Who is the Cardano DeFi Alliance and why is it important?
In line with standardization practices for the emerging Cardano DeFi ecosystem, the Cardano DeFi Alliance (CDA) provides a framework for protocol developers to work together on critical issues and strategic development.
First announced in mid-December, CDA intends to promote the benefits of the Cardano blockchain with a view to setting DeFi industry standards.
âThe main mission of CDA is to provide collaboration between major DeFi protocols, provide open source libraries, create best practices and innovate within the Cardano DeFi ecosystem. “
The formal structuring of Cardano’s DeFi ecosystem appears to be a step in the right direction when it comes to collaborative development. But, critics argue that fifteen weeks since the deployment of Alonzo smart contracts, 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 âcommunicate, educate and innovate through this organizationâ.
Part of their vision is to share information and solutions. Even more, to establish a platform for opinions to be heard and debated in a spirit of âcooperative competitivenessâ.
âMembers undertake to participate in the CDA in a spirit of openness, collaboration 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
Right now, the Cardano ecosystem lacks usable dApps, negating the value of a collaborative organization.
As this criticism has raged since Alonzo went live in September, Input Output (IO) CEO Charles Hoskinson continues to assure users that things are taking shape.
Earlier this week, Hoskinson directly addressed the subject of the Cardano ecosystem being âall liesâ during a live broadcast.
“It’s actually the opposite, there’s actually a huge DeFi ecosystem starting to show up.”
With this, it directs live viewers to the cardanocube.io website, which displays an interactive map of the ecosystem.
Here many projects are categorized by DEX, Wallets, Loans & Borrowings, Markets, DeFi, Infrastructure, Launch Pad, Community, Meme Coins, Stablecoin, Oracle, Identity, Payment, Social, Data, Gambling, Gaming, and NFT .
Hoskinson adds that he is aware of 127 different projects that intend to, or actively rely on, the Cardano blockchain at the present time.
When it comes to publicly usable dApps, the IO boss said DEXs are expected to roll out in the coming weeks and the ecosystem will fill up.
However, CDA’s role is more crucial than ever. Hoskinson mentioned meeting with the organization at some point early in the New Year.
He said he was interested to hear what CDA had to say about ways to improve the platform through the Cardano Improvement Proposals (CIPs), 30 of which are currently under discussion.
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