The price of Cardano (ADA) has been on a downward trend since its all-time high of $3.10 in September 2021. As of May 31, 2023, ADA is trading at around $0.379 per token. This represents a decline of over 70% from its all-time high.
Despite the decline in price, the DeFi activity on Cardano’s network has continued to grow. As of May 31, 2023, the total value locked (TVL) in Cardano’s DeFi ecosystem is over $446 million. This represents a growth of over 1,000% since the start of the year.
The growth of DeFi on Cardano is being driven by a number of factors, including:
- The launch of new DeFi protocols, such as Minswap and SundaeSwap.
- The increasing popularity of decentralized finance (DeFi).
- The growing demand for yield farming opportunities.
The growth of DeFi on Cardano is a positive sign for the network. It suggests that Cardano is becoming a more attractive platform for DeFi developers and users. This could lead to further growth in the DeFi ecosystem on Cardano, which could in turn help to drive the price of ADA higher.