The transaction volume seen on the Cardano ($ADA) network has recently gotten close to the $70 billion mark, surpassing the volume seen on the Bitcoin ($BTC) and Ethereum ($ETH) networks. Cardano’s surging volumes come as the total value locked on its decentralized finance (DeFi) apps tops $400 million.
According to data from Messari, Cardano’s daily transaction volume was at one point close to the $70 billion mark, above BTC’s $15.9 billion and Ethereum’s $3.6 billion. The only other chain that in a 24-hour period surpassed $1 billion in transaction volume was that of Litecoin ($LTC).
Transaction volumes on the Cardano network have been exploding along with its decentralized finance ecosystem, which according to DeFiLlama data is now above the $400 million mark. As CryptoGlobe reported Minswap, an “automated market-maker (AMM) decentralized exchange (DEX) on Cardano which supports multiple pricing functions for a single liquidity pool” has recently become the top DeFi protocol on Cardano by total value locked.
Next to it is SundaeSwap, a “native, scalable decentralized exchange and automated liquidity provision protocol” that is backed by cFund, Alameda Research, and Double Peak Group. While Minswap has $188 million in total value locked, SundaeSwap has $113 million.
As CryptoGlobe reported, a widely-followed ADA whale has recently revealed they believe the total value locked n the Cardano blockchain is “going into the billions soon” as more projects are launched on top of it.
The whale added that alternatives to decentralized money markets such as Compound and Aave are “lined up” and pointed to the Cardano community being “ready to bootstrap its own Defi growth.” Their comments came shortly after Cardano surpassed Kusama in terms of total value locked.
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.
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