Cardano-based DeFi protocol Indigo quickly rose to a spot in the top 10 decentralized finance (DeFi) protocols.
The autonomous synthetic protocol offers users the opportunity to gain price exposure to real 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 and is at the helm with a staggering TVL of $4.78 billion. As a decentralized lending platform on Ethereum, MakerDAO allows users to create and manage the DAI stablecoin. Following closely behind is JustStables, another single-chain protocol, with a TVL of $1.644 billion. Rounding out the top three is Liquity, a decentralized lending protocol, which has managed to secure 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 group is Minswap, a decentralized exchange with a total value (TVL) of $47.62 million.
Indigo, after temporarily claiming the top spot before settling in, comes in second with a TVL of $46.94 million.
Liqwid and Optim Finance follow closely, lending platforms with $21.21 million and $13.16 million TVL respectively. It’s also worth noting the explosive growth of Astarter, which saw over 1,000% growth in the past month.
Landscape of DeFi protocols
When it comes to the broader DeFi landscape, Ethereum still reigns supreme with an astonishing TVL of $22.228 billion and 942 active protocols.
Tron and BSC follow, with $7.793 billion and $3.199 billion TVL respectively. Despite Ethereum’s dominance, other chains like Cardano are steadily carving out their niche.