DeFi Lama, a data aggregator, has included Cardano, indicating the beginning of the project’s journey into decentralised finance. This was made possible by an under-the-radar DeFi product that went live at the start of the new year.
Cardano has recently been under fire for a lack of usable dApps. According to critics, the chain has had smart contract capabilities for almost four months and the ecosystem is still failing to acquire traction.
Throughout this time, Charles Hoskinson, CEO of Input Output (IO), addressed these concerns. During a recent end-of-year live stream, Hoskinson stated that a massive DeFi ecosystem is beginning to emerge.
Nevertheless, detractors might argue that talk is cheap. And that Hoskinson’s remarks do not support a significant, functional dApp ecosystem.
Cardano, on the other hand, receives its first usable DeFi dApp two days after posting the in question live feed.
Ever since the launch of Alonzo on September 12, the Cardano ecosystem has been under pressure to expand. Hundreds of projects are in the works, including DEXes, wallets, DeFi, meme currencies, stablecoins, oracles, and NFTs, to mention a few.
Given SundaeSwap’s widely publicised testnet at the beginning of December, as well as IO’s work with the team to ensure a seamless testnet, many people expected SundaeSwap would be the first functional DeFi dApp to go live.
SundaeSwap, however, is still not ready for its mainnet launch after a month. Ergo and Liqwid are two more contenders for the first usable DeFi dApp.
MuesliSwap, which went live on January 2 and presently has a total value locked (TVL) of $845,000, according to DeFi Lama, was the first to do so, accounting for 100% of the Cardano DeFi ecosystem.
MuesliSwap is a decentralised exchange with a launchpad that also functions on the Bitcoin Cash network.
Cardano is ranked 78th out of 87 blockchains on DeFi Lama, ahead of lesser-known chains like Ubiq, Hoo, and Liquidchain.