DeFi protocol based on Cardano Indigo arose to briefly occupy a spot in the top 10 decentralized finance (DeFi) protocols.
The autonomous synthetic protocol allows users to expose on-chain prices to real-world assets. Simply put, it allows users to trade virtual versions of real-world assets on the blockchain, expanding the realm of possibilities in the DeFi space.
MakerDAO maintains its dominance, sitting at the helm with a staggering TVL of $4.78 billion. As a decentralized credit platform on Ethereum, MakerDAO allows users to create and manage the DAI stablecoin. It is closely followed by JustStables, another protocol that operates on a single chain, with a TVL of $1,644 million. Rounding out the top three is Liquity, a decentralized borrowing protocol, which has managed to lock assets worth $648.34 million.
Cardano’s leading protocols
The Cardano network, known for its advanced proof-of-stake consensus mechanism, has seen a surge in DeFi adoption.
Leading the pack is Minswap, a decentralized exchange with a total value locked (TVL) of $47.62 million.
Indigo, after temporarily claiming the top position before reaching a deal, is in second place with a TVL of $46.94 million.
Liqwid and Optim Finance, lending platforms, follow closely with $21.21 million and $13.16 million TVL, respectively. Also worth noting is the explosive growth of Astarter, which experienced more than 1,000% growth in the last month.
DeFi Protocols Landscape
When it comes to the broader DeFi landscape, Ethereum still reigns supreme with a staggering TVL of $22.228 billion and 942 active protocols.
Tron and BSC follow, with $7.793 million and $3.199 million of TVL, respectively. Despite Ethereum’s dominance, other chains like Cardano are steadily carving out a niche for themselves.
