Cardano DeFi Breaks into Top 15 Rankings After Surging 29% 

After consistently breaking records, Cardano’s DeFi ecosystem now stands tall among the top platforms.

Man with a medal celebrating success dressed in Cardano sports gear.
Created by Gabor Kovacs from DailyCoin
  • Cardano’s DeFi ecosystem has been steadily growing despite facing turbulence. 
  • Cardano’s DeFi TVL has significantly grown since the beginning of this year. 
  • The POS Chain now poses a threat to the likes of Solana, Polygon, and Ethereum. 

Cardano’s DeFi ecosystem has shown remarkable growth despite ADA’s price tanking in the face of mounting regulatory turbulence. Its resilience has positioned the Proof-of-Stake chain as a formidable contender, challenging the likes of Bitcoin and Ethereum. 

After consistently breaking records, Cardano stands tall among the top platforms, sparking a new wave of optimism among investors. 

Cardano DeFi Ecosystem Thrives

Cardano’s DeFi ecosystem has been on a positive trajectory for quite some time now, consistently developing, expanding, and growing. Despite plunging by $50 million following ADA’s regulatory turbulence, the sector has shown remarkable strength, with its DeFi TVL repeatedly recording new all-time highs in terms of ADA. 

Cardano DeFi growth 2023
Cardano DeFI TVL 2023. Source: DeFiLlama

However, while its DeFi TVL, in terms of ADA, has thrived, its growth in dollar value has been relatively limited until now. With Cardano’s ADA exploding through its resistance in the XRP-fueled altcoin rally, its DeFi TVL surged by 29%, achieving an impressive year-to-date high of $200 million, marking a 300% growth this year. 

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This performance has led to Cardano jumping four spots in the rankings, now securing the 14th spot, surpassing the likes of Bitcoin and Fusion. This achievement is a testament to Cardano’s long-term growth and strength within its DeFi ecosystem. It cements the chain as one of the fastest-growing networks, outclassing major chains like Ethereum, Solana, and Polygon.

DeFi TVL Rankings 2023
Defi TVL rankings. Source: DeFiLlama

It’s worth noting that Cardano’s DeFi ecosystem comprises 20 protocols, in contrast to Ethereum’s 853, Polygon’s 441, and Solana’s 107 protocols. The PoS chain still has a long way to go; however, given its resilience in the face of mounting uncertainty, fear, and pressure, it has the potential to break into the top ten ranking by the end of this year. 

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At press time, Cronos held the tenth spot with a TVL of $322.5 million. 

On the Flipside 

FAQs

What is the difference between Cardano and Solana?

Cardano and Solana are leading blockchain platforms that have gained significant attention recently. Cardano is a Layer-0 blockchain platform with a delegated Proof-of-Stake (PoS) consensus mechanism. It is highly regarded for its governance infrastructure.  On the other hand, Solana is also a Layer-0 blockchain platform; however, it uses a unique consensus mechanism called Proof-of-History (PoH). Solana is highly regarded for its rapidly growing and thriving DeFi ecosystem.

Is Cardano used anywhere?

Yes, any user located anywhere in the world can use Cardano.

What projects are on the Cardano ecosystem?

Cardano has a vibrant DeFi ecosystem with exciting projects like MinSwap, Indigo, Liqwid, and more.

How do I invest in the Cardano ecosystem?

You can invest in the Cardano ecosystem by buying ADA on crypto exchanges or using your ADA to invest in DeFi platforms built on Cardano.

Why This Matters

Cardano has been long vying for a spot among the top DeFi platforms. Now that it has reached the top 15 rankings, it is one step closer to realizing its ambitions to seal itself as the world’s top DeFi platform. 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.