The First Usable Cardano DeFi dApp Goes Live, and It’s Not SundaeSwap

Cardano is making its real entry into decentralised finance as the new year kicks in, though the coin has been on the field for a few months now. The cadano ecosystem has been struggling to get the momentum owing to the lack of stable dApps. Four months have passed since the blockchain acquired the smart contract feature, but still the project looks well-behind any actual development.

2021 could not have been any more difficult for Cardano with multiple projects taking off and getting fame in a jiffy. The Cardano protocol has experienced real pressure amidst various stable coins, meme-coins and several crypto projects. The lack of a usable dApp added to the misery of this crypto currency for the past few months. Charles Hoskins, the Input Output CEO of Cardano, has addressed these issues during a live stream to welcome 2022. As the critics were not much into his speech, no one believed Hoskins when he hinted at a new DeFi system. Surprisingly, just two days after the live stream Cardano is now equipped with its own practicable dApp.

Ever since the announcement of testnet the internet community assumed SundaeSwap would be the first dApp of Cardano. The crypto community came to this conclusion because of the team’s collaboration with IO. But SundaeSwap looks far from being ready to go live any time soon, despite its early announcements.

Out of the blue, MuesliSwap was dropped in on the 2nd of January, when the crypto world was not expecting it. And for the past two days, the App has been operating under the radar and accumulated a TVL of $845,000. Moreover, the platform is responsible for the entirety of the Cardano ecosystem as of now. The dApp also brought Cardano to the 78th position in a total of 87 blockchains. Ethereum, Terra and BSC occupy the top 3 positions respectively.

However, the work seems far from being complete. 2022 has just jump-started the rejuvenation of Cardano. But there are still a lot of improvements and refinements to be made with relation to interoperability and scalability. This Cardano forecast shows that the bullish market would continue through 2022. The upward trend can be extended to several more years easily.