Cardano (ADA) ecosystem of dApps has one major advantage over its key rivals

According to an anonymous community-driven account of supporters of Cardano (ADA), the largest proof-of-stake (PoS) network, its ecosystem of DeFi protocols gains steam in a more democratic and independent manner than the ecosystems of its competitors.

Building DeFis with no VC influence: Case of Cardano (ADA)

According to the analysis shared on the @cardano_whale account, the Cardano-centric ecosystem of decentralized finance (DeFi) protocols has its own alternatives to all mainstream protocols of DeFi Summer 2020.

That being said, Cardano’s (ADA) DeFi stack has its own Compound Finance (Liqwid), Aave Finance (AADA), Curve Finance, or Maker DAO (Ardana). However, unlike Solana (SOL), BNB Chain (BSC), NEAR Protocol (NEAR), Avalanche (AVAX), and all other Layer-One platforms since Ethereum (ETH), Cardano’s dApps do not depend on money injected by venture capitalists (VCs).

As such, it can develop and gain traction in an inclusive and fair manner: It has security, decentralization, community, and soon throughput to succeed.

Previously, in 2022, the Cardano (ADA) ecosystem witnessed a monstruos upsurge. In Q2, 2022, its total value locked (TVL) metrics spiked by thousands of percent. By mid-June, 2022, Cardano’s (ADA) ecosystem had already onboarded over 1,000 actively developed dApps. The projects associated with NFT tokens are in focus for the Cardano ecosystem.

Cardano Among Top 3 Actively Developed Projects as Vasil Nears

Cardano is currently in the top three actively developed projects for the week, with 490 Github contributions. Although development activity has little to no effect on short-term market prices, it could be a positive sign of the project’s long-term development. Cardano was the most developed asset in 2021.

The Vasil hard fork, Cardano’s major update, is anticipated to launch this month. Vasil Dabov, a late Bulgarian mathematician and well-known figure in the Cardano community, is honored by having the upgrade bear his name. Following successful completion and extensive testing, Vasil’s mainnet launch date has been set for Sept. 22 by Cardano’s developer, Input Output.

Charles Hoskinson, the developer of Cardano, also announced the date, which led to excitement in the community. As usual, skeptics were quick to point out that Vasil might experience another delay, which the Cardano creator strongly rebuffed. During a livestream early last month, Hoskinson mentioned he was not anticipating any further delays to the mainnet hard fork launch.

According to the readiness metrics being monitored by IOG, the Vasil node 1.35.3 has produced 87% of the mainnet blocks. While Binance was significantly closer to completing its integration, MEXC and Bitrue exchanges had indicated Vasil’s readiness. AscendEX, NDAX, and Dex-Trade exchanges are also ready for Vasil, as a number of other exchanges are in the process of updating their nodes. Additionally, 70% of dApps reported positive results from preproduction testing.

Input Output announced its collaboration in the field of blockchain research by funding a new $4.5 million “Blockchain Research Hub” at Stanford University, one of the top centers for research and higher learning in the world. Related Uniswap, Solana, and Cardano Among Three Fastest-Growing Assets: Santiment This “Blockchain Research Hub” will adopt a multidisciplinary approach and give researchers the chance to work with the blockchain industry, expanding the body of knowledge and perspectives on blockchain.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like