• Cardano is preparing to launch over 60 decentralized finance projects

  • Following the inclusion of Cardano’s smart contract feature last year, various decentralized finance (DeFi) protocols are likely to be deployed on the network.

    The number of decentralized finance-related projects created on Cardano has increased dramatically, according to data on the BuiltOnCardano website.

    Developers choose the Cardano network over other blockchains such as Ethereum and Solana, which have experienced constant network congestion on multiple occasions.

    Projects by Defi:

    Among the most notable projects are:

    Marlowe is a special-purpose language that allows anyone to create and execute P2P financial contracts on any blockchain.

    Cardano DeFi Alliance: A group of DeFi projects working together to standardize Plutus and Cardano best practices in the DeFi ecosystem.

    Empowa is a decentralized, green real estate development platform aimed at the African market. Using the global community’s strength to empower people on the ground.

    Theos: A decentralized, NFT-based economy that takes advantage of the inherent capabilities of NFTs to deliver instant valuations and convert them into instant liquidity.

    Kick is a decentralized crowdfunding platform and project accelerator where token holders can earn rewards for endorsing projects.

    26 Cardano-based Decentralized Exchanges

    According to the statistics, there are currently 61 DeFi projects, including 26 decentralized exchanges (DEXs) built on Cardano.

    Cardano-based decentralized exchanges include ADA Finance, Ray Network, Occam.Fi, YaySwap, Cardax, Matrixswap, and Meowswap.

    While a total of 26 decentralized exchanges (DEXs) are still in the works to make their formal debut on the Cardano network, it is worth noting that six DEXs have already opened on the blockchain.

    SundaeSwap was the first decentralized exchange to completely launch on Cardano after adding smart contract capability.

    SundaeSwap’s introduction prompted enthusiasm among Cardano aficionados, who rushed to use the site.

    Although SundaeSwap encountered a minor malfunction in the early hours of its launch, the problem was quickly fixed, rekindling interest from other DEXs.

    As of press time, there are six decentralized exchanges running on Cardano: ADAX Pro, MuesliSwap, VyFinance, Meld, and Minswap.

    Dominance of SundaeSwap

    Cardano supporters appear to be more at ease with SundaeSwap, the trading platform with the biggest total value locked (TVL) in USD among the network’s six decentralized exchanges.

    Cardano TVL, which peaked at $13.86 million a few days ago, is now at $120 million, with SundaeSwap holding 98.5 percent of the value ($118.57 million).

    Cardano’s TVL is projected to skyrocket as additional decentralized exchanges launch on the network.

    Investors’ Belief in ADA Rises

    Meanwhile, Cardano’s regular deployment of decentralized exchanges has had little impact on the value of its native coin, ADA.

    ADA, which began trading around $1.3 in January 2022, is now trading for less than $1. Meanwhile, many investors are unconcerned about ADA’s underperformance because they believe the cryptocurrency will outperform other digital currencies this year.

    With this clear view, investors are amassing cryptocurrencies below the $1 price level.

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