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- Danogo, a Cardano-based decentralized exchange, had a staggering 921% increase in Total Locked Value (TVL) in the last seven days.
- However, it failed to make it into the top ten projects with the highest TVL on Cardano, as Minswap, Indigo and Liqwid dominate the category.
Leading Cardano-based decentralized exchange (DEX) Danogo takes the lead in a dramatic rise to record the highest total locked value (TVL) change in the last seven days. In a post X, Danogo revealed that its TVL increased nearly tenfold (921.43%) to overtake the second project on the leaderboard by a considerable margin, bringing its exact value to ADA 4.1 million ($2 million) .
Behind Danogo was Fluid NFT Collateral Lending, which also secured the second position with a 98.21% rise over the same time frame.
The third, fourth and fifth positions were occupied by Lenfi, Optim Finance and Levvy with LTV variations of 27.15%, 14.21% and 12.22% respectively.
Surprisingly, this staggering weekly percentage change was not enough to place Danogo among the leading Cardano-based protocols by TVL. Our research shows that total TVL on Cardano at the close of this issue was $251.33 million.
Of that total, Minswap, Indigo and Liqwid had the highest contribution with $68.08 million, $58.61 million and $31.28 million respectively.
According to DefiLlama data, Danogo’s TVL of $2 million placed it in 14th position. In addition, DEX was noted to have lost some of its percentage gains in the last few hours, bringing the 24-hour gain to 10.42%, and the seven-day gain to 561%. Over the past 30 days, the exchange has recorded a monthly growth of 365%.
Current status of Cardano (ADA)
Over the past few months, Danogo has adequately facilitated the trading and listing of Optim-issued bond tokens without the need for central intermediaries.
For analysts, the recent increase in user activity is due to the growing interest in Bond tokens, along with the recent increase in Cardano’s total DEX trading volume, which exceeded 23 million A DA, Crypto News Flash reported.
Despite these activities across the crypto landscape , Cardano’s TVL (ADA) has registered a considerable drop from $430 million to $250 million according to Artemis data. For analysts, this is an indication of the lack of interest in dApps built on the Cardano network.
In addition, the NFT space on Cardano has plummeted, with popular NFT collections posting a dramatic drop in floor price and overall trading volume over the past month. Unfortunately, this could dampen investor sentiment and negatively affect ADA’s price.
At press time, ADA was trading at $0.44, after falling 3% over the past seven days and 37% over the past 90 days. Its 24-hour trading volume has also been affected, down 14% to $260 million.
In recent weeks, the asset has trended lower with multiple lower lows and lower highs. Its bearish status is supported by key indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF), which point to declining bullish momentum.
Beyond these indicators, the ADA velocity, which reveals the frequency of token trading, has declined significantly. The MVRV ratio, which also measures profitability for token holders, has fallen, painting a blurry picture of ADA’s future prospects.
