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New data from crypto insights firm Messari shows the Cardano (ADA) ecosystems rapid expansion over the last year.

In a new report, Messari says that Cardanos total value locked (TVL), or the amount of assets sitting within its protocols, has gone up 172% quarter over quarter (QoQ).

According to Messari, the recent launch of Cardano-stablecoins were the main drivers behind the growth.

Total value locked (TVL) denominated in USD on Cardano grew 172% QoQ from $50.8 million to $138.3 million. The recent adoption of new stablecoins was a catalyst for this growth, as they are a cornerstone of DeFi but were missing from the ecosystem.

Messari says that Minswap, an automated market maker (AMM) on Cardano, remains the chains leading decentralized exchange (DEX) as far as TVL, but decreased in dominance over the first quarter due to the emergence of several DeFi (decentralized finance) protocols, including ADA-backed stablecoin Djed.

The shift in dominance from incumbent DEXs to emerging DeFi applications is due to:

Messari says that in Q1 of this year, Cardano saw significant progress in technological developments such as advancements in scalability and VM (virtual machine) compatibility.

Last week, Cardano developers Input Output Global announced the launch of Lace, a new Cardano-native crypto wallet that supports hardware wallet integration and access to NFT (non-fungible token) marketplaces, decentralized apps (DApps) and DeFi services. Users can also stake ADA directly from the platform.

The developers say they are already working on new features that will be added to future releases as they promise to give Lace a slew of regular updates and enhancements.

The Lace team is already hard at work developing a DApp Store, a desktop app and digital identity solutions. Meanwhile, fiat on/off ramps, in-wallet swaps, a richer staking experience with multi-delegation, and a portfolio view are all in the pipeline.

Featured Image: Shutterstock/VectorBar/Mingirov Yuriy

Read more from the original source:

Cardano DeFi Ecosystem Explodes As Ethereum Rivals TVL Goes Up 172% Since Last Year: Crypto Insights Firm - The Daily Hodl