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TeddySwap, a decentralized exchange (DEX) on the Cardano blockchain, has recently launched and quickly attracted significant liquidity. Within hours of its launch, TeddySwap secured 502,000 ADA (approximately $196,000) worth of liquidity. The DEX allows users to swap between its native TEDY token and ADA, with plans to expand support to other major pools in the future. TeddySwap aims to become the premier trading platform for accessing stablecoins within the Cardano ecosystem. The DEX is compatible with popular Cardano wallets such as Nami, Lace, and WalletConnect. Liquidity providers on TeddySwap can earn a 0.3% fee and users have the opportunity to earn TEDY tokens. The launch of TeddySwap coincides with Cardano’s notable growth in the DeFi sector. Cardano’s total value locked (TVL) has surpassed that of Bitcoin and reached a new all-time high in ADA terms. The TVL currently stands at $261.8 million, approaching the previous high of over $300 million. The price of ADA has also seen modest growth, trading at approximately $0.39 with a 6% increase in the past seven days. Cardano’s uptrend is challenging the $0.40 threshold, with predictions hinting at a potential rise to $0.50 in 2023.