Pi (Pi Network) price declined by -15.85% as TVL in Cardano’s DeFi ecosystem surged by 20%

According to Defillama data, the total value of assets locked (TVL) in Cardano’s DeFi ecosystem rose by 20% from the previous day to reach $65.91 million. In contrast, Pi coin, a native cryptocurrency token of the Pi Network, is said to have dropped by -15.85% during the same time period on the CoinMarketCap platform, as of the time this report was written, to stand at $72.04.

Since Pi Network’s token was listed on roughly eight exchange platforms as IOUs, which the Core Team admitted was misleading and has the potential to cause asset loss if traded, the subject has gained traction on social media in the last two weeks.

Although the Core Team’s decision doesn’t appear to pose a substantial danger to the numerous exchanges that listed Pi, the price of IOUs continues to fluctuate daily and by various percentages on various platforms. Before starting to trade the Pi Coin, platforms like CoinMarketCap and Binance reportedly took measures by waiting for the Core Team to formally open the mainnet.

Cardano DeFi is dominated by Minswap.

The main DeFi protocol on Cardano is the decentralized exchange (DEX) Minswap, which, according to Defillama, accounts for 41.02% of the ecosystem’s total TVL.

The TVL of Minswap (MIN) increased by 13% over the previous 24 hours and by 22% over the previous seven days. The protocol had its final significant inflow of money on December 27, 2022, when more than $615,000 was deposited. The protocol, meanwhile, has witnessed over $2 million in outflows since January 1.

The native token of the DEX, MIN, also responded favorably to the higher TVL, increasing more than 15% in the previous day to $0.01401.