The total value of assets locked on Cardano's decentralized finance ecosystem reached an all-time high of 417.7 million coins on May 14, indicating a thriving DeFi ecosystem. The TVL has since dropped to 409.86 million coins, but DeFi activities on Cardano have consistently grown since the start of the year. Minswap is the dominant DeFi protocol on Cardano, accounting for $55.7 million of the total TVL. Over 1000 Plutus V1 smart contracts have been recorded on Cardano in 2023, but the activity level still pales significantly compared to Ethereum. Despite the increase in network activity and TVL, ADA continues to trade under $1.