The Cardano Network has seen a sharp increase in the TVL value of DeFi products following the full launch of the SundaeSwap platform and an increasing number of network-based decentralized products, according to data from Cardano. DeFiLIama
Total Locked Value, or TVL, on the Cardano network has rapidly increased from approximately $70 million to $112 million at the time of writing. The total value of the funds locked in the network’s smart contracts soared from Feb. 12 to Feb. 17, peaking at $127 million.
Most of the funds in the network Coming from decentralized platform SundaeSwap, it currently has $110 million TVL, second place is decentralized financial platform MuesliSwap, with TVL at nearly $2 million.
However, compared to networks like Ethereum or even Polkadot, the Cardano ecosystem is less diverse. This is because almost 100% of TVL is concentrated in a platform supported by network developers. For example, TVL’s No. 1 on the Ethereum network is Terra with a valuation of $20 billion. which accounts for less than 20% of the total TVL.
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