Indigo, Cardano-Based DeFi Protocol, Ranked In The Top 10 In The Entire DeFi Ecosystem

Cardano-based DeFi protocol Indigo briefly ranked among the top 10 decentralized finance (DeFi) protocols. The protocol allows users to trade virtual versions of real assets on the blockchain, expanding the scope of possibilities in the DeFi space.

MakerDAO maintains its dominance at the helm with a TVL of $4.78 billion. JustStables is next with a TVL of $1.644 billion. Rounding out the top three was Liquity, a decentralized borrowing protocol that managed to lock in $648.34 million in assets.

The Cardano network is seeing a surge in DeFi adoption. The leader is Minswap, a decentralized exchange with a TVL of $47.62 million. Indigo comes in second with a TVL of $46.94 million. They are followed by lending platforms Liqwid and Optim Finance with TVL of $21.21 million and $13.16 million respectively.

Image: The Crypto Basic

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