The Cardano (ADA) ecosystem is gaining access to an increasing number of decentralised finance (DeFi) protocols. Users of Cardano (ADA) may now submit their first “put” and “call” on a completely on-chain protocol using the OptionFlow testnet.
OptionFlow invites Cardano (ADA) enthusiasts
A Cardano-based option system called OptionFlow has announced the launch of phase one of its open public testnet. Those who are interested in Cardano (ADA) are welcome to test the application’s preproduction version and submit “put” and “call” orders. In contrast to derivatives positions on centralised exchanges, both forms of orders are “minted” on-chain.
Additionally, users are encouraged to provide comments using a specially designed Google Form. The Option Flow team is open to receiving complaints of any defects or issues, according to the statement.
Participants will be able to test out trading features starting with Testnet 2, the next testing phase. Connecting to the pre-production network is required, and users must transmit at least five tADA tokens to a specified address.
Then, testnet organisers will provide tOPT, tMILK, and tUSD to let users to play with all the different kinds of platform assets.
As previously reported by U.Today, DeFi traders may bridge U.S. Dollar Tether (USDT) from Ethereum (ETH) and utilise it in Cardano’s apps owing to interoperability with Wanchain (WAN).
DeFi ecosystem on Cardano (ADA) gains traction
The first seamless USDT support for Cardano (ADA) is added to Liqwid, the oldest DeFi.
The influx of DeFi apps to the Cardano (ADA) protocol will be felt in 2023. Due to increasing DeFi activity in Q2, 2023, the network achieved a number of off-chain records.
The Cardano (ADA) DeFi ecosystem’s total value locked (TVL) will reach $200 million for the first time ever in 2023. By the time of publication, this indicator had fallen to $146.52 million amid a brutal loss across all cryptocurrency markets.
The top five Cardano (ADA) DeFis are MinSwap, Indigo, Liqwid, VyFinance, and WingRiders, while its largest native decentralised stablecoin is Djed (DJED).