What is the place of Cardano in DeFi?
In breaking down today’s post, let’s start by detailing the two core concepts in our topic — DeFi and Cardano.
Suppose this is your first time joining us. Let’s define DeFi again. DeFi is an abbreviation for Decentralised Finance. It refers to applications and protocols that allow financial interactions to occur without the need for a third party. DeFi applications are built on blockchain technology, making them more secure than the traditional financial system.
Next is Cardano. Cardano is a decentralised public blockchain and cryptocurrency project. It is fully open-source and developed by IOHK. Cardano is built on a proof of stake consensus protocol called Ouroboros and has a multi-asset ledger. The native currency of the Cardano blockchain is called Ada.
So what is the place of Cardano in DeFi?
Cardano has been gaining traction in the DeFi space due to its unique features. For instance, Ada is the first cryptocurrency based on scientific philosophy. It is also one of the few fully decentralised blockchains. Cardano also has a very active development team that is constantly working on improving the platform.
One popular DeFi application built on Cardano is Project Catalyst. Project Catalyst is a tool that allows users to vote on proposals that will help improve the Cardano ecosystem. Another big project to hit the Cardano ecosystem is Surehive. Ensure you watch this space to know what’s next with Surehive.
Cardano is slowly but surely becoming a major player in the DeFi space. Its unique features are sure to attract more users in the future.