Among these groundbreaking initiatives are MinSwap (MIN), Indigo (INDY), and Liqwid (LQ), each of which brings its unique approach to the table.
In this article, we will delve into the core concepts, types of use, latest news, and growth potential of these cardano coins.
1) MinSwap (MIN)
MinSwap is a decentralized exchange (DEX) built on Cardano’s blockchain. It facilitates peer-to-peer trading of various cryptocurrencies and tokens. It’s important to say that MinSwap is the first multi-pool DEX on Cardano with yield farming features.
It’s been quite an exciting ride 😼
As of today, the Minswap DEX has passed a lifetime cumulative trading volume of $2 Billion $ADA
Stats by @DefiLlama 📊https://t.co/p680O47tjK pic.twitter.com/9Ftqxo2idB
— Minswap Labs (@MinswapDEX) June 13, 2023
It operates using automated smart contracts, ensuring transparency and minimizing the risk of fraud. Traders can securely swap one cryptocurrency for another, contribute liquidity to earn rewards, and participate in decentralized governance.
Recently, MinSwap announced a significant upgrade to its platform. It introduces new features to enhance liquidity provision and improve the trading experience. The upgrade incorporates advanced algorithms, reducing slippage and optimizing trading pairs. Moreover, MinSwap unveiled MIN, its native governance token, granting users voting power in protocol decisions, further decentralizing control.
Attention Minswap Farmers! 🧑🌾$INDY Rewards have been added to iAsset Liquidity Pools. You can earn 4x yield with $ADA + $MIN + $INDY + Trading Fees.
Current iAsset farms APRs:
🟣 $ADA/$iUSD = 163.87%
🟣 $ADA/$iETH= 172.74%
🟣 $ADA/$BTC= 191.15%On @MinswapDEX farming… pic.twitter.com/Jw5kb7N7Ch
— Minswap Labs (@MinswapDEX) July 5, 2023
According to DeFillama, MinSwap is the dApp with the highest TVL in Cardano’s ecosystem with $54.12 million. At the time of writing this article, these are its numbers:
- Price: $0.0223.
- 24-hour trading volume: $93,000.
- Total Supply: 5 billion tokens.
2) Indigo (INDY)
Indigo is a trailblazing project seeking to bridge the gap between traditional finance and the blockchain space. As an all-in-one financial platform, Indigo aims to provide users with access to synthetic assets in its community.
🔮June in review: Indigo Protocol TVL passes 100,000,000 $ADA and keeps climbing!🎉
Let’s review June’s USD stats.🌟#DeFi Metrics:
34.50M USD #TVL
16.58M USD iAsset MC – $iUSD, $iBTC, $iETH
1,629 CDPs
5.72M $INDY Circ. Supply
3.6M $INDY Staked (~63% of Circ. Supply) pic.twitter.com/4HBipW9FxN— Indigo | Synthetic Assets on Cardano (@Indigo_protocol) July 6, 2023
The platform offers services such as swapping (beta), yield farming, lending, borrowing, and staking, making it a versatile ecosystem for individuals seeking to grow their portfolios. Here are some things that make this protocol very interesting:
- CDPs Are Effectively Loans: When you remove a CDP, the protocol lets you mint an iAsset. It’s like taking a loan on your ADA in the specific iAsset and you can sell that iAsset on the open market for ADA.
- Users can level up their ISPO/Staking Balance: You can create a CDP, then sell the iAsset for ADA. Create a new CDP with that ADA, and repeat the cycle. A very effective way to boost rewards.
- Mint iUSD, an important stablecoin on Cardano.
4. iUSD Is Currently The Most Scalable Stablecoin on Cardano
iUSD can be minted at any time via CDP. Its minimum collateralized ratio (MCR) controls the supply and health the same way the Fed and MakerDAO’s interest rate controls theirs. Right now it’s at 120%. pic.twitter.com/NuJ9MBMcAp
— Psyclops (@psychADAlias) July 4, 2023
According to DeFillama, Indigo is the dApp with the second-highest TVL in Cardano’s ecosystem with $39.19 million. At the time of writing this article, these are its numbers:
- Price: $3.43.
- Market cap: $20 million.
- 24-hour trading volume: $79,379.
- Total / Max Supply: 35 million tokens.
3) Liqwid (LQ)
Liqwid is a decentralized protocol that operates on the Cardano blockchain. Its smart contracts are audited where users have voting power and staking rewards.
Cardano dapp in spotlight💥: @liqwidfinance 🔥
On the charts we see transactions and volume numbers since dapp is on mainnet. Its been growing steadily🚀.
More stats on:https://t.co/Z6Cksro0cA pic.twitter.com/6i473EFy2c— dApps On Cardano (@dappsoncardano) July 15, 2023
Liqwid primarily caters to users within the Cardano community. This enables them to lend their idle assets and earn passive income while supporting the growth of the ecosystem. Borrowers, on the other hand, can access capital without selling their assets. This allows them to participate in various opportunities without disrupting their investment strategies.
Recently, Liqwid underwent a successful third-party security audit, bolstering confidence in its safety and reliability. The audit report praised Liqwid’s robust smart contract architecture and secure handling of user funds. This solidifies its reputation as a trustworthy lending platform.
Current (Total) Liqwid Yields$ADA: 4.98%$DJED: 53.52% 👑$SHEN: 2.06%$iUSD: 52.61%
No risk of liquidation or impermanent loss. Lending simplified: supply assets and earn! Try it now at https://t.co/NJQlLDfrih💧
*LQ user distributions are released each week.#Cardano pic.twitter.com/GJagLGgjxY
— Liqwid Labs (@liqwidfinance) July 13, 2023
According to DeFillama, Indigo is the dApp with the third-highest TVL in Cardano’s ecosystem with $19 million. At the time of writing this article, these are its numbers:
- Price: $4.21.
- 24-hour trading volume: $22,140.
- Total / Max Supply: 21 million tokens.
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