DeFi Surging on Cardano: 3 Dapps to Keep Watch

The demand for decentralized finance apps has risen since the FTX meltdown. It is now clearer than ever how important it is to take custody of your cryptocurrencies. But what are the best dapps and protocols to trade tokens?  This question may be answered by looking at the Cardano DeFi apps on DappRadar. 

Highlights

• While trust in centralized exchanges (CEX) is low, people are turning to decentralized exchanges (DEX) on protocols with fast and cheap transactions;
• The most popular DEXs on Cardano saw their numbers go up in the past few days and have the potential to grow fast in the next months; 
•  You can find data on the best DeFi projects on Cardano using the DappRadar tools.

Cardano ecosystem and its DeFi potential

Cardano has long been home to promising DeFi dapps. The proof-of-stake blockchain platform led by an Ethereum co-founder allows for projects to be developed with scalability and interoperability in mind.

At the time of writing, of the top 10 dapps on the Cardano protocol on DappRadar’s Ranking, six are in the DeFi category.

Trading in the Cardano ecosystem, with the ADA token in its center, you can enjoy fast, cheap, and reliable financial transactions – all while owning the keys to your crypto.

3 DeFi apps to keep watch

Of all the decentralized finance apps built in the Cardano ecosystem, Minswap, SundaeSwap, and Wingriders stand out. Learn more about them below.

1. Minswap

Minswap, the most popular decentralized exchange (DEX) on the Cardano network, has seen the market move amid uncertainty.

The number of unique active wallets and transactions within the dapp increased by around 20% in the past 30 days. Minswap’s balance, the value of assets in its smart contracts, remained at around $40.64 million.

It’s a positive sign to show stability in times like these, and Minswap keeps building and announcing exciting new features to their organization, such as Minswap Governance.

2. SundaeSwap

Another DeFi dapp you should keep in mind is SundaeSwap. The AMM DEX is backed by an engaged community and grew its balance by 23% in the last month, according to DappRadar data.

Furthermore, we can also see that SundaeSwap’s volume increased by almost 7% in the past 30 days, following increases of 16% in the number of UAW and transactions on the dapp.

3. Wingriders

The newest DeFi dapp on Cardano that you need to know about is Wingriders. Despite being launched in early 2022, it has already conquered many users and is the 3rd most used DEX in the protocol.

In addition, it is the dapp that recorded the highest growth after the FTX situation. Slightly increasing the number of UAW, transactions, volume and total balance in the week following the collapse. In the last month alone, Wingriders has seen its volume go up by 20%, a very optimistic number for new DeFi projects.

Crypto contagion effects on Cardano

Cardano is known for having one of the most supportive communities in the Web3 space. The protocol’s co-founder, Charles Hoskinson, took his lessons learned from the recent FTX collapse to Twitter. No surprise, it goes along with Cardano’s main focus of transparency and interoperability.

It may still be too early to say how all the dapps on the Cardano blockchain will react to changes in consumer behavior – and even what those changes will be.

• Keep a close eye on all the details through our analysis in the report: Assessing the Impact of FTX Meltdown in the Dapp Industry

Continue tracking top DeFi dapps with DappRadar

At DappRadar, you can closely follow how your favorite dapps evolve with access to updated data and educational content.

Track the best Cardano dapps and NFTs using DappRadar Rankings.

Useful links

• What is Cardano: A Simple Explanation
• DeFi Heats up as FTX Melts Down
• What is the Best DEX on Cardano? See Top DeFi Dapps to Keep Track

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.