Danogo, a decentralized exchange built on the Cardano blockchain, experienced an astounding 921% surge in Total Locked Value (TVL) in the past week. Despite this impressive growth, Danogo did not make it into the top ten projects with the highest TVL on Cardano. Instead, Minswap, Indigo, and Liqwid dominated the category.
The leading Cardano-based decentralized exchange, Danogo, saw a remarkable increase in TVL over the last seven days. In an announcement, Danogo disclosed that its TVL skyrocketed by nearly tenfold, reaching ADA 4.1 million ($2 million) and surpassing the second-ranked project by a significant margin.
Following closely behind Danogo was Fluid NFT Collateral Lending, securing the second position with a 98.21% increase in TVL during the same time frame. Lenfi, Optim Finance, and Levvy occupied the third, fourth, and fifth positions, respectively, with TVL variations of 27.15%, 14.21%, and 12.22%.
Despite the impressive weekly growth, Danogo did not achieve a top-ranking position among Cardano-based protocols in terms of TVL. Research indicates that the total TVL on Cardano at the end of this period was $251.33 million, with Minswap, Indigo, and Liqwid making the highest contributions of $68.08 million, $58.61 million, and $31.28 million, respectively.
According to DefiLlama data, Danogo’s TVL of $2 million placed it in the 14th position. Furthermore, the DEX experienced a slight decrease in its percentage gains in the past few hours, resulting in a 24-hour gain of 10.42% and a seven-day gain of 561%. Over the past 30 days, the exchange has recorded a monthly growth of 365%.
Currently, Danogo has played a significant role in facilitating the trading and listing of Optim-issued bond tokens without the need for central intermediaries. Analysts attribute the recent surge in user activity to the increasing interest in Bond tokens and Cardano’s rising DEX trading volume, which exceeded 23 million ADA.
Despite these activities, Cardano’s TVL has experienced a significant drop from $430 million to $250 million, according to Artemis data. Analysts interpret this as a lack of interest in dApps built on the Cardano network. Additionally, the NFT space on Cardano has seen a decline, with popular NFT collections witnessing a sharp decrease in floor price and overall trading volume in the past month. Unfortunately, this may dampen investor sentiment and negatively impact ADA’s price.
At the time of writing, ADA is trading at $0.44, marking a 3% decrease in the past seven days and a 37% decrease in the past 90 days. The 24-hour trading volume has also been affected, declining by 14% to $260 million.
In recent weeks, ADA has been on a downward trend, with multiple lower lows and lower highs. Key indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) support its bearish status, pointing to declining bullish momentum. Additionally, the ADA velocity, which measures the frequency of token trading, has seen a significant decline. The MVRV ratio, which measures profitability for token holders, has also fallen, creating uncertainty about ADA’s future prospects.
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