Cardano staking value surpasses $200 million

Cardano’s (ADA) ecosystem continues to expand, as does its total value locked (TVL), which has increased significantly since late January 2022, recently breaking the $200 million milestone.

On March 16, the TVL for the biggest Proof-of-Stake (PoS) digital asset reached an all-time high of $207.67 million, shattering all prior records, according to data from analytics platform Defi Llama.

Notably, the TVL for Cardano has been steadily increasing since late January 2022, after a lengthy decline and coinciding with the introduction of SundaeSwap (SUNDAE), the blockchain’s first decentralised exchange (DEX).

The new record reflects a more than $50 million rise in staking value in only 10 days, as the TVL stood at $152 million on March 6. In less than three months, its value has climbed by more over $200 million.

On January 20, just before to the start of the remarkable growth, its TVL was slightly over $3 million, implying that Cardano’s staking value has surged by an astounding 98.56 percent.

SundaeSwap continues to hold the bulk of the network’s cash, as it did two weeks prior to press time, but in a smaller proportion. At the moment, the exchange controls $112.71 million, or 54.28 percent of total TVL.

SundaeSwap is followed by Minswap (MIN), which has a market capitalization of $93.32 million, MuesliSwap (MILK), which has a market capitalization of $1.62 million, and ADAX Pro (ADAX), which has a market capitalization of $14,020.

Despite the events, the Cardano On-Chain signal the day before press time was negative, which the platform’s staff said may be a clue to purchase the drop.

As previously reported by Finbold, the Cardano community anticipates that the DeFi token will trade at $1.5 by the end of the month. Whether or whether this is possible depends on the level of interest in Cardano.

At press time, the price of one ADA token was $0.81, down 4.94 percent from $0.85 seven days before, according to CoinMarketCap statistics. However, the token’s 24-hour price has increased by around 2.44 percent.

At the moment, the DeFi asset’s entire market value is $26 billion, a far distance from the all-time high of $95 billion hit in September.

Also Read: Collaboration Between Ripple And Wells Fargo On SWIFT Replacement