2023 Cardano Highlights

In the unfolding narrative of Cardano’s journey through 2023, a tapestry of innovation, protocol launches, conferences, and noteworthy milestones has shaped its ecosystem. This retrospective dives into the highlights that defined the year, providing a comprehensive overview of the developments that propelled Cardano’s evolution. From groundbreaking protocol upgrades to the launch of cutting-edge decentralized applications, these events collectively underscore the dynamic and transformative nature of Cardano’s ecosystem throughout the year.

Liqwid Finance Launch

On February 2nd, 2023, Liqwid Finance launched as a mainnet beta on the Cardano blockchain, introducing the first pool-based lending and borrowing protocol for the platform. Since launch, the market offerings have expanded to include other Cardano native tokens such as Shen, Djed, AGIX, MIN, and WMT. Notably, Liqwid Finance has experienced significant growth, boasting over $47 million in Total Value Locked (TVL) as it continues to play a pivotal role in the Cardano DeFi ecosystem.

Cardano Valentines Upgrade

On February 14th, 2023, at 21:44:51 UTC, the Cardano blockchain underwent the Valentine Hardfork, also known as the SECP upgrade. This brought ECDSA and Schnorr Cryptographic signature support to Plutus V2, enabling cross-chain dApp functionality on Cardano. This update allowed Wanchain to bridge to Cardano using cross-chain smart contracts and will enable many other cross-chain dapps in the future.

VyFinance Launch

On May 15th, 2023, the highly anticipated VyFinance DEX launched on the Cardano mainnet, marking a significant milestone in the evolution of decentralized finance (DeFi) on the Cardano blockchain through a non-custodial LP system. Since its launch, the VyFinance DEX has attracted over $10 million in Total Value Locked (TVL), establishing itself as a key player in the Cardano DeFi ecosystem.

Tappy NFT Launch

On June 17th, 2023, TapTools launched the Tappy NFT collection, acting as a subscription to TapTools Pro. 5555 NFTs were available at 420 ADA each. The collection quickly sold out, generating over 6 Million ADA in secondary market volume. Tappy continues to gain utility as the TapTools team continued to innovate by constantly integrating protocols and adding new Pro features.

Mithril Live on Cardano Mainnet

Mithril, a stake-based threshold signature protocol, went live on the Cardano mainnet beta in July of 2023. Mithril transparently, securely, and efficiently leverages staking power to enhance the synchronization of nodes. Mithril drastically shortens the time needed to sync the entire blockchain, now taking just under 23 minutes, a significant improvement from the typical blockchain sync time of multiple hours.

Levvy Finance

On June 23rd, 2023, Levvy Finance, developed by The Ape Society, launched, introducing a decentralized NFT lending and borrowing protocol to the Cardano ecosystem. Later in the year, Levvy expanded its services by adding token lending and borrowing functionalities. With its instant liquidity loans and the Levvy for Collections initiative, the platform provides a comprehensive suite of features and benefits to address the needs of the Cardano community.

Cswap launch

On July 25th, 2023, CSwap released the beta of their NFTfi Marketplace on the Cardano Mainnet, pioneering the first AMM protocol for NFTs on Cardano. Since launch, CSwap has gained over 2% of the NFT market share within the growing NFT space within the Cardano ecosystem, with thousands of NFTs being bought and sold on the platform. This achievement highlights CSwap’s significant presence in the Cardano NFT space and its contribution to the expanding marketplace within the Cardano ecosystem.

Marlowe

The development of Marlowe by IOG (Input Output) commenced in 2018 as a forward-looking initiative to create a robust tool for smart contract development on the Cardano blockchain. Recognizing the demand for a user-friendly smart contract language, IOG aimed to empower individuals with little or no coding experience to join the decentralized revolution. Marlowe’s user-friendly features play a pivotal role in driving the mass adoption of the Cardano blockchain, making blockchain technology more accessible to a broader audience. After years of meticulous development, Marlowe achieved a significant milestone with its release on the Cardano mainnet in the Summer of 2023, marking a groundbreaking step toward empowering smart contract development on the Cardano platform.

Spectrum Finance Launch

Spectrum Finance, the first fully decentralized DEX on Cardano, went live on July 24th, 2023, after many years of development and a recent rebrand after previously being known as ErgoDex. Since launch, its native token SPF has been released on Cardano, and Spectrum Finance has gained over $9 million in Total Value Locked (TVL). Additionally, the platform has been used for the launch of several new tokens.

Rare Evo

Rare Evo, A multi-chain web3 event took place from August 24th to August 26th, 2023, at the Gaylord Rockies Resort in Denver, Colorado. The keynote speech was delivered by Charles Hoskinson. The Cardano Foundation was present, as well as many Cardano projects, including Singularity Net, VyFinance, World Mobile, Emurgo, Cornucopias, and more. Projects discussed various topics like the future of AI, Web3 Gaming, Governance, Decentralized Finance, and more.

NFTxLV 2023

NFTxLV 2023, formerly known as CNFT Con, unfolded as a distinctive Cardano NFT event at the Las Vegas Convention Center from September 29th to October 1st. The North Hall of the convention center became a dynamic space, hosting over 3,500 attendees, 145 exhibitors, and 116 speakers. The event featured engaging panels exploring Cardano NFTs in space, partnerships shaping Metaverse Ecosystems, Web3 Gaming, and more, fostering an atmosphere more akin to Comic-Con than a conventional finance or crypto gathering.

ADAmail

ADAmail, launched on August 28th, 2023, is the collaborative creation of NMKR, specializing in NFT infrastructure, and IAMX, a self-sovereign identity solution provider. This partnership aims to merge the traditional concept of email with the expansive capabilities of Web3. ADAmail allows users to send emails to any Cardano wallet address and streamlines email account logins by connecting to their wallets, offering a user-friendly tool that seamlessly integrates conventional communication with advanced blockchain capabilities.

OrcFax Oracle launch

OrcFax, a 2nd generation decentralized oracle, launched on Cardano on October 2nd, 2023. Since then, OrcFax seamlessly integrated its first protocol, Cerra, establishing a Decentralized Profit-Sharing Finance Hub on Cardano. Additionally, OrcFax delivered a masterclass on its oracle at the Cardano Summit, showcasing the significance of its protocol.

Cardano Summit

The Cardano Summit 2023, a three-day event held in the vibrant city of Dubai from November 2nd to November 4th, served as a global hub for blockchain technology enthusiasts. Organized by the Cardano Foundation, it brought together the Cardano community and a diverse audience, including community members, developers, innovators, investors, and inquisitive minds, all contributing to the momentum toward a brighter blockchain-powered future.

Rosenbridge Launch

On December 31st, 2023, Rosenbridge went live, connecting the Cardano and Ergo blockchains. This multi-layered bridge brings a secure way to move funds between the two UTXO-based blockchains. The initial assets available to be transferred between the blockchains were ADA, ERG, RSN, SigUSD, and SigRSV.

Conclusion

In 2023, Cardano experienced significant progress with the introduction of new protocols and upgrades, contributing to the platform’s overall development. The emergence of various platforms enriched the decentralized landscape, complemented by several Cardano and web3-based events and conferences. As the community looks forward to 2024, the ecosystem is poised for continued growth and innovation, building upon the foundations laid in the previous year.