Cardano (ADA) network’s entry into the world of decentralized finance garnered a great deal of criticism and reaction. In particular, the skepticism of smart contracts in the Cardano network increases the value of the success achieved at the moment. The total value of locked tokens on the Cardano network has recently had a major competitor i.e. vomitingto (KSM) managed to pass. Passing Kusama is actually Polkadot’Fame (DOT) It could mean passing.
Total TVL value in Cardano network, according to information transmitted by DefiLlama 293 million dollars and it basically provides the project with 6 platforms. On Kusama, Polkadot’s side network, it is spread over 52 protocols. $290 million exists.
Kusama is known as the side network where it is tested before any development is made on the Polkadot network. This allows developers to seamlessly perform the test they want. Spreading the total value over 52 protocols on Kusama shows that it is more decentralized and well-established. Despite this, it is definitely a great achievement that Cardano was able to beat this with 6 protocols.
Cardano Enters DeFi World
Cardano’s first usable DeFi app was released last January and has been rolled out in a very short time. MuesliSwap The decentralized cryptocurrency exchange named TVL has accumulated $12.5 million so far. In the continuation of this $68 million MELD exists. The engine of Cardano’s DeFi ecosystem is the hotly debated SundaeSwap and TVL on the platform, 100 million reached dollars.