Data aggregator DeFi Lama adds Cardano marking the start of the project’s foray into decentralized finance. This happened thanks to an under-the-radar DeFi offering going live at the beginning of the new year.
Recently SundaeSwap has launched testnet at the start of December and many assumed SundaeSwap would be the first usable DeFi dApp to go live. However, a month on, SundaeSwap is not ready for its mainnet launch. Other contenders for the first usable DeFi dApp include Ergo and Liqwid.
But leapfrogging them all was MuesliSwap, which, according to DeFi Lama, went live on January 2 and currently has a total value locked (TVL) of $1,008,581, accounting for 100% of the Cardano DeFi ecosystem.
MuesliSwap is a DEX with launchpad functionality that also runs on the Bitcoin Cash blockchain.
This ranks Cardano 78th out of 87 blockchains listed on DeFi Lama, placing it above little-known chains such as Ubiq, Hoo, and Liquidchain. Placing first is Ethereum with $158 billion TVL. In contrast, Terra ranks second, way behind Ethereum in TVL, with a value locked of $20 billion. As such, Cardano has a mountain to climb in terms of living up to its “Ethereum-killer” label.
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