The total value locked (TVL) on Danogo, a popular decentralized exchange built on the Cardano blockchain, has experienced a staggering increase over the past week. Danogo has proudly highlighted this significant growth in TVL on its platform.
In a recent announcement, Danogo revealed that its TVL has surged by nearly ten times in just seven days. This remarkable milestone has solidified Danogo’s position as the leading Cardano-based protocol with the highest TVL change over the same period.
According to data attached to the announcement, Danogo’s TVL has spiked by an astonishing 921.43%, bringing the total value of assets locked on the platform to 4.1 million ADA, equivalent to $1.84 million.
It is worth noting that Danogo has surpassed its closest competitor by a significant margin. Fluid NFT Collateral Lending, the second-ranking project on the leaderboard, experienced a TVL surge of 98.21% during the past week.
Other Cardano-based protocols that have shown impressive TVL growth in the weekly charts include Lenfi, Optim Finance, and Levvy, ranking third, fourth, and fifth, respectively. The recorded weekly TVL changes for these protocols were 27.15%, 14.21%, and 12.22%.
However, despite Danogo’s surge in TVL, it still lags behind the leading Cardano protocols in terms of total value locked. Currently, the total value of assets locked on Cardano is approximately $251.33 million. The three most dominant protocols are Minswap, Indigo, and Liqwid, with TVLs of $68.08 million, $58.61 million, and $31.28 million, respectively.
According to data from DefiLlama, Danogo currently occupies the 14th position on the Cardano TVL leaderboard, with a TVL of $2.07 million. However, it is important to note that Danogo has experienced significant growth in a short period, with a 10.42% surge in the past 24 hours, a 561% increase in the past week, and a staggering 365% growth over the month.
Danogo is a decentralized exchange on the Cardano blockchain that facilitates the trading and listing of Bond Tokens issued by Optim without the need for intermediaries. The platform has recently seen a surge in user activity due to growing interest in Bond tokens. Just this week, Danogo announced the issuance of 1 million ADA Bond tokens within 24 hours.
Please note that this content is purely informational and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not represent the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic takes no responsibility for any financial losses incurred.