Cardano RealFi 2022 Review
On January 1st of 2022, DeFi Llama started tracking Cardano DeFi TVL. Muesliswap was the only project tracked at that time. Let’s take a look at what happened over the year.
On January 20th SundaeSwap launched. A great moment that was also spoiled by frontrunning and slow transactions.
On January 31st, MELD airdropped the tokens from the ISPO and released their staking app for MELD tokens.
We saw many ISPOs Maladex (Axo)|SundaeSwap|IAMX| Ardana| Flickto|AnetaBTC| GeniusYield|Empowa|Raynetwork and more.
Minswap DEX launched on March 8th after completing their Meteor LBE.
Ardana announced Orbis in March. Little did we know that Orbis would end up being a failed project before the end of the year.
I don't think we ever found out what Plutobay is from Muesliswap. Does anyone know?
Milkomeda went live March 28. Bringing some new DeFi experiences as well as bridged assets.
The SingularityNET ERC-20 converter went live on mainnet April 18th. Allowing for the transfer of AGIX from Ethereum to Cardano.
March 22nd Minswap was notified of vulnerability in their code that would allow for funds to be taken. Luckily nobody used the exploit and the team was able to transfer funds to the new code and prevent a large hack.
Wingriders launched in April. They quickly grew TVL and had a big popularity boost for finding the vulnerability with Minswap.
Many DeFi projects released NFTs that provide extra rewards on their platforms and other perks. Liqwid Finance released Aquafarmer NFTs, Hungry Cows from Muesliswap, VyFi cards, Aneta Angels and more.
In May the Flickto project rugged and impacted a lot of people due to their ISPO and the amount of ambassadors they had.
TosiDrop launched on May 25. This was in compeition to Dripdropz since it was limiting what projects could be released on it’s platform. Since then TosiDrop has helped with a lot of project token distrubtion.
In June, Ledger Live Support was added for Cardano. Hardware wall integrations are integral for adoption of any Crypto.
SundaeSwap $SUNDAE farming ended July 19th. They haven’t restarted emissions yet.
Nomad Bridge Hack on the 5th of August destoyed a lot of TVL on Milkomeda as well as the bridged assets like madUSDT. Recently they opened the bridge again for users to recover some of their lost funds.
In august WMT released their token scan website. Been awesome watching the live network map.
The vasil HF took place on September 22nd 2022 with the following upgrades
CIP 31 Reference inputs (Reading output without spending it)
CIP 32 Datums attached to outputs (no longer have to include data when interacting with scripts)
CIP 33 Reference Scripts (Reference scripts can be used to satisfy script requirements during validation instead of spending transactions.)
The Vasil updates resulted in lower transaction fees as well as more transactions in each block.
DeFiYield app added Cardano and Milkomeda to their application in September.
We had a few name changes also. Maladex changed their branding to Axo & LiqwidX changed their name to XplorerDAO.
The whole SBF/FTX issue happened and we found out that Sundaeswap was not impacted by the issues with Alameda. We don't know what Alameda was recieving for their investment in SundaeSwap labs. We found out later that Orbis had money on FTX.
Cardax decided to launch on Milkomeda because funding for Mlabs to finish their project was too expensive.
Midnight sidechain was announced. A privacy sidechain for Cardano. Still waiting on more info for that.
Ardana and Orbis came to a halt on Nov 23rd. This was the largest failed product on Cardano with money invest by many including CFund.
Other launches on Cardano.
Indigo launched the first syntheics protocol on Cardano.
Optim released liquidity bonds.
FluidTokens launched an NFT lending platform.
Aada Finance launched a decentralized lending and borrowing protocol.
Guchi io launched a NFT shorting project.
Lending Pond undercollateralized lending.