The 8 Best Tokens on Cardano | Top Cardano Altcoins

tokens on cardano

Tokens on Cardano

CARDANO was launched in 2017 by Charles Hoskinson, a co-founder of Ethereum. The platform is a public proof-of-stake blockchain and the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralised applications, systems and societies. 

With the launch of the Alonzo hard fork in September 2021, Cardano has made progress to release smart contract deployment on its blockchain, and the stage has been set for new financial services to build on the network. So let’s take a look at the 8 best tokens on Cardano!

SundaeSwap

SundaeSwap is a DEX (Decentralised Exchange) that has been specifically designed on the Cardano blockchain. The platform went live in January, 2022 enabling users to swap, stake, lend and borrow. SundaeSwap is arguably the most highly anticipated project that has launched on Cardano. It has its own native utility token called $SUNDAE which intends to offer holders voting rights via a DAO (Decentralised Autonomous Organisation), reduced trading fees, and a profit-sharing mechanism. $SUNDAE tokens can be claimed on March 1, distributed via an innovative funding mechanism called a reverse ISO (Initial Stakepool Offering). 

The platform endured a turbulent start when it launched, with users complaining about failed transactions and not receiving tokens after swaps. However, these growing pains have largely subsided and the platform is now working relatively smoothly, although users can still expect some delays.

SundaeSwap has developed a solid community and it has the opportunity to become the ‘go to’ Dex on Cardano. The project aims to position itself as the Uniswap of the Cardano ecosystem by offering a reliable and easy to use service for token swaps. They also intend to be a launchpad hub for IDOs (Initial Dex Offerings).  

SundaeSwap has a TVL (Total Value Locked) of $125 million.

ADA Finance

ADA Finance is the first cross dual chain DeFi ecosystem launching on both the Cardano and Avalanche blockchains. ADA Finance has two main products: ADAFi Swap and ADAFi Launchpad. Within the ADAFi ecosystem, users can engage with multiple DeFi tools including staking, farming, lending, liquidity providing, a launchpad and a DAO.

ADA Finance offers innovative features to maximize passive earnings for its users and incentivizes platform activity by offering a referral program, address milestone rewards, and a DAO program. 

ADA Finance recently announced that they have chosen to become a licensed foundation to further support their goal of banking the unbanked. This institutional approach will give them the opportunity to work closely with real-word organisations, establish fiat integration and e-money licensing.  

The native token for The ADA Finance platform is $ADAFI. The token is yet to be launched however there will be an opportunity to buy it via Paid Ignition (date tba). To keep up to date with the pre-sale process, readers can follow ADA’s official Telegram channel.

Ardana

Ardana is the first all-in-one stablecoin ecosystem built on Cardano. Ardana offers an on-chain asset-backed stablecoin known as dUSD which uses ADA as collateral and acts as the cornerstone of the ecosystem. 

Ardana will also launch a decentralised stable-asset DEX. Danaswap will be highly capital efficient enabling swaps with minimal slippage while providing low-risk yield opportunities for liquidity providers.

$DANA is the native token that empowers the Ardana network. $DANA holders are able to vote on governance decisions within the network. The token launched in November 2021.

Meld Labs

MELD is a lending protocol built on the Cardano blockchain that enables users access to DeFi services such as lending, borrowing and providing liquidity. Users can deposit their crypto assets and borrow in fiat currency. Fiat loans, up to 50% of the value of the collateral provided, will be available on popular crypto assets such as BTC, ETH, ADA and BNB. Users can receive their fiat loan either directly to their bank account or via the MELD Debit Card. Principal and interest repayments are due on a monthly basis. 

MELDapp, like Metamask, is the main interface where users can interact with the MELD product suite. The application will be available on Chrome Extension, iOS, and Android devices.

$MELD is the utility and governance token for the MELD protocol. It can be used to pay for transactions on the protocol or it can be staked to earn 4% APY rewards. The $MELD token launched on February 3, 2022.  

The platform was created primarily to serve the more than 2 billion members of the world population that are either under-banked or lacking any banking capability whatsoever.

ADALend

ADALend is a scalable and decentralised lending protocol that is governed by a DAO. The protocol connects lenders and borrowers in an efficient and cost-effective manner using the Cardano Blockchain.

ADALend aims to power a new wave of flexible financial markets by providing a layer for instant loan approval, automated collateral, trustless custody, and liquidity. 

AdaLend has its own native token called $ADAL which is scheduled to launch in March, 2022. Keep an eye on their Telegram channel for further details regarding their upcoming IDO (Initial DEX Offering).

OccamFi

OccamFi is a DeFi ecosystem for Cardano. Their product suite has 3 main components. 

OccamRazer. An IDO platform for new projects to raise funds.  

OccamX. Will be a decentralised AMM-based Dex.

OccamDao. Will be a decentralised autonomous entity governed by the community. 

OccamFi has a native token called $OCC which was launched in April 2021. The token exists on both the Ethereum and Cardano blockchains and a bridge between the two is available. Investors can gain early access to new projects launched on OccamRazer via a tiered token staking system.

Empowa

Empowa is on a mission to build a decentralised funding platform for affordable housing in Africa. They intend to link DeFi to real world property assets in one of the youngest and fastest growing markets in the world. 

By enabling decentralised funding models, Empowa aims to make home ownership more affordable, while also building them in a manner that is environmentally friendly. The team behind the project has experience in implementing creative on-the-ground African property developments and large-scale software platforms. 

Empowa will have its own native utility token called $EMP and the token sale is ongoing. $EMP is designed to be a common unit of value in the ecosystem and can be used to purchase ‘impact cards’ that go towards funding housing projects in the region.

Drunken Dragon Games

DDG is a game where players manage a fantasy tavern and can have collectible adventurers and furniture that can be traded with friends. These are pixel tiles that are in the form of collectible and tradable tokens (FTs) that exist on the Cardano blockchain. These tokens represent adventurers that players send into epic quests or furniture that players use to decorate and expand their inn and tavern.

The DDG alpha game demo was released on December 20, 2021 on PC and macOS.

There you have it, the 8 best tokens on Cardano!

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