Who is the Cardano DeFi Alliance and why is it important?

In line with standardization practices for the upcoming Cardano DeFi ecosystem, Cardano DeFi Alliance (CDA) provides a framework for protocol developers to work together on critical issues and strategic development.

First released in mid-December, the CDA intends to promote the benefits of the Cardano blockchain with the goal of setting industry standards for DeFi.

“The primary mission of the CDA is to ensure collaboration among leading DeFi protocols, provide open source libraries, develop best practices, and innovate within the Cardano DeFi ecosystem.”

The formal structuring of Cardan’s DeFi ecosystem seems to be a step in the right direction in terms of joint development. But critics say fifteen weeks after the Alonzo smart contracts were introduced, 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, educate and innovate through this organization”.

Part of their vision is to share information and solutions. Moreover, establish a platform for hearing opinions and discussions in the spirit of “competitiveness of cooperation”.

“Members are committed to participating in the CDA in a spirit of openness, collaboration and competitiveness in collaboration.”

To this end, the CDA encourages all Cardano DeFi projects to apply. As they say, every voice should be heard, and there is an additional advantage of strength in numbers.

Elephant in the room

Currently, the Cardano ecosystem lacks usable dApps, which in turn nullifies the sense of collaborative organization.

While these criticisms have raged since Alonzo came out in September, Input Output (IO) CEO Charles Hoskinson continues to reassure users that things are taking shape.

Earlier this week, Hoskinson directly commented on a speech about the Cardano ecosystem being “all lies” during live broadcast.

“It’s actually the opposite, there’s actually a huge DeFi ecosystem that’s starting to emerge.”

This directs live viewers to website cardanocube.io, which displays an interactive ecosystem map.

Numerous projects are categorized here by DEX, wallets, lending and lending, markets, DeFi, infrastructure, launch pad, community, meme coins, stablecoin, oracle, identity, payment, social media, data, gambling, gaming and NFT -in.

Hoskinson adds that he is aware of 127 different projects currently planned or actively being built on the Cardano blockchain.

As for publicly usable dApps, the head of the IO said that DEXs should be introduced in the coming weeks and that the ecosystem will be replenished.

Because so, the role of the CDA is as critical as ever. Hoskinson mentioned a meeting with the organization at some point early in the new year.

He said he was interested to hear what the CDA had to say about ways to improve the platform through Cardano Improvement Proposals (CIPs), of which 30 are currently under discussion.


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