Ethereum

Cardano

Simply

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<p>Cardano-based DeFi protocol Indigo <a href="https://twitter.com/RichardMcCrackn/status/1718509959896256550" rel="noopener noreferrer nofollow">surged</a> to briefly occupy a spot among the top 10 decentralized finance (DeFi) protocols.</p>
<p>The autonomous synthetics protocol allows users on-chain price exposure to real-world assets. Simply put, it enables users to trade virtual versions of real-world assets on the blockchain, expanding the realm of possibilities in the DeFi space.</p>
<p>MakerDAO retains its dominance, sitting at the helm with a staggering TVL of $4.78 billion. As a decentralized credit platform on Ethereum, <a href="https://u.today/solana-fork-proposed-by-makerdao-founder" rel="noopener noreferrer nofollow">MakerDAO</a> allows users to create and manage the DAI stablecoin. Following closely is JustStables, another protocol operating on a single chain, with a TVL of $1.644 billion. Rounding out the top three is Liquity, a decentralized borrowing protocol, which has managed to lock in assets worth $648.34 million.</p>
<h2 id="cardano-s-leading-protocols">Cardano's leading protocols</h2>
<p>The Cardano network, known for its advanced proof-of-stake consensus mechanism, has seen a surge in DeFi adoption.</p>
<p>Leading the pack is <a href="https://u.today/cardano-rockets-to-top-10-in-dex-volume-with-minswap" rel="noopener noreferrer nofollow">Minswap</a>, a decentralized exchange with a total value locked (TVL) of $47.62 million.</p>
<p>Indigo, after temporarily claiming the top position before settling, comes in second with a TVL of $46.94 million.</p>
<p>Following closely are Liqwid and Optim Finance, lending platforms with $21.21 million and $13.16 million TVL, respectively. It is also worth noting the explosive growth of Astarter, which saw over 1,000% growth in the past month.</p>
<h2 id="landscape-of-defi-protocols">Landscape of DeFi protocols</h2>
<p>When it comes to the broader DeFi landscape, <a href="https://u.today/ethereum-l2s-surprisingly-set-new-ath" rel="noopener noreferrer nofollow">Ethereum</a> still reigns supreme with an astounding $22.228 billion TVL and 942 active protocols.</p>
<p>Tron and BSC follow, with $7.793 billion and $3.199 billion TVL, respectively. Despite Ethereum's dominance, other chains like <a href="https://u.today/cardano-ada-up-16-as-it-eyes-next-level" rel="noopener noreferrer nofollow">Cardano</a> are steadily carving out their niche.</p>

Cardano-Based DeFi Protocol Climbs Ranks to Join Top 10

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