DeFILlama adds Cardano to list of projects, holders can track TVL

  • January 7, 2022

Cardano (ADA/USD) holders can keep closer tabs on their investment after DeFiLlama, a blockchain analytics platform and DeFi TVL aggregator, announced it had added Cardano to its list of tracked projects. So far, there haven’t been many reliable sources to track Cardano’s growth.

The platform recorded a major increase in TVL on Cardano since adding it – from $822,000 on opening day to a current TVL of $1.5 million.

Compelling use cases

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Cardano aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent and fair. The ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software.

The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity.

Cardano works on increasing ADA adoption

Cardano has a number of plans for projects to realize greater ADA adoption. TVL tracking may be a sign of growth of the blockchain in the immediate future. The most important project is the launch of a decentralized exchange (DEX), which will let users start swapping and interacting with on-chain DeFi products.

One of the most highly-anticipated DEXs, SundaeSwap, is actively testing its product and is gearing up to ship its mainnet DEX this year.

Catching mainstream attention

Major tech giants are noticing Cardano. Samsung recently announced that it would be using the Cardano blockchain to store planting records on two million mangrove trees, which the corporation is planting.

Flexa, a global payments processor, added Cardano as a payment option. More than 40,000 retailers in North America will be accepting it.

Cardano founder Charles Hoskinson has been traveling around Africa and reaching agreements with countries like Ethiopia to bring ID services to underbanked markets throughout the continent.

All eyes are on DeFiLlama as holders wait for developments on the network. They expect steady growth of Cardano’s TVL over the first few months of the year despite its slump to seventh position on the market cap ranking today, falling behind USDC.

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