Cardano has one of the most dedicated, loyal communities in crypto. In fact, one of the biggest complaints about them comes from within their own community. That they don’t publicize their great projects hard enough or well enough for the public to discover them.
We agree, there are some terrific projects on Cardano. And today, we shine the Spotlight on 3 of them. Even if you’ve never done a transaction on the Cardano chain before, you will find something to like in these projects. So today, Cardano Top Projects. Let’s Go!
Coin 1: Minswap
DeFi is small on Cardano. But it’s growing fast. And the #1 DEX on Cardano is Minswap. Minswap is both the biggest DEX on Cardano AND the most mobile-friendly. Right now, most crypto is not mobile-friendly. But we need it for mass adoption so we like finding benefits like this even when no one is talking about them.
This month was the highest Volume Month for the Minswap DEX with 175.95 Million $ADA in Trading Volume, a 8.3% MoM increase! 🔥🎉
Month in Review Stats 📊 for March 2023 👇#Cardano pic.twitter.com/UzMm0lyh4V
— Minswap Labs (@MinswapDEX) March 31, 2023
Most DEXes don’t also have a launchpad. But Minswap does. Called the Launch Bowl, it’s a launchpad for DeFi projects on Cardano. In fact, the next project on our list, Indigo just had their event to get liquidity started in their own LPs on Minswap in November.
Minswap has pools and farms with some great projects at nice interest rates too. Cardano natives will like the ADA-MIN pool, which is Cardano and the Minswap native token $MIN. It pays 34.69% right now. And AI lovers will like the ADA-AGIX pool between ADA and SingularityNet. It pays 42% AND the rewards are in ADA, AGIX, and MIN. That’s a very nice deal for those into AI and into Cardano too.
Lastly, Minswap has some great tokenomics. They are working hard to be truly community owned and community operated. They took no VC money.
Protecting Minswap users is our priority. We recently introduced "verified" badge to help you choose genuine tokens.
Based on community feedback, only verified Tokens will show by default. But if you want to see all tokens, you can use "verified" toggle to switch back and forth. pic.twitter.com/IyIwyxdz2X
— Minswap Labs (@MinswapDEX) February 23, 2023
A full 70% of their tokens go to Yield Farming and are available to the public. This is a super high number. Only 10% for The Team, also better than average. Only 6% for their DAO Treasury too. We know many teams use DAO Treasury as a blank slate to control more tokens than they say they do.
Arbitrum and AIP-1, I’m looking right at you. This is no doubt one of the most fair token distributions we’ve seen. We love to see projects like this and support them. Have you tried DeFi on Cardano yet? How did you like it? Let us know in the comments below.
Coin 2: Indigo
Indigo is a fast rising protocol on Cardano for trading synthetic versions of assets. These are not the same as wrapped. There is no bridging, conversion, or gas fees to do this. What makes this valuable for Cardano is interoperability. Cardano wants to be an interoperable chain. So, they are proving this with their Milkomeda chain and their agreements to have Wanchain run as a sidechain.
🔮March in review: @Indigo_protocol continues to break new ground, with the #CardanoCommunity right by its side. #DeFi
Metrics:
24.75M USD #TVL
11.57M USD iAsset MC – $iUSD, $iBTC, $iETH
1,106 CDPs
4.09M $INDY in Circulating Supply
2.1M $INDY Staked (51% of Circ Supply) pic.twitter.com/BoJU2QvRs5— Indigo | Synthetic Assets on Cardano (@Indigo_protocol) April 7, 2023
They see the future as clearly as we do. And it is multi-chain. But so far, Cardano-ans can only access wrapped ETH and BTC on the Milkomeda chain. Now on Cardano’s main chain, which uses different tech than Bitcoin or Ethereum, you can buy, sell, hold, or trade synthetic versions of BTC and ETH. Cardano natives can get exposure to these assets while staying on the Cardano chain.
Very important. Cardano natives are loyal and want to stay on-chain when they can. So, you can also trade a synthetic version of USD called iUSD on Indigo. Many of us don’t want dollars. But for those undecided on how/where to invest and in emerging markets with quickly devaluing currencies, this is a godsend.
Indigo uses the same CDP model Maker uses for DAI. That means you deposit ADA and mint iBTC, iETH, or iUSD to use as you want. You can start with less than $10 worth of ADA to mint a synthetic. Then you can stake any of them to earn interest while you decide what to do with it. The pools pay well to give you an investment option and to make up for minting less than 1:1 on your synthetics.
⚡️Presenting Part 3 of our $iUSD series: Acquiring iUSD, CDP Liquid Staking, & Real-World Utility!
🌐Dive into the process of obtaining $iUSD while still earning yield from your $ADA collateral through CDP Liquid Staking! #buildingoncardano #Stablecoinhttps://t.co/Wmc2OnQfOb
— Indigo | Synthetic Assets on Cardano (@Indigo_protocol) April 6, 2023
Synthetic assets can also help the industry move towards one of the big narratives playing out over the next couple of years. The tokenization of real world assets. Synthetics can help us get there and Indigo is a nice step forward for Cardano DeFi. Have you traded synthetic assets on-chain before? Let us know in the comments below.
Coin 3: DJED/COTI
DJED and COTI are everywhere. As the first native stablecoin for Cardano, DJED is an important project for the ecosystem. And it’s up and running well so far. So, DJED’s creator COTI is in the news with a big early April airdrop of their governance token, gCOTI. We covered it in a video earlier this month.
Another implementation of $DJED on the way to widespread adoption!@nmkr_io https://t.co/musLTVL6Yn
— COTI (@COTInetwork) February 14, 2023
As a payments-based appchain, many in crypto are high on COTI. And not only Cardano fans. But Cardano fans see the amazing potential. Not for DJED only but payments across the internet through Cardano.
Payments are one of crypto’s top use cases and one of the few that are already successful. Appchains are a big story as new Layer 1s try to figure out how to fit in. Their specific tradeoffs in the buildout of their chains to appeal to certain industries, like payments, are a smart way to plan your project. It differentiates them from more general purpose chains.
gCOTI Airdrop Campaign Update
-Resounding success of Native campaign.
-Early bird bonus and Native campaign allocation extended.
-New date for the ERC20 + Stablecoins Campaign.Read all the Update Details: https://t.co/FkBTWVF4wQ$gCOTI $COTI pic.twitter.com/ayTk9zYcHv
— COTI (@COTInetwork) April 10, 2023
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