Aada Finance Doubles TVL: $1.7M of Cardano (ADA) Ecosystem

  • Aada Finance is recording a significant spike in TVL.
  • The protocol is currently claiming the ninth position for TVL status.
  • A community member is attributing the TVL increase to Cardano’s slow-and-steady approach.

Aada Finance (AADA) is a crypto asset lending platform based on the Cardano blockchain. The platform employs smart contracts allowing users to deposit assets, collect interests, borrow assets, and perform financial actions.

On March 7th, 2023, Cardano Daily shared the leaderboard of Cardano-based decentralized finance (DeFi) projects according to Total Value Locked (TVL), highlighting that Aada Finance has “witnessed one of the most significant weeks in TVL growth.”

The claim and reported figure are confirmed by correlating data from DefiLlama, reflecting that the project has nearly doubled its TVL and is handling more than $1.7 million of the Cardano ecosystem at the time of writing.

The Aada Finance lending protocol is exhibiting notable growth throughout 2023, similar to many other Cardano projects, attesting to the methodology that has become synonymous with the ecosystem.

Cardano’s Slow-and-Steady Approach

Aada Finance currently sits in the ninth position by TVL status, according to Cardano Daily. The lending protocol is the only project reflecting a steep upward trajectory within the last seven days.

The decentralized exchange (DEX) Minswap is claiming the first position, recording a TVL of $41.50 million at the time of writing. However, the DEX’s TVL has only increased 5.27% over the past week, as opposed to the notable 89.54% increase recorded on the TVL of the Aada Finance lending protocol.

Source: Cardano Daily

In response to Aada Finance nearly doubling its TVL over last week, community member Cardano Police has suggested that the increase serves as a testament to the “slow and steady” methodology displayed by the Cardano ecosystem.

Despite the notable progress the broader Cardano ecosystem indicates, the network’s native cryptocurrency has yet to reflect a similar upward trajectory. At the time of writing, ADA is trading at $0.32, recording a 9.15% decrease over the past seven days.

On the Flipside

  • The Cardano (ADA) NFT market is enjoying a volume increase, recording a 15.38% boost over the past 24 hours.
  • Aada Finance is releasing Health Factor changes in loan calculation on March 9th.
  • Cardano’s DeFi ecosystem has decreased in value by 1.45% over the past 24 hours.

Why You Should Care

Aada Finance launched the first lending and borrowing protocol on the Cardano (ADA) mainnet. Holding its first-mover advantage, the protocol is exhibiting notable growth over the past month, as reflected by the TVL boost recorded from March 3rd.

Read more about Aada Finance’s fully-decentralized lending and borrowing protocol:

Aada Finance Launches The First Lending and Borrowing App on Cardano Mainnet

Read more about the Cardano founder’s call-out of crypto media and Twitter:

Cardano Founder Slams Crypto Media as ADA Dips to $0.32

Source link: https://dailycoin.com/aada-finance-doubles-tvl-1-7m-cardano-ada-ecosystem/




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