Cardano DeFi TVL Surges 20%, ADA Jumps 15%: Minswap Leads Charge

• Cardano’s DeFi TVL has risen by around 20% to $65.91 million, while ADA surged by over 15% to $0.32 as of press time.
• The major DeFi protocol on Cardano is the decentralized exchange (DEX) Minswap, which accounts for 41.02% of all of the ecosystem’s TVL.
• In light of the TVL jump, Cardano’s native token ADA was one of the best-performing digital assets amid a general market uptrend over the last 24 hours — increasing by over 15%.

The Cardano DeFi ecosystem has seen a major surge in total value locked (TVL). According to Defillama data, the ecosystem’s TVL rose by around 20% over the last 24 hours to $65.91 million. Additionally, the Cardano’s native token ADA saw a major rally, increasing by over 15% to $0.32 as of press time.

Minswap is the major DeFi protocol on Cardano, accounting for 41.02% of all of the ecosystem’s TVL. The protocol’s TVL rose by 22% over the last seven days and 13% over the last 24 hours. The last notable fund inflow to the protocol was on Dec. 27, 2022, when over $615,000 was deposited. Since Jan. 1, the protocol has seen over $2 million in outflows.

The DEX native token MIN reacted positively to the increased TVL — rising by over 15% over the last 24 hours to $0.01401. The surge in TVL has also had a positive effect on Cardano’s native token ADA, which was one of the best-performing digital assets amid a general market uptrend over the last 24 hours. ADA rose to as high as $0.34 before retracing to its current level of $0.32.

Overall, the Cardano DeFi ecosystem has seen major growth over the past 24 hours, with TVL rising by around 20% and ADA surging by over 15%. This growth is mainly driven by Minswap, which accounts for 41.02% of all of the ecosystem’s TVL. The surge in TVL has had a positive effect on both MIN and ADA, with the tokens rising by 15% and 15% respectively.