Exploring the Cardano Blockchain

Ifezko

December 10, 2024

Exploring the Cardano ecosystem is a smart move for both crypto enthusiasts and newbies. This article covers the Cardano blockchain, DApps, and use cases like DEX, wallets, NFTs, and lending.

Cardano, founded by Charles Hoskinson (an Ethereum co-founder) and launched in 2017 by IOHK, Emurgo, and the Cardano Foundation, has achieved internet decentralization. It remains a strong proof of stake blockchain with remarkable decentralized capabilities.

Key Components of the Cardano Ecosystem:

Proof of Stake (PoS): Ouroboros mechanism for decentralization and security.
ADA Token: The native token, crucial for staking and governance, with a total supply of 45 billion and a market cap of $13.8 billion, traded on 537 exchanges globally.

Cardano use cases:

When we talk about use cases, we mean experiences or apps you can have in the Cardano ecosystem. With this, you will get to explore the ecosystem like a pro.

Let’s dive in!

Decentralized Exchanges (DEX):

Decentralized exchanges help tap into decentralized finance (DeFi), one of the key reasons why the crypto space ever existed. With decentralized exchanges, you can trade cryptocurrencies on-chain without barriers in the Cardano ecosystem. This is where the crypto space is ahead of traditional banks.

a. Minswap

Minswap is a popular decentralized exchange in the Cardano ecosystem. Its great technology provides the ecosystem with permissionless trading of tokens. It is a worthy protocol for anyone who wants to explore the ecosystem without barriers.

Features of Minswap:

Asset Trading: Users can trade various tokens on the Cardano ecosystem in Minswap without friction. With Minswap’s new limit order feature, they can set to sell or buy tokens.
Yield Farming: On Minswap, users can provide liquidity to liquidity pools (LP) to earn rewards.

Launchpool: This is one of the reasons I said that Minswap is permissionless. With this feature, anyone can list tokens without KYC for instant trading.

b. Sundaeswap

Sundaeswap is a native decentralized exchange (DEX) on the Cardano blockchain, launched on January 20, 2022. It is a fully-packed app with decentralized finance (DeFi) features.

Features of Sundaeswap:

Asset Trading: Sundaeswap allows users on the Cardano ecosystem to enjoy the world of decentralized finance (DeFi). Users can swap and trade native tokens without friction.
Yield Farming: Apart from swaps, individuals can participate in providing liquidity to available liquidity pools to earn profits.

Taste Test: This is one unique feature of Sundaeswap. This allows the team to sell their token allocation to members of the holders without affecting the project.

Decentralized Aggregator:

In every blockchain, a decentralized aggregator is needed. A decentralized aggregator gives people access to various decentralized finance opportunities, aiding them in discovering a better price for a trade. Cardano blockchain has a decentralized aggregator with superior powers, and we will explore it below.

DEX Hunter

DEX Hunter is the biggest decentralized aggregator on Cardano. Whenever the word “aggregator” is mentioned in the Cardano ecosystem, hands point straight to DEX Hunter.

DEX Hunter allows users to tap into the liquidities of most decentralized exchanges(DEX) on Cardano. It is widely integrated into most decentralized applications (DApps).

Features of the DEX Hunter:

DEX Aggregation: With this feature, users can get the best prices and value for their tokens during swaps.
Market Alerts: This enables users to get special notifications of on-chain activities to inform their actions.

Custom Nodes: This is a unique feature that allows users to set their customs for faster trades without delays.

Wallets:

Wallet is a crypto application (DAPP) that is used to store tokens and carry out blockchain transactions. There are several wallets you’d need to explore the Cardano ecosystem; these wallets either support desktop or Android platforms. I will be sharing some of the best wallets on the blockchain below.

a. Tokeo

Tokeo wallet is a mobile native wallet on Cardano. You can seamlessly use the Tokeo wallet to trade, swap, and interact with decentralized applications. It’s not just the best mobile wallet; it’s a cross-chain wallet.

Features of the Tokeo:

Asset Swap: The Tokeo wallet allows users to swap Cardano native tokens in-app without connecting to external DEXes.
Trading: Individuals can buy and sell tokens on DEXes.
NFT Trading: This feature allows users to manage their Cardano NFTs without leaving their wallets.
Invoice: Collecting payments has been made easy with this feature. This feature allows you to generate invoices and collect payments in-app.
Real-time Notification: Get notified of your transactions as they happen.

Custom Theme: You can change your wallet theme from 50 beautiful themes to personalize your Tokeo wallet.

b. Eternl

Eternl is a lightweight desktop wallet on the Cardano blockchain, and is one of the best native wallets.

Features of an Eternal Wallet:

Asset Swap: Users can connect to decentralized exchanges (DEX) to swap tokens.

NFT Trading: Eternl Wallet allows users to buy and sell NFTs on marketplaces.

NFT Marketplace:

It is a digital collectible marketplace where you can buy and sell non-fungible tokens (NFT) on the Cardano blockchain. This is one of the most active use cases in the ecosystem.

a. JPG Store

The JPG Store is the leading native NFT marketplace on the Cardano blockchain. You can talk about NFTs in the ecosystem without mentioning them. It is the best platform to explore NFT collections in the ecosystem.

Features of the JPG Store:

NFT Trading: Users can buy and sell NFT with ADA on the JPG Store marketplace.
NFT Launchpad: It gives NFT projects the platform to mint their NFT collection.
JPG Studio: This feature allows you to create and assemble their NFT art ready for mint.

NFT Lending: It also allows you to lend or borrow NFTs for ADA tokens.

b. WayUp

WayUp is a new-generation native NFT marketplace and aggregator on the Cardano blockchain. It’s new and already pulling attention from the Cardano ecosystem.

Features of WayUp:

NFT Trading: It allows users to buy and sell NFT listed on their platform and from other Cardano NFT marketplaces.

Lending:

It is another great decentralized finance (DeFi) use case on the Cardano. It gives users access to borrow and supply tokens to earn rewards.

a. Fluid Tokens

Fluid Tokens is a full-stack Cardano lending protocol that allows users to lend, borrow, and provide liquidity for digital assets to earn rewards.

Features of Fluid Tokens:

Lending: Users can lend and borrow NFTs or tokens to earn rewards.
Staking: Fluid gives users access to stake their tokens for rewards.

Liquidity: The liquidity feature allows you to join liquidity pools and provide liquidity to get rewards.

b. Levvy

Levvy is a Cardano lending platform that allows the ecosystem to lend and supply to earn rewards.

Features of Levvy:

Lending: It also allows users to lend and borrow NFTs/tokens to earn rewards.

Conclusion

This article was carefully for you, regardless if you are a newbie or expert in the blockchain space to explore the Cardano ecosystem. With this article, you are set to enjoy the beauties of the Cardano blockchain.