The total value locked (TVL) on the Cardano (ADA) ecosystem has soared past the $700 million mark as it recovers from the cryptocurrency bear market that saw it drop to a $50 million low back in November 2022.

According to DeFiLlama data, there are currently $709 million locked in smart contracts on the Cardano network, up from little over $53 million after the collapse of popular cryptocurrency exchange FTX.

The largest decentralized application by total value locked on Cardano is ~lending platform Liqwid, with around $176 million in TVL, and it’s followed by decentralized exchange Minswap, which has $138 million in TVL, and by collateralized debt protocol Indigo, with $101.9 million.

TVL is often seen as a key indicator of the health and trust in a DeFi ecosystem, as it reflects the growing interest and adoption of the network by investors. An increase in TVL usually signals rising confidence in the project.

In addition to the TVL growth, Cardano’s decentralized exchanges (DEXs) reported a trading volume of $33.85 million in the last 24 hours, a new high for the network, which has also been greatly benefiting from a surge in the price of its native token ADA.

According to available data, ADA is currently trading at $1.26 after surging by more than 275% over the last 30-day period, from around $0.333. In the last week alone, ÂDA’s price surged by more than 38.6%.

As CryptoGlobe reported, the total amount of transaction fees paid on the smart contract platform Cardano has recently hit its highest level in two and a half years, reaching levels that hadn’t been seen since March 2022 at 279,000 ADA.

On top of that, the number of ADA token holders has been steadily growing since July 2022, according to data from IntoTheBlock, which to the analyst suggests “growing confidence in the Cardano blockchain.”