Cardano Network Sees Promising DeFi Developments Despite Declining TVL

• MELD DeFi, a popular Decentralized Exchange (DeX) on the Cardano [ADA] network, announced it would be expanding its reach and growth in a 2 January tweet by becoming a multi-chain protocol and launching on Avalanche in the coming months.
• Despite the growth shown by DEXes on the network, Cardano’s state in terms of the DeFi space still hadn’t improved as its TVL continued to decline over the past month, falling from $59 million to $50 million in the last 30 days.
• Stakers on the Cardano network continued to support the blockchain, with the number of stakers on the Cardano network increasing by 8.92% in the last 30 days, according to Staking Rewards.

The Cardano network has been steadily increasing its presence in the DeFi space, with the launch of several decentralized exchanges (DeXs) and the introduction of a range of new features and products. Amongst them, MELD DeFi, a popular Decentralized Exchange (DeX) on the Cardano [ADA] network, announced it would be expanding its reach and growth on 2 January by becoming a multi-chain protocol and launching on Avalanche in the coming months.

The DeX also recently received its Electronic Money Institute (EMI) license, which would allow the DEX to onboard American customers and be operational in over 100 countries. This was not the only DEX that showed improvements on the Cardano network as Miniswap, a successful DeX on the Cardano network, also showed growth over the recent past. Dapp Radar reported that the number of unique active wallets on the DEX increased by 11.85% in the last seven days, while the number of transactions on the DEX grew by 10.51% during the same period.

However, despite the promising developments in the DeFi space, Cardano’s TVL continued to decline over the past month, falling from $59 million to $50 million in the last 30 days. This impacted the revenue collected by the network as well, which also fell by 21.05% in the same time frame, according to Token Terminal.

Fortunately, the network’s stakers remained positive, with the number of stakers on the Cardano network increasing by 8.92% in the last 30 days, according to Staking Rewards. This suggests that stakers are confident about the network’s prospects, and are optimistic about the future of the network.

Overall, the Cardano network has seen some promising developments in the DeFi space, with the launch of a number of successful DeXs and the introduction of new features and products. However, despite these developments, the network’s TVL has continued to decline, which has impacted the revenue collected by the network. Fortunately, stakers remain confident about the network’s prospects, and are optimistic about its future.