2022. This indicates a decline in DeFi’s market share of users.

Currently, the trading platform Wax ranks second in terms of the number of daily active wallets with nearly 400,000, increasing 9% in the past three months. In addition, Polygon has seen a surge of 25% in dUAW, surpassing 197,000 unique wallets per day.

While most other blockchain platforms have shown slight growth in the number of active users, Arbitrum has achieved an impressive milestone with a 125% increase in dUAW compared to the previous quarter.

The growing interest in Arbitrum has also driven the TVL of this layer 2 blockchain to a new high of $2.25 billion. Currently, the TVL of the DeFi industry is holding at $83.3 billion after the end of Q1 2023, according to DappRadar. This figure represents a 37% increase compared to Q4 2022. The Arbitrum airdrop has stirred up the cryptocurrency community, attracting a large number of users to this platform. This is also one of the driving forces behind the development of the entire DeFi industry.

On March 16, the Arbitrum Foundation announced that ARB, Arbitrum’s new token, would be airdropped to community members on March 23. The project has distributed over 1 billion ARB to around 600,000 user wallets, pushing the number of transactions on this layer 2 blockchain to a record 2.7 million, surpassing both Ethereum and Optimism.

The decline in the number of active users in DeFi may be a concern, but the industry’s TVL growth and the success of platforms like Arbitrum suggest that DeFi is still a significant force in the cryptocurrency world. With the growing popularity of layer 2 blockchain platforms and the increasing adoption of DeFi in traditional finance, the future of DeFi looks promising.

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This article was republished from azcoinnews.com