Cardano DeFi TVL surges in the new year, but ADA price suffers

activity on cardano The network has ticked up 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.

Cardano’s Top 5 According to DeFiLlama DeFi protocols are increased activity in the last 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.

Cardano DeFi Protocol - Defilama
cardano DeFi protocol – DeFiLlama

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, MELD prices have increased by 7% in the last 24 hours coingeco,

On January 3rd, Meld announced that it will stay on Cardano but create a subnet 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 has increased by over 7% since the beginning of the year. As a result, it is currently worth around $52 million. However, the DeFi TVL of the chain is still down about 83% since its peak in March 2022.

ADA Price Outlook

ADA prices seen tangible benefits Today, with a move of about 6% in the last nine hours. As a result, ADA was trading at $0.264 at press time.

ADA/USD 1 Month - BeInCrypto
ADA/USD 1 month – BeInCrypto

Like most crypto assets, however, ADA has been pretty flat over the past month. It has declined 80% over the last year and is currently down 91.4% from its all-time high of $3 in September 2021.

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.

disclaimer

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