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- TeddySwap, the latest addition to the Cardano DeFi ecosystem, has garnered significant liquidity, attracting 502,000 ADA (approximately $196,000) shortly after its initial launch.
- TeddySwap’s launch coincides with Cardano’s notable growth in the DeFi sector, surpassing Bitcoin in total value locked (TVL) and reaching a new all-time high in ADA terms.
The Cardano DeFi landscape has been gaining substantial attention, witnessing increased user engagement with protocols and heightened developer activity on the network. Adding to this trend, TeddySwap has recently announced its official launch on the Cardano mainnet.
The mainnet release followed TeddySwap’s initial liquidity bootstrapping event, aimed at securing funds for its pools. As of the latest update, TeddySwap has successfully attracted 502,000 ADA (approximately $196,000) worth of liquidity within a few hours of its launch.
Currently, the decentralized exchange (DEX) facilitates users to swap between its native TEDY token and ADA. Looking ahead, TeddySwap has outlined plans to expand its support to other major pools, with a focus on ADA pairs against iBTC, iETH, and DJED.
n addition to its current offerings, TeddySwap has ambitious plans to tap into the stablecoin market on the Cardano network, aiming to establish itself as the premier trading platform for accessing stablecoins within the ecosystem.
The newly launched decentralized exchange (DEX) by TeddySwap is designed to be compatible with a variety of popular Cardano wallets, underscoring its commitment to reaching a broader audience. Users can seamlessly connect with well-known wallets such as Nami, Lace, and WalletConnect, and other options including Eternl Mobile and Exodus.
Aligning with the standard model of decentralized exchanges, TeddySwap enables liquidity providers to earn a conventional 0.3% fee for contributing to its pools. Moreover, users have the opportunity to earn TEDY tokens, and currently, TeddySwap liquidity pools serve as the exclusive source for obtaining these tokens.
Cardano’s Big Moves In DeFi, ADA Price Breakout
The introduction of TeddySwap comes amid a notable expansion within the Cardano DeFi ecosystem. Over the past month, Cardano’s total value locked (TVL) has exceeded that of Bitcoin and has reached a new record high in ADA terms.
As indicated in the chart above, Cardano’s TVL is experiencing a surge in USD terms, showing indications of surpassing its previous peak. The current TVL stands at $261.8 million, steadily approaching the high above $300 million recorded in April.
Simultaneously, the price of ADA has witnessed modest growth attributed to heightened DeFi engagement. Trading at approximately $0.39 at the time of writing, the eighth-largest cryptocurrency by market cap has seen a 6% increase in the past seven days.
In recent weeks, Cardano has established a consolidation range spanning from $0.35 to $0.385. The formation of this volatile range has ultimately propelled the ADA price into a bullish trajectory, with buyers successfully overcoming the overhead supply.
Benefiting from a double-bottom reversal amid market recovery, the Cardano uptrend is now challenging the $0.40 threshold. Presently, ADA is trading at $0.393, reflecting an intraday gain of 1.55%, while maintaining its position above $0.385.
Following a notable 6.72% surge on Wednesday, the cryptocurrency, ranked as the eighth-largest by market capitalization, is gaining increased momentum. As a result of such breakout events, Cardano price predictions are hinting at a potential rise to $0.50 in 2023.
