Since the start of the year, Cardano's total value locked (TVL) has climbed by 30%. By the conclusion of the first 10 days of January 2023, it had increased from less than $50 million at the beginning of the year to $64.7 million.
Remember that a blockchain's TVL, which displays the amount currently invested in it, is one of its crucial indications. The likelihood of a sudden collapse in staking or farming decreases as the amount of value locked increases and the project is perceived as having greater credibility.
Three initiatives are currently leading the way for Cardano, with a total value committed of more over $10 million. Decentralized project Minswap, which has a TVL of $26.55 million and a matching domination of 41.05%, is without a doubt the leader among them.
Not just the ADA pricing.
The soaring price of ADA, the blockchain's native token, which has increased by 28.1% since the beginning of January, could be blamed for the increase in TVL on Cardano. However, it's only one piece of the puzzle.
So, even if the primary statistic has benefited from a big gain in Cardano token price, according to the same source, the total value locked in ADA has climbed by more than five million tokens. This indicates that, in addition to the value gain previously locked in, a sizable amount of additional tokens have also entered the Cardano protocols.