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Cardano Upgrade Aims to Improve Cross-Chain Features as On-Chain DeFi Crosses $100M TVL

An upcoming upgrade on Cardano will make enhancements to cross-chain functionality for decentralized finance applications (dapps) building on the network, developers tweeted Thursday.

The proposal was submitted on Wednesday and will take effect on Feb.11 at 00:00 UTC, as per tweets from Cardano code maintainer IOG. The upgrade will initially be tested in a virtual testing environment that mimics real-world performance before it is eventually released on mainnet.

The upgrade comes as Cardano-based DeFi applications crossed $100 million in total locked value (TVL) last week, an eight-month high. DeFi exchanges Minswap and Wingriders account for over 50% of this TVL, DeFiLlama data shows.

(By Shaurya Malwa)

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