The DeFi ecosystem of Terra and Cardano continues to grow. Currently, the liquidity deposited on these blockchains has reached new all-time highs.
Decentralized finance (DeFi), one of the biggest innovations born within the blockchain industry, is transforming the way we access financial services and products. From the protocols built in this ecosystem, it is possible to obtain loans, liquidity, yield and more, in an autonomous and decentralized way, without the need for banks or intermediaries.
Although the liquidity deposited in the DeFi ecosystem in general has decreased this 2022, decentralized financial services continue to boom, especially those that are built on networks. blockchain focused on scalability, such as Terra and Cardano. So far this year, the liquidity deposited within these blockchains has increased exponentially.
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Terra and Cardano grow in DeFi
Terra is currently positioned as the second most important blockchain by TVL (Total Value Locked) within the DeFi ecosystem. The liquidity deposited in this blockchain built by TerraLabs has grown by nearly 44% this year, showing a TVL of $26.600 billion. At the beginning of January, the TVL on Terra was approximately $18.450 billion, according to data from the platform. DeFi Llama, which means that more than $8.000 billion has been deposited into the various decentralized protocols based on this blockchain in the last 3 months.
Source: DeFi Llama
Cardano, which ranks ninth cryptocurrency The most important blockchain network in the industry, it is also one of the DeFi ecosystems that have gained the most popularity in 2022. The blockchain network founded by former Ethereum developer Charles Hoskinson opened its doors to the decentralized finance ecosystem in September last year with the launch of the Alonzo update, giving way to the smart contracts on mainnet.
Since then, the third-generation blockchain has seen an impressive surge in new DeFi protocols and users. In fact, data from DeFi Llama indicates that Cardano TVL has increased by more than 2022% since the beginning of 30.000, reaching a total liquidity of $274 million at the time of writing. As of January, the liquidity deposited in Cardano was just around $820.000.
Source: DeFi Llama
By liquidity deposited in decentralized finance, Cardano ranks as the #25 blockchain, surpassing the DeFi ecosystem of EOS, Theta Network, and Oasis.
Over $200.000 billion in DeFi
In total, the blockchain-based decentralized finance ecosystem has $209.490 billion in liquidity. This ecosystem is dominated by the Ethereum network, which holds more than 55% of DeFi TVL within its platform. Ethereum is followed by the Terra, Binance Smart Chain, and Avalanche networks.
The most liquid protocol within the DeFi ecosystem is Curve Finance, a decentralized exchange protocol or DEX designed for stablecoins. At the time of writing, Curve Finance has over $18.300 billion in liquidity.
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