In recent years, the importance of market makers in crypto has been demonstrated. By enabling efficient trading, DeFi protocols have a significant impact on the valuations of crypto ecosystems. Most recently, the Cardano ecosystem grew by 13.3% in the last quarter of 2024.
The main reason for this growth was the effect of DeFi platforms such as Liqwid and Splash. These platforms have brought significant liquidity to Cardano, boosting its overall valuation. Now, Elluminex hopes to do the same for TON, currently the fastest-growing blockchain network.
Cardano’s TVL Rises 13.3% Thanks To Liqwid
After years of sluggish growth, Cardano’s (ADA) fortunes are finally turning. Since November last year, Cardano rose from $0.3 to its current price of $1.08. While a part of this growth was due to the recent market rally, figures also reveal another major factor.
Notably, the total value locked (TVL) of the Cardano ecosystem rose 13.3% in the last quarter of 2024. This was largely due to the launch of DeFi protocols like Liqwid and Splash. These DeFi hubs brought significant liquidity to Cardano, helping it attract capital to its ecosystem.
Liquidity is a key factor in crypto markets. As a measure of the total amount of available trading capital, it has a major influence on the markets. For one, high liquidity stabilizes asset prices, avoiding violent swings in valuations. At the same time, the increased price stability makes traders more likely to invest.
For these reasons, the growth of key DeFi protocols had a significant impact on Cardano’s TVL. What is more, the added liquidity will likely help boost the entire ecosystem, attracting more developers to the chain.
TON Sees Impressive Growth, Despite DeFi Challenges
Telegram’s TON has been one of the fastest-growing networks last year. With a cumulative TVL increase of 800%, it has seen impressive growth. However, its price increase did not mirror this growth, largely due to liquidity issues.
More recently, TON has also seen significant ecosystem news. For one, an Ethereum meme coin launchpad has recently joined TON. GraFun has become a top-performing memecoin platform on TON. This is significant, as meme coins have the potential to drive significant engagement.
Still, TON also faced challenges, as its growth was limited due to the relatively lesser liquidity on the chain. For one, TON lacks a dedicated DeFi platform, comparable to Cardano’s Liqwid. This is what Elluminex hopes to solve.
Elluminex To Fix TON’s Liquidity Issues
The upcoming DeFi platform Elluminex (ELX) claims to be the solution for TON’s liquidity issues. As a low-slippage, self-custodial DEX, Elluminex could be the Uniswap TON has waited for.
As seen in the recent growth of Cardano’s ecosystem, liquidity platforms are key for any blockchain network. Earlier, Uniswap contributed to a similar growth of Ethereum’s network. Similarly, Pancakeswap did the same for BNB.
Thanks to its cross-chain bridges, Elluminex will enable cross-chain swaps across 40 major chains. This will connect the relatively isolated TON to these chains, giving it a significant boost in liquidity. At the same time, these bridges enable developers to build real multi-chain applications, boosting interoperability across networks.
If Elluminex grows as Cardano’s Liqwid did, TON has the potential to rival the biggest chains out there. This is why many TON traders are looking at this project with much anticipation.
For more information about Elluminex (ELX) visit the links below:
Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex
The post Liqwid Led Cardano’s TVL To Surge By 13.3%. Elluminex Is Poised To Repeat This Feat On TON appeared first on ETHNews.
