DeFi Lama . data aggregator said Cardano is starting to make inroads into the decentralized finance sector. The project achieved this thanks to an under-control DeFi service that went live at the beginning of the new year.
Recently, Cardano has received many complaints about the lack of usable dApps (decentralized applications). Critics say it’s been about 4 months since the chain got smart contract functionality but the ecosystem is struggling to gain traction.
Throughout this period, Input Output (IO) CEO Charles Hoskinson has pointed out many of these concerns. Most recently, during a year-end live stream, Hoskinson said a huge DeFi ecosystem is starting to emerge.
However, skeptics say the talk is cheap and Hoskinson’s words do not yield a working, usable and significant dApp ecosystem.
However, two days after the livestream, Cardano received its first usable DeFi dApp.
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DeFi is officially available at Cardano
Since Alonzo went live on September 12, the Cardano ecosystem has been under growing pressure. Hundreds of projects on DEXs (decentralized exchanges), wallets, DeFi, meme coins, stablecoins, oracle and NFT, etc. are in progress.
With SundaeSwap’s very public testnet in early December, not to mention IO’s partnership with the team to ensure the testnet runs smoothly, many people think that SundaeSwap will be the first usable DeFi dApp to go live. .
However, a month later, SundaeSwap is still not ready to launch mainnet. Other candidates for a first usable DeFi dApp include Ergo and Liqwid.
But above all is MuesliSwap according to DeFi Lama, which went live on January 2nd and currently has a total value of locked (TVL) of $845,000, representing 100% of the DeFi ecosystem on Cardano.
MuesliSwap is a DEX with launchpad functionality that also runs on the Bitcoin Cash blockchain.
The source: defilama.com
Accordingly, Cardano is ranked 78th out of 87 blockchains listed on DeFi Lama, well above lesser known chains like Ubiq, Hoo, and Liquidchain.
At the top of the list is Ethereum with $158 billion TVL. Terra is second, behind Ethereum in terms of TVL, with a locked value of $20 billion. As such, Cardano has a long way to go to be called an “Ethereum killer” in this respect.
The work is not done yet
While it is encouraging that Cardano is now showing new progress, in livestream Most recently, Hoskinson said there’s more to come in 2022.
Specifically, Hoskinson mentions “finding the best spot as a community.” In other words, while the platform already has DeFi, IO still needs to fine-tune the protocol, making sure the field performs as well as possible. This requires the development of better scalability, greater interoperability, and continued research into governance.
“Cardano is our attempt as a community to try to reflect development and promote it. There’s been a bit of protocol change, scalability, and a lot of talk about interoperability, features, and a lot of work done on governance.”
Regarding the overall message, he highlighted the scale of work that has gone into Cardano’s operations so far and what will happen in terms of future proofing.
That way, the community can rest assured that the project will be viable for decades to come, if not indefinitely due to its governance setup.
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