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According to data from DefiLlama, Cardano has seen a positive 24-hour change of near 13% in its total value locked (TVL).To put it simply, total value locked (TVL) represents the value of assets that are currently being staked or deposited in a specific protocol.
The Cardano network has seen a significant increase in inflows into its ecosystem, resulting in a spike in total value locked (TVL). According to DefiLlama, Cardano's TVL presently stands at $272.38 million.
With the inclusion of staked governance tokens in the TVL valuation, Cardano's TVL is much greater and stands at $361.4 million presently.
The majority of funds on the network is now concentrated on the MinSwap decentralized platform, with $174.51 million currently locked. Second place is held by the SundaeSwap decentralized finance platform with $108.14 million locked. Meld has $72.44 million in total value locked.
More than 500 projects building on Cardano
The Cardano (ADA) network saw a significant upgrade in September 2021, which allowed the implementation of smart contracts capabilities, allowing the blockchain to develop and operate at a faster rate than it had previously been able to.
According to the recent report, the Cardano ecosystem is still growing, with 517 projects now being built on ADA, including non-fungible token (NFTs) collections, DeFi lending and new wallets. NFT collections, for example, account for 34.7% of all Cardano projects.
Although the foundation for future Cardano ecosystem growth has been laid, the ADA price has yet to catch up. Cardano (ADA) has dropped below the $1 barrier, declining after reaching its all-time high. ADA is trading at $0.89, down over 74% from its all-time high of $3.10. If the bulls are ready to smash the next hurdle at $0.95 (MA 50), ADA may strive for a near-term upside run.