Cardano’s DeFi total value locked (TVL) is up in the last 24 hours and is notably among the networks that have recorded gains in this metric during this period. This follows the launch of the USDCx stablecoin on the network, which experts noted provides a huge boost for DeFi on the network.
Cardano’s DeFi TVL Climbs 6% In The Last 24 Hours
DeFiLlama data shows that the network’s TVL is up over 6% in the last 24 hours, rising to $136 million. The network currently ranks as the 27th in terms of TVL, but is one of the few networks that have recorded gains in their TVL in the last 24 hours.
Source: DeFiLlamaNotably, the top three DeFi protocols on the Cardano network have recorded significant gains in their TVL during this period. Minswap, a top decentralized exchange (DEX) on the layer-1 network, has seen a 17% surge in its TVL in the last 24 hours, rising to $36 million.
Furthermore, Liqwid, a lending protocol, has seen a 4% gain in its TVL, reaching $32 million. SundaeSwap, an AMM DEX on the network, has recorded a 77% surge in its TVL, reaching $12 million.
Meanwhile, it is worth noting that Cardano’s stablecoin market cap has also surged over 28% in the last seven days. These developments follow the launch of the USDCx stablecoin on the network, which could boost decentralized finance on the network.
Details About The USDCx Launch
In an X post, Circle announced USDCx’s launch on Cardano, with the USDC-backed stablecoin providing access to cross-chain USDC liquidity. Notably, the top three protocols, Minswap, Liqwid, and SundaeSwap have integrated the stablecoin following its launch.
Circle noted that USDCx is 1:1 backed by USDC held in X Reserve. Furthermore, the stablecoin is fully interoperable with USDC across supported chains like top-layer 1 networks such as Ethereum, Solana, and BNB. There are no third-party bridges, which further minimizes trust.
Input Output Group, a major stakeholder in the Cardano community, revealed that for the first 10 days, it will subsidize bridge fees for USDCx transfers to the network, helping these protocols get started at a lower cost. The firm also noted that this integration was possible through the network’s Critical Integrations program, which the community funded.
The Critical Integrations program had involved withdrawing funds from the Cardano Treasury to establish a strategic integration fund to support the onboarding of this tier-1 stablecoin. The program also aims to integrate institutional digital asset custody and cross-chain bridges. At the same time, the network has already moved forward with plans to integrate the Oracle network Pyth Network and the on-chain analytics platform Dune.
Source: https://coingape.com/cardanos-defi-tvl-climbs-as-usdcx-stablecoin-launches-on-network/
