Cardano-Based Decentralized Project Faces 8,000% Rise in TVL in Last 7 Days

A decentralized trading platform with native and fast automated market technology, Wingrider, based on  Cardano, gained almost 8,000% of its TVL in the last seven days, according to network-tracking service DeFiLIama. Between April 12 and 13, the project gained over $41 million in the total value of funds locked in the project. Such a strong increase is shown on the tracking service is not tied to natural demand.

The strong spike is caused by the official release of the platform, and $500,000 remaining there before the listing were most probably owned by users involved in the closed testing of the DEX.

As stated by the TVL redistribution, the number of decentralized projects on Cardano has risen to 10, implying the basic growth of the network.

Some experts note that  Cardano has around 20 projects, which are not yet publicly listed or are in the latest stages of development.

in addition to decentralized trading platforms, Cardano is getting ready for the release of the first stablecoin solutions powered by the network. Initially, cryptolifedigital covered what is there for Cardano supporters after IOHK posted 10 important updates to the ecosystem.

The long post included partnerships with farms that were expected to bring liquidity and staking to decentralized finance platforms. Platforms like MuesliSwap announced limit swaps and implementation of Cardano-based stablecoin Djed.

Read Also: Cardano Founder plans to Create a Network Cross Chain for BTC, DOGE, and ADA

Cardano market performance

Regrettably, a series of network updates, implementation of new technologies, and the general growth of the network do not seem enough for cryptocurrency investors as Cardano is still among the largest losers on the market with a 25% loss in the last 14 days.

ADA already lost around 70% of the previously gained value between March 16 and April 1 and now trades at $0.89.

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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.