Why This Cardano Based Lending Platform Records A 20% Up In TVL

Data from DeFi Llama records a massive increase in the total value locked (TVL) of FluidTokens, a Cardano-based lending protocol. This blockchain deployed its smart contract capabilities in late 2021 and has been experiencing a spike in ecosystem growth as more projects are launched on mainnet. Related Reading | When Will The Extended Stretch Of Extreme Fear In Crypto End? According to DeFi Llama, the Cardano-based lending and borrowing platform has seen a 20% increase in its TVL for the past week and a 56,600% increase in its TVL during the past hour. FluidTokens managed to take the 7th position in terms of TVL with $24,200. This is far below the number one protocol in terms of TVL, WingRiders, which records $50 million, and the second protocol in the ranking, Minswap, which records $37 million. However, FluidTokens has been live for over a month and has been consolidating important partnerships which suggests the trend could extend. Via Twitter, the team behind the project announced a partnership with Eternl, a Cardano light wallet provider. The collaboration will allow users to access FluidTokens products “from any device”. In addition, the platform has been enabling liquidity for other Cardano projects. The platform will allow users to trade with Yummi Universe non-fungible tokens (NFTs), a popular project on this blockchain, and allow users to access a new use case: using their digital assets to obtain liquidity. Fur...