Cardano DeFi Surges with TeddySwap Launch, Attracting $196,000 in Liquidity

Cardano

Despite a historic surge in its DeFi sector, Cardano enthusiastically embraces TeddySwap, a new entrant in the decentralized exchange (DEX) arena. TeddySwap, launched on the Cardano (ADA) mainnet, aspires to dominate the DEX market, enhancing liquidity within the network.

This development comes amid a noteworthy surge in interest and participation within the Cardano DeFi ecosystem. Users increasingly engage with protocols, and developers actively contribute to the network’s growth. TeddySwap, aligning with this trend, proudly unveiled its launch on the Cardano mainnet this Friday.

Before the mainnet release, TeddySwap orchestrated an initial liquidity bootstrapping event to secure funds for its pools. 

Impressively, within hours of launch, TeddySwap garnered 502,000 ADA (approximately $196,000) worth of liquidity.

Currently, TeddySwap facilitates seamless swaps between its native TEDY token and ADA. However, the project has ambitious plans to expand its support to other major pools, including ADA pairs against iBTC, iETH, and DJED.

Looking ahead, TeddySwap eyes the stablecoin market on Cardano, aspiring to establish itself as the premier trading platform for traders seeking access to stables on the network.

Related article: Cardano Founder Pitches AI Partnership to Sam Altman

TeddySwap Enters the Growing DeFi Landscape of Cardano

TeddySwap’s newly launched DEX accommodates a variety of popular Cardano wallets. Notable options include Nami, Lace, and WalletConnect, along with additional choices such as Eternl Mobile and Exodus.

In line with the standard practice among DEXes, TeddySwap offers liquidity providers a 0.3% fee for contributing to its pools.

Additionally, users earn TEDY tokens, with TeddySwap liquidity pools currently standing as the exclusive source for obtaining this token.

In the context of Cardano’s flourishing DeFi space, TeddySwap’s launch follows a period of remarkable growth. Over the past month, Cardano’s total value locked (TVL) has surpassed Bitcoin’s and achieved a new all-time high in ADA terms.

As illustrated in the chart above, Cardano’s TVL is experiencing a surge in USD terms, poised to surpass its previous high. The current TVL stands at $261.8 million, steadily approaching the peak above $300 million recorded in April.

Simultaneously, ADA’s price has witnessed moderate growth, propelled by heightened DeFi activity. The eighth-largest cryptocurrency by market cap is presently trading around $0.389, reflecting a 4.44% increase over the past seven days.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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