Cardano centric DeFi ecosystem has a significant advantage over its competitors
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An anonymous community-driven report by supporters of Cardano (ADA), the largest proof-of-stake (PoS) network, claims that the Cardano network’s decentralized finance (DeFi) ecosystem is gaining momentum in a more democratic and independent way. than the ecosystems of its competitors.
Research published on the @cardano whale account suggests that the Cardano-centric decentralized finance (DeFi) protocol ecosystem will already have its own alternatives to all major DeFi protocols by summer 2020.
In light of this, the Cardano (ADA) DeFi stack is equipped with its own Compound Finance (Liqwid), Aave Finance (AADA), Curve Finance or Maker DAO (Ardana). Cardano’s decentralized applications, unlike Solana (SOL), BNB Chain (BSC), NEAR Protocol (NEAR), Avalanche (AVAX) and all other Layer-One platforms released since Ethereum (ETH), do not rely on money invested by venture capitalists .
There was tremendous growth within the Cardano (ADA) ecosystem. Its Total Value Lock (TVL) metrics rose by hundreds of thousands of percent in Q2 2022.
The Cardano (ADA) ecosystem already has more than a thousand actively created decentralized applications by mid-June 2022 (dApps). According to several publications, the Cardano (ADA) ecosystem will have a primary focus on initiatives related to non-fungible tokens (dashboards, markets, decentralized exchanges using NFTs).