Cardano TVL in DeFi has surpassed Kusama and Polkadot's canary network

After having the value locked in its smart contracts balloon by about $100 million this month, the Cardano (ADA) network has eclipsed Kusama (KSM), Polkadot's canary network, in total value locked in its decentralized apps.

Cardano surpassed Kusama in terms of TVL

According to data from DeFiLlama, a decentralized financial analytics platform, the Cardano network now has roughly $293.5 million in total value locked over six tracked protocols. On the other hand, Kusama has $290 million spread across 52 protocols.

Total Value Locked (TVL) for a DeFi protocol, according to Binance Academy, is the total amount of funds locked inside that protocol. "The TVL locked in Ethereum projects is often quantified in ETH or USD," for example.

It's worth noting that Kusama is a Polkadot network pre-production environment that lets developers to experiment with and test new blockchains or applications before publishing them on the main network.

Cardano's first useable DeFi application was released in January after an under-the-radar debut. Since then, MuesliSwap's total value locked has increased to $12.5 million. Meld ($MELD) is ahead of it, with over $68 million in TVL.

SundaeSwap, a "native, scalable decentralized exchange and automated liquidity provision protocol" backed by cFund, Alameda Research (a quantitative cryptocurrency trading firm and liquidity provider founded by FTX CEO Sam Bankman-Fried), and Double Peak Group, is at the forefront of Cardano's DeFi ecosystem."

Minswap, a decentralized exchange that had its total value locked climb 400 percent in a week after launching and today has $94 million locked on it, is the force behind it.

Charles Hoskinson, co-founder and CEO of IO Global, the company in charge of Cardano's research and development, said earlier this month that "we ain't seen nothing yet" when it comes to TVL on Cardano, as several projects await the Vasil hard fork combinator (HFC) event, which is expected to happen in June.

According to reports, the number of addresses holding ADA for the long term increased by 32.1% to 408,000 last month, following increasing by 10.9% in January and 5.78% in December, implying that HODLers are continuing to accumulate the cryptocurrency.