The Cardano ($ADA) network has surpassed Kusama ($KSM), Polkadot’s canary network, in total value locked n its decentralized applications after seeing the value locked in its smart contracts swell by around $100 million this month.
According to data from decentralized finance analytics platform DeFiLlama, first reported on by u.today, the Cardano network now holds around $293.5 million in total value locked across six tracked protocols. Kusama, on the other hand, has $290 million across 52 protocols.
According to Binance Academy, Total Value Locked (TVL) for a DeFi protocol is the aggregate amount of funds locked into that protocol. For instance, “the TVL locked in Ethereum projects is typically measured in ETH or USD.”
Kusama, it’s worth noting, is a pre-production environment for the Polkadot network that allows developers to experiment and test new blockchains or applications before releasing them on the main network.
Cardano’s first usable DeFi application was launched back in January after it launched through an under-the-radar offering. The platform, MuesliSwap, has seen its total value locked since grow to $12.5 million. Ahead of it comes Meld ($MELD), with over $68 million in TVL.
Leading Cardano’s DeFi ecosystem is SundaeSwap, a native, scalable decentralized exchange and automated liquidity provision protocol” that is backed by cFund, Alameda Research (a quantitative cryptocurrency trading firm and liquidity provider founded by FTX CEO Sam Bankman-Fried); and Double Peak Group.” Behind it is Minswap, a decentralized exchange that saw its total value locked jump 400% in a week after it launched and now has $94 million locked on it.
Earlier this month Charles Hoskinson, co-founder and CEO of IO Global, the company responsible for Cardano’s research and development, suggested “we ain’t seen nothing yet” when it comes to TVL on Cardano, as several projects are waiting for the Vasil hard fork combinator (HFC) event, which is expected to take place in June.
As reported, the number of addresses holding ADA for the long-term has grown by 32.1% last month to 408,000, after growing by 10.9% in January and 5.78% in December, suggesting HODLers keep on accumulating the cryptocurrency.
According to CryptoCompare’s latest Asset Report, the number of addresses holding ADA grew 5.9% to a new all-time high in February largely thanks to a rise in long-term holders and a 13.4% rise in cruisers, which went up to 3.62 million addresses. The number of traders on the network dropped 25.2% to 770,000.
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