The DeFi protocol known as Indigo, built on the Cardano blockchain, experienced a significant surge in its rankings, briefly claiming a position within the top 10 decentralized finance protocols.

This autonomous synthetics protocol offers users the capability to gain on-chain exposure to real-world assets. In simple terms, it allows users to trade digital representations of real-world assets on the blockchain, thereby expanding the possibilities within the DeFi ecosystem.

At the forefront, MakerDAO continues to maintain its dominance, boasting an impressive Total Value Locked (TVL) of $4.78 billion. As a decentralized credit platform on the Ethereum network, MakerDAO empowers users to generate and manage the DAI stablecoin. Close behind is JustStables, another protocol operating on a single blockchain, with a TVL of $1.644 billion. Completing the top three is Liquity, a decentralized borrowing protocol, which has successfully secured assets totaling $648.34 million.

Cardano's leading protocols

The Cardano network, renowned for its advanced proof-of-stake consensus mechanism, is witnessing a notable surge in its embrace of DeFi applications.

At the forefront of this movement is Minswap, a decentralized exchange boasting a Total Value Locked (TVL) of $47.62 million.

Indigo, after briefly taking the top spot before settling, secures the second position with a TVL of $46.94 million.

In close pursuit are Liqwid and Optim Finance, both lending platforms with TVLs of $21.21 million and $13.16 million, respectively. It is also noteworthy to highlight the remarkable growth of Astarter, which has experienced an astounding 1,000% increase in the past month.

Landscape of DeFi protocols

In the wider DeFi ecosystem, Ethereum continues to maintain its dominant position, boasting an impressive Total Value Locked (TVL) of $22.228 billion, along with a staggering 942 active protocols.

Trailing behind, Tron and Binance Smart Chain (BSC) come next with TVLs of $7.793 billion and $3.199 billion, respectively. Despite Ethereum's unquestionable supremacy, alternative blockchains such as Cardano are steadily establishing their unique presence in the DeFi landscape.