Total value locked (TVL) in the Cardano protocol has already topped $300 million, according to statistics released by cryptocurrency-focused analytics firm DeFiLama.
Minswap, a decentralized multi-pool community-driven exchange, accounts for 63.07 percent of the total. The DEX is now under maintenance, according to a recent Twitter statement, after multiple issues were discovered. Users cannot exchange, withdraw, or harvest their yield farming incentives. It is, however, still possible to cancel an order.
On March 9, the Minswap exchange made its mainnet debut. Following that, its TVL began to rapidly increase. It has increased by 116 percent in the last seven days, steadily reaching $200 million.
The exchange also announced support for yield farming on March 16.
SundaeSwap, which was once regarded as the leading Cardano-based DEX, has recently been surpassed by Minswap. Over the last week, the project has struggled to gather traction, with its TVL remaining at $111 million.
SundaeSwap became live on the mainnet in January, causing the ADA token’s price to rise somewhat. However, as users began complaining about unsuccessful transactions, the exchange’s popularity swiftly vanished. The exchange’s creators blamed the problem on heavy network congestion. The launch of the project was also overshadowed by a public brawl with CardStarter, a decentralized accelerator.
MuesliSwap first appeared on Cardano in November. Despite having the advantage of being the first to market, the exchange has only $1.68 million in total value locked.
While Cardano’s growth appears to be slow at best, the team is presently concentrating on scaling the blockchain so that additional applications may be launched on the mainnet.
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