Decentralized applications (DApps) based on Cardano (ADA) are paving the way for a new decentralized internet. The Cardano blockchain is a next-generation smart contract and decentralized application platform. It is designed to scale smoothly and offers sophisticated features such as atomic swaps and sub-second finality.
Cardano provides privacy by design, keeping transaction data confidential while ensuring information remains easily accessible, both public and private.
Here are seven of the best Cardano-powered digital apps.
1. Minimum exchange
Major blockchains always have a decentralized exchange (DEX). For example, Ethereum has Uniswap, BNB Chain has PancakeSwap, and Polygon has QuickSwap.
MinSwap is Cardano’s largest DEX and one of the most popular. Additionally, MinSwap’s influence continues to grow, with $64.88 million in total value locked up representing 40.9% of blockchain dominance, according to Defi Llama.
MinSwap works by integrating the best asset pooling models into a single protocol. It is an Automated Market Maker (AMM) that allows users to trade assets with low fees through a secure and user-friendly platform. MinSwap’s innovative token distribution strategy and liquidity pool has contributed to its growing popularity. Its multifunctional liquidity pool brings together the best features of other DeFi protocols. Users can also pay transaction fees in other tokens without having to hold ADA, the native token of the Cardano blockchain.
MinSwap offers yield farming, launching platforms and governance, with its unique model benefiting all members of its exchange ecosystem. Traders and liquidity providers engage in a user-friendly interface with a cool space chat theme.
CNFT is the leading marketplace for non-fungible tokens (NFTs) on Cardano. It provides a user-friendly platform for anyone to mint, buy and sell NFTs on the Cardano blockchain.
CNFT allows anyone with a Web3 wallet to log into their platform and start buying NFTs. Currently supported Web3 wallets are Typhon, Eternl, Flint, Gero and Nami. Users can earn $CNFT, the platform’s native token, for every NFT they buy or sell. Holding $CNFT also grants users early access to free NFT sales and NFT launches.
3. Mutant Labs
Labs by Mutants is a next generation platform for NFT owners and creators. This is a DApp specifically built to provide utility to any NFT collection. Labs by Mutants offers two separate utilities called Raffles and Staking.
- Sweepstakes allows any NFT project to create sweepstakes to place or embed on their custom page. Users can also host and manage sweepstakes for verified NFT projects.
- Staking gives NFT projects the ability to configure policy identifiers for their projects. These credentials allow holders to access the project page on Mutant Labs and stake their NFTs. This is an innovative way to identify and reward NFT holders.
4. Cornucopias (COPI)
The Cardano blockchain offers a variety of great games and DApp metaverses. Cornucopias distinguishes itself by combining three distinct gaming features on the blockchain with a Play-to-Earn, Build-to-Earn and Learn-to-Earn platform.
Players can earn in-game cryptocurrencies, which can be converted into fiat currency. They can also create their own non-fungible tokens (NFTs) and mint them for other players to buy. Cornucopias also incorporates game-based learning into its metaverse, with players receiving rewards for learning various topics.
Cornucopias merges gaming with real-world commerce with limitless opportunities for gamers, entrepreneurs, and businesses looking to compete in the metaverse space. The game’s huge earning potential and endless possibilities make Cornucopias one of the most exciting adventures in the metaverse.
Cornucopias is powered by Unreal Engine 5, known for its cinematic graphics and revolutionary motion design. This makes it compatible with PC, mobile devices and consoles, allowing the game to reach a huge community of players.
5. Empowa (EMP)
Blockchain has the potential to make the world exponentially better and Empowa is one of the pioneering projects in this field. Empowa is a real estate platform on Cardano that combines sustainable construction, blockchain technology and decentralized financial inclusion for all. Empowa’s mission is to provide affordable housing plans and banking services to underbanked people in Africa.
Reports estimate that 84% of Africans live without a permanent roof over their heads. This is the problem that Empowa solves. Its utility token (EMP) allows individuals and organizations to participate in the Empowa ecosystem. Thus, users can actively engage in initiatives focused on sustainable projects in Africa using a common store of value.
By leveraging Cardano’s blockchain technology and DeFi, Empowa is overcoming the traditional problems that have stifled financial and real estate growth in Africa. As a result, Empowa has the potential to unlock affordable and greener housing for most Africans.
6. DJED (DJED)
Djed is an algorithmic stablecoin backed by SHEN (DJED’s backup coin) and ADA (Cardano’s native coin), with COTI serving as the official issuer. COTI (Currency Of The Internet) uses a directed acyclic graph (DAG) to provide high transaction throughput with low transaction costs.
Djed’s protocol acts as an autonomous bank that buys and sells stablecoins within a fixed price range at a target price. Djed also provides price stabilization through formal verification. SHEN is a reserve token that holds the algorithmic anchor of DJED. Users maintain the USD peg of DJED by buying and selling SHEN while earning a share of the transaction fees in the pool.
One of the main advantages of DJed over other stablecoins is that its algorithm is based on a 400% to 800% collateral ratio for DJED and SHEN. ADA price fluctuations are compensated by SHEN, covering shortages and guaranteeing the collateralization rate.
However, as we saw during the massive algorithmic crash of Terra Luna stablecoins, algorithmically controlled cryptocurrencies have unique vulnerabilities.
Revuto offers a platform that allows users to keep track of all their subscription services. People all over the world have a plethora of subscription services tied to their bank accounts. Unfortunately, unsubscribe requests are not honored and users continue to be charged for services they no longer use.
Revuto solves this problem with one central account that can be used to pay for all subscriptions. Revuto users retain full control over all payments and can approve or block payments at any time. Additionally, using Revuto’s native token, users can enjoy subscription discounts and get cashback rewards.
Revuto tokens can also be used for staking to earn passive income. This allows users to save on their subscriptions and earn an annual percentage return (APY) over time.
More innovative DApps will continue to roll out on Cardano
The successful launch of Alonzo by Cardano in September 2021 introduced the smart contract functionality, which is essential for any blockchain that wants to support the rapid development of DApps. Hopefully, there will be a massive increase in DApp development on Cardano as the blockchain continues to position itself as a top contender for viable alternatives to Ethereum.