In a stark contrast of fortunes, the Pi coin, the native cryptocurrency of the Pi Network, experienced a significant decline of -15.85% in its price, while the total value locked (TVL) in Cardano’s decentralized finance (DeFi) ecosystem surged by 20%.
As reported by CoinMarketCap, the price of Pi coin plummeted to $31.04, marking a notable decrease during the same period when Cardano’s DeFi ecosystem witnessed a substantial increase in TVL. This decline follows recent controversies surrounding the listing of Pi token on various exchange platforms.
The Pi Network Core Team has expressed concerns about the listing of Pi token as IOUs on multiple exchanges, highlighting the potential risks associated with trading these tokens. Despite the Core Team’s warnings, the price of Pi coin continues to fluctuate across different platforms, causing uncertainty among investors.
Cardano’s DeFi Surge
In contrast to Pi coin’s decline, the TVL in Cardano’s DeFi ecosystem experienced a remarkable surge, reaching $65.91 million. Minswap, the leading decentralized exchange (DEX) protocol on Cardano, dominates the ecosystem with a 41.02% share of the total TVL.
Minswap witnessed a significant influx of funds, with its TVL increasing by 13% over the previous 24 hours and 22% over the past seven days. Despite substantial inflows, the protocol has also experienced significant outflows since the beginning of the year, indicating fluctuations in user activity.
In response to the higher TVL, the native token of Minswap, MIN, saw a positive uptick in its price, surging by more than 15% to reach $0.01401.
The contrasting movements in the prices of Pi coin and the TVL in Cardano’s DeFi ecosystem underscore the dynamic nature of the cryptocurrency market. While Pi coin grapples with controversies and price volatility, Cardano’s DeFi sector continues to attract significant investment and interest from participants. Read Similar Story
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