The Cardano (ADA) ecosystem has shown multiple growth signals in the past few years. Investors now look for promising tokens being built on Cardano to invest in 2024, to capitalize on this growth.
Notably, decentralized finance (DeFi) data from DefiLlama evidence how the Cardano ecosystem has improved lately. The total value locked (TVL) in Cardano tokens reached $422.63 million, a nearly 10 times increase from the $50 million on January 1, 2023.
Together, the daily volume registered by decentralized exchanges grew from $854,240 to $5.69 million in the same period. This is a direct result of increased crypto trading and investing activity among the best Cardano ecosystem coins and protocols.
Cardano ecosystem – total value locked and volume. Source: DefiLlama
Best Cardano ecosystem coins and tokens to consider investing in
In the meantime, ADA, the network’s native token, is trading at $0.65 by press time. With a market cap of $23.025 billion, it signals an overbought DeFi asset – 54 times higher than its TVL.
However, more than just investing in Cardano’s native token, investors can gain exposure to dozens of the ecosystem’s innovative protocols. Finbold selected three of the best projects and their respective tokens being built on the Cardano blockchain.
Indigo (INDY)
First, Indigo (INDY) navigates the real-world asset (RWA) narrative, attracting capital and valuable demand to its protocol. The Indigo Protocol allows users to create Cardano tokens that are synthetic versions of RWAs, called iAssets.
Indigo has seen an impressive surge in its total value locked, to $106.63 million. Interestingly, INDY’s price action and market cap did not follow the growth, currently at $2.5 and $27.17 million, respectively.
Cardano tokens: Indigo (INDY). Source: DefiLlama
Minswap (MIN) to swap Cardano tokens
Second, the most popular decentralized exchange in the Cardano DeFi ecosystem is Minswap (MIN), allowing traders to swap their coins and tokens.
The protocol has $88.93 million in total value locked, twice the value of MIN’s $44.78 million market cap. Meanwhile, the token trades at $0.039, and its platform makes over $5 million in swap volume, consolidating its market share.
Cardano tokens: Minswap (MIN). Source: DefiLlama
Liqwid (LQ)
In closure, Liquid (LQ) features as the third-most promising Cardano token to watch and possibly invest in 2024. The protocol allows for decentralized borrowing and lending, with yield generation for ADA and other of the best ecosystem coins.
In total, $54.35 million is locked, providing liquidity to the protocol, while LQ trades at $2.67.
Cardano tokens: Liqwid (LQ). Source: DefiLlama
As observed, Cardano is becoming a rich ecosystem with promising tokens and projects for this year. Nevertheless, investors must learn how to identify the best Cardano ecosystem coins and their respective entry points to improve results.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
