Cardano's DeFi TVL was briefly outpaced by Base during the trading session on 22 August. While the chain has regained dominance, a look at the network's performance in the last month showed a general decline.
While it started the year with a low TVL of $64.85 million, the past few months have been marked by a surge in the protocol’s assets. According to DefiLlama, these have grown by 197% in the last eight months., the growth in the network’s TVL, particularly in the second quarter, has been due to the enlargement of its stablecoin market.
Between April and June, the total stablecoin market capitalization on the network grew by 34.9% from $10.0 million to $13.5 million. So far this year, Cardano’s stablecoin market capitalization has risen from 54th to 37th place among other networks. However, on a broader assessment, Cardano’s TVL has plummeted significantly in the last year. Peaking at $434 million on 28 March 2022, Cardano’s DeFi vertical has since shed over 50% of its value. This drop is attributable to the severe bearish conditions that marked the 2022 trading year.Cardano has experienced a general network decline in the last month. While its TVL has fallen by 16% during that period, user activity on the chain has also trended downwards.
also slowed. Per Artemis, the total number of transactions registered on-chain in a rolling 24-hour period between 23 July and 21 August fell by 32%.Regarding its DeFi vertical, trading activity on the decentralized exchanges housed on Cardano peaked on 7 August. But it has since begun to trend downward. With $2.72 million recorded in DEX volume on 22 August, a 79% decrease was recorded in the last 15 days.
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