The total value locked on the decentralized finance (DeFi) ecosystem of the Cardano ($ADA) network has surged over 250% year-to-date, from around $48 million at the beginning of the year to now stand above the $170 million mark.

The total value locked on the cryptocurrency’s ecosystem has been bolstered by growing adoption and the recent addition of the World Mobile Token., which has around $15.8 million in total value locked.

Data from leading DeFi analytics platform DeFiLlama shows that Minswap, a decentralized exchange leads the Cardano ecosystem when it comes to value locked, with over $60 million worth of digital assets on its smart contracts.

It’s followed by Indigo, a collateralized debt protocol, with $30.9 million in total value locked, and by WingRiders, a decentralized exchange with $19.4 million. Next is the Djed Stablecoin protocol with $17 million, and lending platform Liqwid with $15 million.

Source: DeFiLlama

As CryptoGlobe reported, the latest Cardano network statistics have revealed that 124 projects have been launched on Cardano, and that 8.1 million native tokens have been released as well across 71,500 token policies.

There are now over 1,225 projects building on top of the Cardano network, which has now processed a total of 64.6 million transactions and has deployed over 7,700 Plutus scripts on top of it.

The native token of Cardano, ADA, has recently approached a  technical indicator that could see its price surge significantly in the near future, at a time in which cryptocurrency market sentiment has been improving and prices have started rising.

According to cryptocurrency analyst Ali Martinez, Cardano is on the verge of confirming a head and shoulders pattern, a charting formation that he says could lead to a 44% breakout, potentially catapulting ADA’s price to $0.60.

A head and shoulders pattern, it’s worth noting, is a chart formation that predicts a bullish-to-bearish trend reversal, meaning an inverted one means a bearish-to-bullish reversal.

The pattern is characterized by a baseline with three peaks, where one is larger than the other two, resembling a head and two shoulders. It’s considered one of the most reliable trend reversal patterns.

The head and shoulders pattern could suggest Cardano is prepared for a bullish reversal and a potential substantial price hike. As CryptoGlobe reported, Cardano whales have recently gone on a $218 million buying spree, purchasing an aggregate of 560 million ADA tokens.

Image Credit

Featured Image via Unsplash