Cardano-Based DeFi Protocol Climbs Ranks to Join Top 10

Cardano-based DeFi protocol Indigo surged to briefly occupy a spot among the top 10 decentralized finance (DeFi) protocols.

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.

MakerDAO retains its dominance, sitting at the helm with a staggering TVL of $4.78 billion. As a decentralized credit platform on Ethereum, MakerDAO 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.

Cardano's leading protocols

The Cardano network, known for its advanced proof-of-stake consensus mechanism, has seen a surge in DeFi adoption.

Leading the pack is Minswap, a decentralized exchange with a total value locked (TVL) of $47.62 million.

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Indigo, after temporarily claiming the top position before settling, comes in second with a TVL of $46.94 million.

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.

Landscape of DeFi protocols

When it comes to the broader DeFi landscape, Ethereum still reigns supreme with an astounding $22.228 billion TVL and 942 active protocols.

Tron and BSC follow, with $7.793 billion and $3.199 billion TVL, respectively. Despite Ethereum's dominance, other chains like Cardano are steadily carving out their niche.