Cardano’s first DeFi app goes live and the entire ecosystem has a total value locked of $845,000 over two days so let’s read more in our latest Cardano news.
The data aggregator DeFi Llama added Cardano, marking the start of the project and its beginnings into decentralized finance and this happened thanks to the Defi offering going live at the start of the new year. Cardano was feeling the heat with its lack of useable dapps and critics say it has been around four months since the chain had smart contract functionality and now the ecosystem is struggling to gain traction.
In this time, Input-Output CEO Charles Hoskinson addressed these concerns and during the end of the year live stream, Hoskinson added that a huge Defi ecosystem will start to present itself. The skeptics among crypto users would say talk is cheap and that Hoskinson’s words don’t really support a functioning and usable dapp ecosystem that will be of major significance. However, two days after posting the live stream, Cardano’s first Defi app was announced.
Since Alonzo went live, the Cardano ecosystem has been under pressure to grow. Plenty of projects across Defi, DEXes, meme coin, Stablecoins, oracles, and NFTs are in the works. Given SundaeSwap’s highly publicized testnet at the start of December, as well as the io collaboration with the team to ensure a smooth testnet, plenty thought that SundaeSwap will be the first usable Defi dapp to go live. However, a month later, SundaeSwap is not ready for the mainnet launch. While it is good news that Cardano is off the line, Hoskinson said that in 2022, there’s more to come. He referred to finding a “sweet spot of expressiveness as a community.” He noted:
“Cardano is our attempt as a community to try to reflect that evolve that and push it along and there’s a little bit of sprinkled magic and scalability and a lot of discussion about interoperability and identity and a lot of work done on governance.”
His overall message actually outlined the scale of work that went into Cardano up to this date. And also what’s more to come in terms of futureproofing. This way, the community can be assured that the project has a lot of efficacy and is not indefinitely because of its governance setup.
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