More than 60 DeFi projects prepare to launch on Cardano

By DailyBitcoin Editor

Several decentralized finance protocols are preparing to be launched on the network of Cardano.

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Following the support of the smart contract functionality of Cardano in September of last year, several decentralized finance protocols are expected to be implemented on the network (DeFi), informs Trade News 101.

According to website data BuiltOnCardanothe number of projects related to decentralized finance that are being built in Cardano has increased tremendously.

Here you can see some of them:

cardano
Image on the web BuiltOnCardano

According to the information, the developers are considering the network of Cardano ahead of rival blockchains like ethereum and Solarium, who have experienced constant network congestion on several occasions.

According to the data, there are currently 61 projects DeFi, which include 26 exchanges decentralized (DEX) that are being built in Cardano at the moment.

Some of the decentralized exchanges being built on Cardano include ADA Finance, Ray Network, Occam.Fi, YaySwap, Cardax, Matrixswap and Meowswap.

While a total of 26 decentralized exchanges are still being built to make their official debut on the network of Cardano, It is worth noting that already six DEXes were initially released on the blockchain.

SundaeSwap: first

SundaeSwap became the first decentralized exchange to launch entirely on Cardano after supporting smart contract functionality.

That news sparked excitement among many Cardano enthusiasts as they scrambled to start using the platform.

Even though SundaeSwap experienced a minor glitch within the first few hours of its debut, the issue was resolved almost immediately, rekindling interest from other DEXes.

Currently, according to TradingNews, there are five other decentralized exchanges that are active on Cardano, apart from SundaeSwap, included ADAX Pro, MuesliSwap, VyFinance, Meld and minswap.

Of the six decentralized exchanges on the network, SundaeSwap it is the trading platform that has the highest total value locked (TVL) in US dollars: USD $118.57 million.

Also, there is another DEX which is beginning to be considered of interest by investors. Last week we reported that Israeli actress, producer and model Gal Gadot, known for her portrayal of the role of Wonder Woman, is among the investors of adaSwap, the decentralized exchange (DEX) based on Cardano which achieved a collection of USD $2.6 million. This DEX will build an entire ecosystem, including an NFT marketplace and staking pools.

price is still low

Meanwhile, the steady rollout of decentralized exchanges on Cardano is not reflecting in the value of your native cryptocurrency, ADA.

ADA is currently priced at $0.83, according to data from CryptoMarkets. A much lower price than its maximum price of USD $3.1, which was September 2, 2021.

Sources: Trading News 101, BuiltonCardano, archive

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

 

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