Cardano’s DeFi Activity Is on the Rise Despite Price Struggle
Cardano (ADA), like most cryptocurrencies, is currently performing poorly in terms of pricing. The ADA price has been in the red since the second week of April and is struggling to establish an upward trend due to the overall trend driven by Bitcoin (BTC), which is trading below the key USD 30,000 resistance. However, the news regarding the decentralized finance (DeFi) activity on the Cardano network is promising. In the past month, the network has witnessed a huge increase in transactions in DeFi applications thanks to the hype surrounding two new meme coins.
Heading 1: 250,000 Cardano DeFi Transactions
The transactions on Cardano DeFi applications have increased to 350,000 per epoch, according to a tweet by Dapps on Cardano, which dropped yesterday. An epoch equals a period of 5 days on the blockchain. In the previous epoch, the total number of transactions was 160,000. On the same day, the same Twitter account shared another screenshot showing the results of the top-performing decentralized exchanges (DEXs) and liquidity protocols on the Cardano network. In recent weeks, popular names such as Minswap, SundaeSwap, MuesliSwap, Wingriders, and Liqwid Finance have all witnessed a significant increase in activity.
Heading 2: Meme-Coin Hype
The increase in the number of transactions was all thanks to the latest meme-coin hypes like SNEK and PEPE, as pointed out by Dapps on Cardano in the tweet. The latter refers to Pepeblue, the recently introduced crypto on the Cardano network, and not to the popular meme coin that has recently been stealing the show in the crypto landscape.
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Heading 3: Good Growth in April
Last week, the Cardano news revealed that the network experienced good growth in the entire month of April. The previous increase in the total value locked (TVL) of the first quarter continued in the past month. The TVL is $154.66 million, according to data from Defi Llama, at the time of writing. In early 2023, there was less than $50 million tied up in DeFi applications on Cardano. However, the increase in the first three months was much more impressive in that respect.
Heading 4: Conclusion
The price of Cardano may be struggling in recent times, but the DeFi activity on the network is on the rise. The popularity of SNEK and PEPE meme coins has led to a significant increase in transactions on DeFi applications. Cardano’s growth in April is also promising, and it’ll be interesting to see where it goes from here.