The Cardano ($ADA) network’s transaction volume has recently surpassed that of the Bitcoin ($BTC) and Ethereum ($ETH) networks, approaching the $70 billion level. Cardano’s volume is increasing as the total value of its decentralised finance (DeFi) apps approaches $400 million.
Cardano’s daily transaction volume was close to $70 billion at one point, according to Messari data, surpassing BTC’s $15.9 billion and Ethereum’s $3.6 billion. Litecoin ($LTC) was the only other chain to achieve $1 billion in transaction volume in a 24-hour period.
The Cardano network’s transaction volumes have been skyrocketing, as has its decentralised finance ecosystem, which now stands at over $400 million, according to DeFiLlama data. According to CryptoGlobe, Minswap, a “cardano-based automated market-maker (AMM) decentralised exchange (DEX) that enables different price functions for a single liquidity pool,” has lately become the top DeFi protocol by total value locked.
SundaeSwap, funded by cFund, Alameda Research, and Double Peak Group, is a “native, scalable decentralised exchange and automated liquidity provision system.” SundaeSwap has $113 million in total value locked, compared to Minswap’s $188 million.
According to source, CryptoGlobe, a well-known ADA whale recently stated that the entire value locked in the Cardano blockchain will “get into the billions soon” as more projects are launched on top of it.
Alternatives to decentralised money markets, such as Compound and Aave, are “lining up,” according to the whale, who also stated that the Cardano community is “ready to bootstrap 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 Cardano’s research and development, said earlier this month that “we ain’t seen nothing yet” when it comes to TVL on Cardano, as several projects await the Vasil hard fork combinator (HFC) event, which is expected to take place in June.