Here’s Why Cardano’s DeFi Ecosytem Has The Upper Hand Among Its Rivals

Cardano-focused community member has doubled down on the key advantages that the network’s decentralized finance [DeFi] protocols owns over its rivals.

In the tweet, the pseudonymous influencer known as “ADA whale” shared that after Ethereum, Cardano is the first such protocol to built an entire DeFi ecosystem without any influence from the venture capitalists or the VC’s.

“It has security, decentralisation, community and soon throughput to succeed & equivalents to Compound (Liqwid), AAVE (AADA) and Curve/Maker (Ardana) lined up + much more.” it tweeted to its nearly 113k followers.

In the second quarter of 2022, ADA’s total value locked [TVL] metrics has shoot up by thousands of percent. By mid-June, 2022, one of the largest proof-of-stake network had already on-boarded over 1,000 actively developed decentralized applications [dApps].

According to a number of reports, the projects associated with non-fungible tokens [dashboards, marketplaces, DeFis with NFTs] are in focus for the [ADA]ecosystem.

As for project building on it, Cardano has seen significant developments in the past few months. At present, 1,075 projects are active, while 93 projects have recently been launched on the network.

Cardano: One Project Per day In August

According to the latest monthly report for the month of August, new projects on the PoS blockchain has increased by 31, implying that one new project per day of the month.

With respect to NFT, or CNFT, the ecosystem has remained the most preferred choice. This is due to its cost effectiveness, speed of minting NFT on Cardano, coupled with the same perks that its larger competitors have.

Most importantly, one of its strongest component is the “Community & Social,” which is already doing its part to seek out as many people as possible.

Although, the DeFi component in the Cardano-built family of projects is only 2.3% of 1,076, but if one takes the broader concept of decentralized finance, with wallets, lending, oracles and stablecoins, the number is clearly higher.

On top of that, the much awaited release of Vasil hard fork in September, might take Cardano to a new level and directly affect the attractiveness of the blockchain for developers.

This news is republished from another source. You can check the original article here.

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