Cardano Networks quickly attracted more funding for their DeFi platform. With the SundaeSwap platform fully live and a corresponding increase in the number of decentralized web-based products, DeFiLIama

The total value locked in the Cardano network grew rapidly from approximately $70 million at the time to $117 million. The total value of money locked in the network's smart contracts spiked from Feb. 12 to Feb. 17 after their DeFi network's TVL volume reached its current high of $127 million.

The majority of the funds in the network are centralized on the SundaeSwap decentralized platform, which currently locks in $115 million, followed by the decentralized financial platform MuesliSwap, which holds $2 million.

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Cardano's ecosystem is less diverse than networks like Ether or even Polkadot. This is because almost 100% of TVL is centralized on platforms supported by network developers, for example, the top TVL on the Ethernet network is Terra, with $20 billion locked up, less than 20% of TVL.

ADA Market Performance

The ADA price has been able to rebound from its lowest point in a month as network usage has increased and the cryptocurrency market has rebounded slightly. It touched the $1 resistance level, but in the long run, Caldano is in a steep decline and has lost more than 70% of its value.

Currently, the ADA is trading at $0.86 relative to the May 2021 low.