Wingriders, Cardano-Based Decentralized Project, gained 8,000% in TVL

Wingriders, a Cardano-based decentralized trading platform with native and rapid automated market technology, has gained about 8,000 % to its TVL in the last seven days, according to network-tracking, DeFiLIama. Between April 12 and April 13, the total worth of funds locked in the project increased by more than $41 million. The sharp rise seen in the tracking service is not due to natural demand.

The significant increase is due to the platform’s official release, and the $500,000 that remained previous to the listing was most likely owned by users who participated in the DEX’s closed testing.

According to the TVL redistribution, the number of decentralized projects on Cardano has climbed to 10, showing the network’s fundamental growth. According to some analysts, Cardano has approximately 20 projects that are not yet publicly listed or are in the final stages of development.

Cardano is preparing to launch the first stablecoin solutions supported by the network, in addition to decentralized trading platforms. We’ve explored what’s in waiting for Cardano fans following IOHK’s announcement of 10 significant changes to the ecosystem.

The lengthy post mentioned collaborations with farms that are intended to deliver liquidity and staking to decentralized finance platforms. Limit swaps and the deployment of the Cardano-based stablecoin Djed have been announced by platforms such as MuesliSwap.

Cardano Market Performance

Unfortunately, a variety of network updates, the installation of new technologies, and the overall growth of the network do not appear to be enough for cryptocurrency investors, as Cardano remains one of the market’s worst losses, with a 25% loss in the previous 14 days. Between March 16 and April 1, ADA lost over 70% of its previously obtained value, and it now trades at $0.9.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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