The total value of assets locked (TVL) on Cardano-based overcollateralized stablecoin Djed crossed $10 million during the first 24 hours of its launch, according to DeFillama data.

Cardano’s ADA is up 4% over the last 24 hours to $0.38 as of press time, according to CryptoSlate data. The layer1 (L1) blockchain network token has risen by over 50% in the last 30 days.

Meanwhile, Cardano’s DeFi activity has also benefited from Djed’s launch. The total value of assets locked within the ecosystem rose by 22% to $91.4 million in the last 24 hours.

(By Oluwapelumi Adejumo)