Why I am hodling onto my $ADA 😳
With so much negativity around ADA, I thought I would give you some reasons why I am hanging on to them. Some of the hottest projects in DeFi have been attracted to Cardano’s smart contract’s. With 100’s of DeFi projects already on the blockchain, and over 2,000 more projects waiting to be deployed in the coming year, I want to see where this puppy takes me.
With ADA becoming known as ‘next month pump coin’, I thought I would put down some exciting reason’s to stick with the very strong ADA community. because so much research goes into their developments, it is frustrating in this “AGILE — give me some news every week” world.
Reason 1: MELD
MELD is launching soon and brings DeFi to Cardano. MELD convinced the community to invest by staking 600 million ADA in the MELD staking pools via a brand new method for fundraising called ISPO.
MELD is a lending protocol built on Cardano. It will facilitate users to DeFi services such as borrowing, lending and providing liquidity. You will be able to deposit your crypto assets to borrow fiat currency while you then pay the interest to lenders and the Meld platform itself.
Fiat lenders will provide liquidity to MELD through the MELDapp. They earn yields which come from borrowers, trading fees, and rewards.
To borrow fiat currency, borrowers deposit crypto assets to gain access to loans. They can take a fiat loan up to 50% of the collateral and pay interest monthly. The best bit is they can choose to receive the borrowed fiat to their account or a MELD debit card.
MELD Debit Card is like a VISA or MasterCard. You can pay for services and goods with your card. You can also use the card to store the borrowed fiat.
Reason 2: SundaeSwap
A platform’s DEX is the catalyst to gain traction around its chain. SundaeSwap is a decentralized exchange and is amongst the top projects on Cardano.
it is being compated with Pancakeswap(BSC) and Uniswap(Eth) and is set to become one of the DEX giants as projects and DeFi become available on Cardano.
You can lend, borrow, stake & trade via the Nami or ccvault wallets. Perhaps a downside, metamask would be GREAT 🤪 I guess we are getting used to working with different wallets for different platforms.
Playing around on their testnet system, it looks as easy to use as Uniswap & pancakeswap, so wont be much of a learning curve.
Reason 3: Ardana
Ardana is a stable coin on Cardano called dUSD. Functions include minting, lending, staking and transfers.
dUSD is verifiably backed by on-chain collateral and will enable borrowers to take leverage on their ADA or other supported assets.
So, this is pretty cool as users can store cryptos in a wallet compatible with Ardana and then use DanaSwap, a DEX for stablecoin pools.
You can take outa DUSD loan by putting up ADA collateral. As with other DeFi, the collateral is more than the loan, making it almost impossible to fall below the benchmark.
The Dana token is the native token of the platform and can be staked by users to earn ADA.
They have a great roadmap and 2022 looks set to be an exciting year.
Reason 4: Occam Razor
Every network needs a launchpad and Occam Razor is just that. It will bring decentralized financing to the dApps on the network.
The community is important and OccamFi will provide a multitude of ways which will assist projects to kick off. The community support is important on the project launch as this community should rally around the project.
Occam is around since the early days of Cardano’s DeFi ecosystem. We have launched some of Cardano’s most promising projects, projects that today play a pivotal role in shaping this flourishing ecosystem.
OccamFi provides many ways in which projects can kick off, with the community at the centre of these developments. This means that projects launching via Occam Razor have an advantage in the market because they already have a community rallying around them. OccamFi plans to launch a DEX in the future, adding even more value to the ecosystem.
If you are used to staking your ADA on Daedalus, then their staking ends in September and you earn OCX as rewards.
If you are into IDO’s, then this is a good option… 👍👍👍
Reason 5: NFT’s
Spacebud was probably one of the top NFT projects on Cardano. The designs are pretty cool and fun and heck they have closed their first 1 million trade. The NFT trade on Cardano is exploding and while still small compared to ETH and opensea, the cardano community is strong with an NFT trade going over a million ADA per day a few months ago. Volumes are down, but this remains in the top 5 Cardano NFT projects.
The NFT community is strong and other good projects include:
- Clay Mates
- Yummi Universe
- Cardano Kidz
The offerings of the new dApps on Cardano are innovative. The community participation remains their key strength and should these dApps gain enough traction, the value of the blockchain will increase significantly.
As we know, the Cardano blockchain is scalable, so it can handle the increasing transactions without the ETH gas fee’s.