Cardano-Based DeFi Protocol Climbs Ranks to Join Top 10 - ELEVENEWS
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...

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.
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.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!