DeFi Llama data shows a huge increase in total value locked (TVL), FluidTokens, which is a Cardano-based loan protocol. As more projects launch on mainnet, this blockchain has seen a rise in ecosystem growth since the deployment of its smart contracts capabilities.
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DeFi Llama reports that the Cardano-based lending platform and borrowing platform saw a 20 percent increase in TVL over the last week, and an additional 56,600% in TVL in the hour. FluidTokens won the 7ThPosition in terms TVL at $24,200
It is still far less than WingRiders which has a TVL of $50 million and Minswap which has a TVL of $37 million. FluidTokens, however, has been online for over a year and has been consolidating key partnerships that suggests this trend might continue.
The team behind this project has announced via Twitter a partnership agreement with Eternl, which is a Cardano lighter wallet provider. The collaboration will allow users to access FluidTokens products “from any device”.
The platform also allows liquidity to be provided for Cardano projects. Users will be able to trade Yummi Universe Non-Fixible Tokens (NFTs), which is a well-known project on the blockchain. The platform also allows users to have access to a new application: using digital assets for liquidity.
DeFi Llama also provided additional data that shows a surge in FluidTokens token and USD inflows during the last week. These figures could reflect the announcements made during June and Jul about partnerships and collaborations.
The protocol will soon enable the staking of its native token FLUID, and it will continue to consolidate the sponsorships by DAO investment funds. To further encourage users’ activity, additional functions will be added to the platform by the close of the year.
Cardano Follows General Market Trend
The Cardano ecosystem has been expanding at a fast pace and has generated a lot of attention due to its “Vasil” Hard Fork Combinator (HFC) event. At the time of writing, ADA’s price trades at $0.44 with a 4% profit in the last 24 hours and a 4% loss over the past week.
The upcoming HFC “Vasil” will implement network updates and improvements to the Cardano blockchain. This should contribute to ADA’s price and bring bullish momentum to the cryptocurrency.
Cardano trending towards the downside has been more prominent than the other top 10 cryptocurrencies by market capital. This may be due to the overall risk-off mood in the crypto market.
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Data from Material Indicators records significant resistance for ADA’s price as it climbs from its current levels. Major resistance is expected to be over $2million in asked orders. It will face resistance around $0.50 if it can reach this point.
