First usable DeFi DApp on Cardano goes live, but not SundaeSwap

DeFi Lama. Data aggregator said Cardano begins to penetrate the decentralized financial sector. The project achieved this thanks to a controlled DeFi service that went live at the beginning of the new year.

Lately Cardano has received a lot of 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 momentum.

During that time, Charles Hoskinson, CEO of Input Output (IO), raised many of these concerns. Most recently, during a live stream at the end of the year, Hoskinson said that a huge DeFi ecosystem is emerging.

However, skeptics say the conversation is cheap and Hoskinson’s words don’t make a functioning, usable, and meaningful dApp ecosystem.

However, two days after the live stream, Cardano received its first usable DeFi-dApp.

DeFi is officially available at Cardano

Since Alonzo went live on September 12th, Cardano’s ecosystem has been under increasing pressure. Hundreds of projects on DEXs (decentralized exchanges), wallets, DeFi, meme coins, stablecoins, oracles and NFT etc. are in the works.

With SundaeSwap’s very public testnet in early December, not to mention IO’s partnership with the team to make sure the testnet runs smoothly, a lot of people think SundaeSwap will be the first usable DeFi-dApp to go live.

However, a month later, SundaeSwap is still not ready to start the mainnet. Other candidates for a first usable DeFi-dApp are Ergo and Liqwid.

But most of all, MuesliSwap is according to the DeFi Lama, which went live on Jan 2nd and currently has a Total Locked Out (TVL) value of $ 845,000, which represents 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 ranks 78th out of 87 blockchains listed on DeFi Lama, well ahead of lesser-known chains such as Ubiq, Hoo and Liquidchain.

At the top of the list is Ethereum with $ 158 billion TVL. Terra ranks second behind Ethereum in terms of TVL with a locked value of $ 20 billion. Therefore, Cardano still has a long way to go in this regard to be called an “Ethereum killer”.

The work is not done yet

While it is encouraging that Cardano is showing new advances now, but in Live broadcast Most recently, Hoskinson said there will be more in 2022.

In particular, Hoskinson mentions “finding the best place as a community”. In other words, while the platform already has DeFi, IO still needs to fine-tune the protocol to make sure the field works as well as possible. This requires the development of better scalability, greater interoperability, and ongoing research into governance.

“Cardano is our attempt as a community to reflect and encourage development. There has been some protocol changes, scalability and a lot of talk about interoperability, features and a lot of governance work. “

In relation to the overall statement, he highlighted the amount of work that has been put into Cardano’s operation so far and what will happen in relation to the future exam.

This way, the community can be sure that the governance structure of the project will make it viable for decades, if not indefinitely.

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