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These are the 5 hottest DeFi projects on Cardano

 


In the course of the Ethereum Merge, other Layer One blockchains have taken a back seat for the time being. For Cardano, however, a similarly important update is due almost at the same time: the Vasil hard fork. This will start on September 22nd and should finally bring the long-awaited performance to make DeFi applications scalable.


Because: With just 82 million US dollars Total Value Locked (TVL), Cardano is currently still a tiny thing in the DeFi sector - but with great potential. By participating in so-called ISPOs (Initial Stake Pool Offering), users can earn their tokens by staking ADA in certain pools before the launch of some DeFi apps.


In addition, a number of projects have already been launched over the course of the year, which could unfold their full potential after the performance improvements of the update. Below we take a closer look at five DeFi projects in the Cardano ecosystem.


1. Liqwid Finance (LQ)

The still dormant lending giant has big plans: Liqwid Finance wants to become the multidimensional lending center of the Cardano blockchain. As with Compound or Aave on Ethereum, users can collect interest on their tokens via lending. And even more: According to the developers, up to nine revenue channels should be created for users. So far, they have benefited from their participation before the platform was launched. So there was an airdrop of the LQ token for Discord members in January. These can already be traded on the decentralized exchanges of Cardano.


Liqwid is still in the final stages of its development. You probably want to start at the same time as the performance increases of the Vasil Hard Fork. This is the only way to meet the presumably high demand for the protocol. The project provides regular developer updates for the community on Twitter and Discord.

2. Minswap (MIN)

If you want to carry out simple token swaps on Cardano, you cannot avoid Minswap . A good half of Cardano’s TVL currently comes from the decentralized exchange Minswap. The simply designed user interface is very reminiscent of the simplicity of Sushiswap or Uniswap on Ethereum. Therefore, this exchange is particularly suitable for beginners. For the more advanced, there are a variety of ways to contribute liquidity and operate yield farming in classified pools.


Also useful: the Zap-In function. Here you can pay directly into the corresponding pool with just one token of a liquidity pair. The exchange takes care of the correct allocation of the tokens. Minswap also provides a mobile wallet for Android.


3. MuesliSwap (MILK)

Cardano's currently fourth largest decentralized exchange, MuesliSwap , is packed with numerous features. Unlike on other DEXs, users can trade here using the order book process, i.e. submit offers and bids for certain tokens directly. Instant and limit swaps are also possible. Popular tokens of the Cardano blockchain can also be earned by staking your own MILK token.


The team behind MuesliSwap is one of the most active on Cardano. An NFT marketplace and a launchpad for young Cardano projects are currently being built. Here, large exchanges such as Binance are used as a model, which offers users an “all-in-one” crypto platform.


Almost every Cardano token can be traded on MuesliSwap. And there's more: Through integration with the cross-chain platform Milkomeda , other cryptocurrencies such as ETH, AVAX, USDC or BNB can be traded as wrapped tokens. This makes Muesli-Swap one of the first interoperable DeFi projects on Cardano.

4. REPORT (REPORT)

MELD bills itself as the “first DeFi, non-custodial banking protocol.” The platform is supposed to work like a decentralized version of the Nexo app. Anyone who uses MELD therefore never gives their cryptocurrency into other hands and should therefore be able to continue earning interest at any time. Anyone who deposits cryptocurrencies should be able to take out a loan in real currency against them. The money can then be paid out to your own bank account, for example. MELD thus represents a first possible application of Cardano in the real world.


However, MELD is still in its early phase and the range of functions of the app is still very limited. In any case, the application should be kept in mind.


5. Genius Yield (GENS)

Genius Yield is intended to offer less affine DeFi users the chance of optimal returns. The recently concluded ISPO marks the start of Genius Yield, which according to the roadmap aims to launch its mainnet in the fourth quarter of this year. The principle of the app should also be accessible to beginners and is similar in function to the Yearn Finance protocol on Ethereum.


Users can conveniently deposit into different safes (vaults). The individual liquidity preference must then be set. Genius Yield does the rest. It is designed to choose the best strategy to optimize DeFi yield at all times.


Genius should automatically determine where the best interest can be achieved. There is also its own Genius wallet and an accelerator that is operated via the separate Genius X token (GENX).

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