Mainnet Cardano was launched at the end of September 2017. However, it has only recently made its promise to be a platform for smart contracts. With the highly anticipated upgrade of the Alonzo testnet to the Cardano mainnet, blockchain has become a full-fledged platform for smart contracts. This means that decentralized applications (dApps) can now be run on it.
No decentralized applications are running on the platform yet, but many are in development. This is partly due to another e-UTXO development system.
Top 5 most promising dApps on Cardano
Nevertheless, several platforms (DeFi) and (DEX) have already unveiled their roadmaps for launch on Cardano. Some of them could change a lot in the cryptocurrency sector in terms of cost-effectiveness, speed and use cases.
One of the platforms being developed is Sundaeswap, a decentralized exchange that will operate similarly to Uniswap. DEX hopes to become the leading exchange on Cardano and also the center of DEX or IDO initial offers for new projects. In its plan, the platform intends to be fully operational, with trading orders and a direct swap by the 4th quarter of the year. The development team also stated that they have already solved all the problems.
Ariana is another decentralized application in the Cardano ecosystem that needs to be monitored. It is considered the leading decentralized autonomous organization (DAO) in Cardano. This will make it possible to create a dollar stablecoin called sUSD using ADA as collateral. It also intends to offer Danaswap, a decentralized automated market maker exchange (AMM) for multi-asset pools. The platform plans to make a public sale, token generation event, release its stablecoins and DEX in the 4th quarter of the year.
Meld is also in development. It is supposed to be a DeFi protocol comparable to Aave on Ethereum, which means that it allows lend tokens on Cardano. According to Meld’s plan, beta testing of MELDapp on mobile devices and chrome is expected this quarter.
NFT gaming is also making its way to Cardano, which has unique support for NFTs that do not require smart contracts to create or trade. Drunken Dragons Games is an NFT game on Cardano similar to Axie Infinity on Ethereum.
Finally, the Cardano ecosystem also expects to have an impact on the real world with the introduction of Empowa. Empowa describes itself as the world’s first “RealFi” platform, whose mission is to increase affordable housing on the African continent, starting with Mozambique.