In line with standardization practices for the emerging Cardano DeFi ecosystem, the Cardano DeFi Alliance (CDA) provides a framework for protocol developers to collaborate on critical issues and strategic development.
The CDA was first announced in mid-December and aims to promote the benefits of the Cardano blockchain to set DeFi industry standards.
“The main role of the CDA is to enable collaboration between leading DeFi protocols, provide open source libraries, develop best practices and be too innovative within the Cardano DeFi ecosystem.”
The formal structuring of Cardano’s DeFi ecosystem appears to be a step in the right direction in terms of collaborative development. However, critics claim that fifteen weeks since Alonzo smart contracts were launched, there is still no dApp ecosystem.
Who is the Cardano DeFi Alliance?
The CDA includes DeFi developers, infrastructure providers and Plutus engineers. They intend to “communicate, train and innovate through this organization”.
Part of their vision is the exchange of information and solutions. Even more so, to create a platform on which opinions can be heard and discussed in the sense of “cooperative competition”.
“The members undertake to participate in the CDA with a spirit of openness, cooperation and cooperative competitiveness.”
To this end, the CDA encourages all Cardano DeFi projects to register. As they say, every voice should be heard, and there is the added benefit of strength in numbers.
The elephant in the room
The Cardano ecosystem is currently lacking usable dApps, which in turn destroys the sense of a collaborative organization.
While that criticism has raged since Alonzo went live in September, Input Output (IO) CEO Charles Hoskinson continues to reassure users that things are taking shape.
Earlier this week, during a live stream, Hoskinson responded directly to the talk about the Cardano ecosystem, which is “all lies”.
“Actually, the opposite is the case, there is actually a huge DeFi ecosystem that is beginning to show itself.”
In doing so, he refers live stream viewers to the cardanocube.io website, which shows an interactive ecosystem map.
Numerous projects are categorized according to DEX, Wallets, Lending and Borrowing, Marketplaces, DeFi, Infrastructure, Launchpad, Community, Meme Coin, Stablecoin, Oracle, Identity, Payment, Social, Data, Gambling, Gaming and NFT.
Hoskinson adds that he is currently aware of 127 different projects that intend to or are actively building on the Cardano blockchain.
As for publicly usable dApps, the IO boss said that DEXes will be introduced in the coming weeks and the ecosystem will fill up.
With this in mind, the role of the CDA is as important as ever. Hoskinson mentioned meeting with the organization sometime early in the new year.
He said he would be interested to hear what the CDA has to say about ways to improve the platform through Cardano Improvement Proposals (CIPs), 30 of which are currently under discussion.
With a recap of the most important daily stories in the world of crypto, DeFi, NFTs and more.
Get one Edge in the crypto asset market
Access as a paying member of. for more crypto insights and context in each article CryptoSlate Edge.
Sign up now for $ 19 / month. Discover all the advantages