The first usable Cardano DeFi dApp goes live, and it’s not SundaeSwap
Data aggregator DeFi Lama adds Cardano marking the start of the project’s foray into decentralized finance. It happened thanks to an under-the-radar DeFi offering that went live at the start of the new year.
Recently, Cardano has felt the heat of its lack of usable dApps. Critics say it’s been about four months since the channel had smart contract functionality, and yet the ecosystem is struggling to gain traction.
Throughout this time, Input Output (IO) CEO Charles Hoskinson has responded to these concerns. Most recently, during a year-end live stream, Hoskinson said that a huge DeFi ecosystem is starting to show up.
Nonetheless, the skeptics among us would say that talking is cheap. And that Hoskinson’s words do not support an important functional and usable dApp ecosystem.
However, two days after the live stream in question was released, Cardano gets its first usable DeFi dApp.
Cardano DeFi is officially here
Since Alonzo went live on September 12, the Cardano ecosystem has been under pressure to grow. Hundreds of projects across DEXs, Wallets, DeFi, Even Coins, Stables, Oracles, and NFTs, to name a few categories, are underway.
Given SundaeSwap’s highly publicized test network in early December, not to mention IOs collaboration with the team to ensure a smooth test network, many speculated that SundaeSwap would be the first usable DeFi dApp to go live.
However, a month later, SundaeSwap is not ready for its mainnet launch. Other contenders for the first usable DeFi dApp include Ergo and Liqwid.
But surpassing them all was MuesliSwap, which DeFi Lama said went live on January 2 and currently has a Total Locked-In Value (TVL) of $ 845,000, representing 100% of the Cardano DeFi ecosystem.
MuesliSwap is a DEX with a launch pad functionality that also runs on the Bitcoin Cash blockchain.
This ranks Cardano 78th out of 87 blockchains listed on DeFi Lama, placing it above little-known chains such as Ubiq, Hoo, and Liquidchain.
Ethereum ranks first with $ 158 billion in TVL. In contrast, Terra ranks second, far behind Ethereum in TVL, with a locked in value of $ 20 billion. As such, Cardano has a mountain to climb to live up to its âEthereum-killerâ label.
The work is not done yet
While it’s encouraging that Cardano is now offline, in his last live stream, Hoskinson said there was more to come in 2022.
Specifically, Hoskinson referred to âfinding a point of expressiveness as a communityâ. In other words, as long as the foundation is in place, IO still needs to fine-tune the protocol, making sure DeFi is the best it can be. This implies developing better scalability, more interoperability and working on governance.
âCardano is our attempt as a community to try to reflect this evolution and move it forward and there’s a little bit of magic and scalability sprinkled in and a lot of talk about interoperability and identity and a lot of work. carried out on governance. “
His overall take home message underscored the magnitude of the work that has been done in Cardano to date. And what is to come in terms of sustainability.
In this way, the community can be assured that the project will be effective for decades to come, if not indefinitely due to its governance configuration.
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