Activity on the Cardano network has increased recently. In response, the prices of its native coin ADA have also increased today.
Some of the leading decentralized finance protocols have seen a spike in activity on the Cardano network.
According to DeFiLlama, the top five DeFi protocols around Cardano have seen increased activity over the past 24 hours.
Cardano’s leading DEX, Minswap, has seen TVL increase by 2.53% over the past day. In addition, Indigo, WingRiders and MuseliSwap all increased their TVL by more than 5% on the day.
The leading Cardano DEX in terms of profit, however, is Meld.
Meld Momentum Surges on Cardano
Meld lending and non-custodial banking protocols have seen TVL grow by 20% in the last one week. This has catapulted the protocol to second place in the Cardano ecosystem.
Meld TVL is currently around $15 million. It allows users to securely lend and borrow both crypto and fiat currencies and stake MELD tokens for yields. Additionally, according to CoinGecko, the price of MELD is up by 7% in the past 24 hours.
On January 3rd, Meld announced It will remain on Cardano but will create a subnet on Avalanche in an effort to become multi-chain. The protocol also recently received an Electronic Money Institute (EMI) license. This will allow it to onboard US customers and operate in over 100 countries.
Furthermore, according to data providers, the Cardano dApp has just reached the milestone of 16 million transactions:
Cardano DeFi TVL is up 11% since the start of the year. As a result, it is currently worth around $72 million. However, the DeFi TVL of the chain is still down about 83% since its peak in March 2022.
ADA Price Outlook
ADA price has seen solid gains today, with a move of nearly 6% over the past nine hours. As a result, ADA was trading at $0.264 at press time.
Like most crypto assets, however, ADA has been pretty flat over the past month. It has declined 80% in the past one year and is currently down 91.4% from its September 2021 all-time high of $3.
The increased DeFi momentum on the network is likely to have a positive impact on the coin prices which are targeting the $0.30 level.
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