Top Five Projects Built On Cardano

The blockchain industry and financial technologies have continued to grow since the creation of Bitcoin and other cryptocurrencies. Within this context marked by the rapid emergence of Web3, new networks like Ethereum, Solana, and Cardano have become lead technologies  on which numerous Development Applications(DApps) and projects are being built to resolve daily problems. 

In this article, we will look at 5 projects built on Cardano, including; 

Cardano is an innovative blockchain project. Due to its advanced cryptography and functionality, many refer to it as a “Third-Generation” blockchain network. It is an open-source Proof-of-Stake (PoS) public blockchain platform built on peer-review research and developed through evidence-based methods.

Cardano was founded in 2015 by Charles Hoskinson,  co-founder of Ethereum. It exists under the supervision of the Cardano Foundation based in Switzerland. The research and development of the Cardano project are handled by an engineering company known as IOG, founded by Hokinson. 

Over 2000 projects are being built on the Cardano network. However, the five projects below appear interesting and worth following up on.

Cardano projects have risen over the past year. Let us have a quick look at what these projects offer. 

SundaeSwap is one of the most interesting projects on the Cardano blockchain. It is a decentralized exchange project that permits its users to provide liquidity and create an open market for individuals to exchange their native tokens. 

Users who intend to exchange their tokens on SUNDAE  are often called swappers. Swappers pay a fee to exchange their tokens on SUNDAE, and liquidity providers profit from their deposits.

For instance, to swap bitcoin for cash on SUNDAE, the swapper pays a few to the liquidity provider before he gets the cash which he swaps bitcoin for.

Ardana is a stablecoin. Unlike USDC and USDT, which are fiat-backed stablecoins, Ardana is asset-backed.  Moreover, it is a decentralized exchange liquidity pool built on Cardano. Being a liquidity pool makes DANA an exchange on which cryptocurrencies can be exchanged for cash.

According to Coin Bureau, Ardana will be the MakerDAO of Cardano. This  means that it will be possible to mind a US dollar-pegged stablecoin called sUSD using DADA as collateral.

MELD is another Cardano project offering services that cannot be ignored. MELD is a decentralized lending platform built on the Cardano Blockchain with the use of smart contracts.

In other words, it is a platform that allows people to use their crypto assets and get cash loans. That is, a bitcoin holder can take a cash loan on MELD using his Bitcoin as collateral security.

Besides, MELD provides other services like the MELD debit cards, which can be used for online transactions and purchases of cryptocurrencies from other platforms.

Revuto is the solution to all online subscription services. Think of Netflix, XBOX, Youtube premium, Apple TV subscriptions, among others. The Revuto project is created to solve the problems we encounter with subscriptions. 

As a project built on Cardano, you must open an account with Cardano and get the Revuto token. This token allows you to create a virtual debit card from which you can pay all your subscriptions.

It is worth noting that you may even get cashback rewards for paying your subscriptions using Revuto. 

Say goodbye to the difficulties you face in paying your Netflix subscription. With Cardano’s Revuto revolutionary project, you won’t have to bug anyone henceforth. 

Lending Pond is one of ADA’s projects allowing users to get ADA loans using NFTs as collateral. However, the NFTs must be worth a percentage higher than the ADA loan requested. Hence, ADA loans are overcollaterised when tied to NFTs. Interestingly, there are no fixed interest rates on the ADA loans, but lenders must choose from the varied set of interest rates put up by borrowers. Whichever works for them, they can go for it. Once a lender pays off his loan, the NFT he used as collateral is returned. This reverse applies as well.

ADA is building highly innovative and revolutionary projects that may benefit the Web3 world. The numerous projects built on the Cardano blockchain make it a major player in the crypto space surpassing Ethereum. Hence, ADA can be considered a game-changer in the crypto world even though its project is still budding.