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Cardano DeFi Boom Results in More Than 2 Million Transactions in Less Than a Month

source-logo  u.today 26 May 2023 18:12, UTC

Cardano, a major player in the cryptocurrency space, recorded an impressive 2 million transactions in the month of May alone.

This impressive figure coincides with a period of exponential growth in Cardano's DeFi, which saw a leap of 180% in the total value locked (TVL), bringing the figure to a staggering $160 million.

The top contributors to Cardano's DeFi expansion included Minswap, Indigo, WingRiders, and Djed Stablecoin. Minswap, the largest Decentralized Exchange (DEX) on the Cardano network, contributed most significantly with a total value locked (TVL) of $58.36 million.

Indigo followed suit with a TVL of $30.82 million, while WingRiders and Djed Stablecoin respectively reported TVLs of $15.27 million and $13.78 million.

Alongside the boom in DeFi transactions, Cardano's ecosystem has seen significant technological developments over the past week. The core technology team has made advancements in node, networking, and ledger technology, optimizing the functionality and efficiency of the network.

Cardano's wallets and services have also seen upgrades, with Lace adding the ability to import multi-address wallets into the Lace wallet, and Adrestia enhancing its balance TX library and database layer.

On the smart contract front, the Plutus and Marlowe teams have been hard at work, refining the network's smart contract capabilities. The teams have fixed bugs, conducted verification tests, and made strides in the formalization of sums-of-products in Untyped Plutus Core. Basho, Cardano's scaling solution, has also seen improvements with upgrades to the Hydra node.

The Voltaire team has facilitated community workshops and the Catalyst project announced the upcoming launch of Fund10. As the Cardano ecosystem continues to grow and innovate, these advancements illustrate Cardano's dedication to creating a robust and user-friendly platform for DeFi activities.