The upcoming Cardano’s Vasil has been having a positive impact on the Cardano network as expected. As gotten in the recent tweet by Cardano Daily, Cardano’s Total Value Locked (TVL) experienced a shift in the positive direction ahead of Vasil.
Cardano Daily stated:
“The TVL on Cardano showed positive growth in TVL after the Vasil hardfork, marking the return of money flow towards the ecosystem. Especially, addax proexperienced the most significant change in TVL: 2525%, contributing $627K TVL”
The recent development is an indication that the Cardano ecosystem now attracts more investors. The upcoming Vasil hard fork has given them yet another reason to believe in the Cardano project.
As reported by Cryptolifedigital, the Cardano has been doing brilliantly well ahead of the Vasil upgrade. According to the Lunarcrush Twitter handle, Cardano (ADA) is ranked number one among the top 3,870 largest crypto assets, Following a spike in its social and market activities.
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ADAX Pro Spikes 2525% In The Last Seven Days
As gotten from the update, the decentralized finance application that recorded the major growth is ADAX Pro. The DefiLlama, a tracker service, reveals that the number of funds locked in ADAX pro spiked 2,525% in the last seven days.
Although, the DeFi platform is currently calmed around the 5th-largest Cardano DeFi protocol by TVL behind Minswap, Wingriders, Sundaeswap, and Muesliswap despite the huge spike of ADAX Pro’s TVL over the past 7 days.
Current Status Of Cardano TVL
At the moment, Cardano has TVL worth $89.57 while MinswapDEX has been leading Cardano’s DeFi ecosystem with $46.81 million in TVL. MinswapDEX’s TVL accounts for 52.26% of the total value locked on Cardano. $18.48M is locked in Wingriders, $18.17M in Sundaeswap, $5.5M in Muesliswap and $627K in ADAX Pro.
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Vasil Upgrade Will Improve The Cardano Network
It is no doubt that the upcoming vasil upgrade will bring a positive shift to the Cardano network as it is designed to improve the network in terms of scalability and security. It is said that the Vasil upgrade will bring lower transaction costs, and enhance the blockchain’s smart contract functionality to enable the deployment of more useful decentralized applications.