Indigo, a DeFi protocol powered by Cardano, rose to the top of the list of the top 10 DeFi protocols for a brief period of time.
Through the autonomous synthetics protocol, users may experience real-world asset price exposure on-chain. To put it simply, it opens up new possibilities in the DeFi market by allowing users to exchange virtual representations of physical things on the blockchain.
MakerDAO continues to be the leader, maintaining a startling $4.78 billion TVL. MakerDAO, an Ethereum-based decentralised credit platform, enables people to design and oversee the DAI stablecoin. JustStables, a different protocol with a TVL of $1.644 billion that runs on a single chain, comes closely behind. Liquity, a decentralised borrowing system, completes the top three by locking in assets valued $648.34 million.
Cardano’s leading protocols
DeFi usage has surged on the Cardano network, which is renowned for its sophisticated proof-of-stake consensus process.
The decentralised exchange Minswap, with a total value locked (TVL) of $47.62 million, is in the lead.
With a TVL of $46.94 million, Indigo, which briefly held the top spot before settling, finishes in second.
The loan platforms Liqwid and Optim Finance, with $21.21 million and $13.16 million TVL, respectively, are just behind. It’s also important to note Astarter’s phenomenal rise, which increased by over 1,000% in the previous month.
Landscape of DeFi protocols
In the larger DeFi space, Ethereum continues to be the leader with an incredible $22.228 billion TVL and 942 active protocols.
With $7.793 billion and $3.199 billion TVL, respectively, Tron and BSC come next. Even while Ethereum is the market leader, other chains, like Cardano, are gradually gaining traction.
