According to recent data, the Cardano (ADA) blockchain is one of the fastest-growing crypto ecosystems on the market. The top Cardano dapps are exponentially growing in terms of unique user accounts and activity. There are more than three and a half million active Cardano wallets, increasing by around 30,000 wallets per week. As of July 2022, Cardano surpassed 1,000 functional decentralized applications. This is a massive number of dapps, given that Cardano launched smart contract functionalities in September 2022. Furthermore, data shows that Cardano had more on-chain dapp activity during the last few months than many of its competitors. The Cardano blockchain even exceeds Ethereum’s number of active users as a percentage of total users.
In this article, we’ll explore the Cardano ecosystem and explore the top Cardano dapps in 2022. Also, we’ll take a look at each trending dapp’s key features and what it offers to users.
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The Cardano Blockchain
Cardano was launched in 2017 by a team of blockchain engineers and scientists led by Charles Hoskinson, an Ethereum co-founder. Unlike many competitor blockchains, Cardano uses a peer-review development system for all network improvements. Each update of the Cardano blockchain goes through an extensive scientific review process before implementation. Cardano has undergone several development phases, the most significant being the launch of smart contract capabilities in 2021. This update opened the door to thousands of developer teams to create and launch decentralized apps on Cardano.
The blockchain uses a Proof-of-Stake (PoS) consensus mechanism that relies on decentralized nodes with a stake in the network. These nodes verify and process transactions, while the users staking ADA through the nodes get staking rewards derived from transaction fees. Cardano transactions take less than one minute, but the development team plans to speed up transfer times even more. Furthermore, the network’s throughput is 250 transactions per second. These characteristics make Cardano a good choice for launching all types of dapps. Based on available data, many developers have been using Cardano to launch dapps in 2022.
Top Cardano Dapps in 2022
There are more than 1,000 active dapps on Cardano. These dapps cover different sectors such as DeFi platforms, decentralized exchanges (DEX), digital marketplaces, and NFTs. We chose 10 of the top Cardano dapps in 2022 based on the number of unique active user accounts. Numerous dapps provide similar services, but these 10 are the top Cardano dapps based on data as of October 2022.
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MinSwap is the largest decentralized exchange (DEX) in the Cardano ecosystem. The platform supports six of the leading Cardano wallets. Users can exchange dozens of cryptocurrencies built on the Cardano blockchain, and the platform has its MIN token. Unlike many DEX platforms, MinSwap provides users with a detailed price chart for every available trading pair. The price charts come with various technical analysis tools and indicators.
MinSwap hosts many liquidity pools for Cardano-based cryptocurrencies where users can provide liquidity and earn rewards. The platform’s yield farming feature supports 23 staking options with rewards between six and 57% depending on the crypto. MinSwap has its token launchpad called Launch Bowl, designed to support promising Cardano projects during their launch process. The community governs the DEX, and users get to vote based on their MIN token holdings.
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JPG Store is the leading Cardano NFT marketplace, and it’s one of the top Cardano dapps in terms of popularity. Cardano’s NFT ecosystem is rapidly growing, and many Cardano dapps are related to NFTs. JPG Store has a trading volume of 350 million USD, more than 220,000 unique wallet accounts, and 15 million USD of paid royalties. The platform has a massive selection of NFTs. You can find the most popular Cardano NFT collections and lots of NFTs from beginner artists. Also, JPG Store has a section for Launchpad Projects, which are NFTs with direct support from the platform.
NFT artists can easily create collections, apply for the JPG Store Launchpad, or verify collections. JPG Store is great for NFT beginners because it has an educational section with guides for creators and NFT buyers. The guides have detailed information about how to buy/sell an NFT and how to create NFTs on Cardano.
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SundaeSwap is another one of the top Cardano dapps. The platform is a decentralized exchange that lets Cardano users unlock the DeFi potential of ADA coins. You can exchange ADA for all the leading Cardano cryptocurrencies, and the platform supports seven Cardano wallets. SundaeSwap is very beginner-friendly because of its smooth interface and straightforward features. The exchange supports 11 global languages, which makes it great for international use.
When you connect your Cardano wallet, you can access the platform’s features, including token swaps and liquidity pools. MinSwap is more geared toward experienced traders, while SundaeSwap is the Cardano DEX for beginners. The swap feature supports all of the leading Cardano-based tokens. If you can’t find a token in the list, you can paste the token’s Policy ID to add it. Cardano uses Policy IDs to identify on-chain assets. Copy the ID from the token’s official page and start trading. Also, SundaeSwap has a great selection of Cardano liquidity pools, which you can use to earn liquidity pool rewards.
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CNFT is the first NFT marketplace on the Cardano blockchain. The platform started operating during the summer of 2021 and has since become one of the top Cardano dapps for NFTs. The CNFT Explore section allows users to browse NFT collections. Similarly to JPG Store, you’ll find a broad selection of NFTs, from beginner creators to the leading NFT collections. If you’re unsure what the trending NFT collections on Cardano are, you can check the Activity section of CNFT. The Activity tab lets users browse collections based on their market rankings. You’ll see the trading volumes, floor prices, number of wallets, sales, and the total number of minted NFTs.
The Projects section is where you’ll see NFT collections classified into different categories. For example, there’s a selection of the top 10 trending projects, a section for gaming NFTs, art projects, photography projects, and more.
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MuesliSwap is a popular Cardano DEX that provides users with both beginner and advanced-level features. Crypto newcomers can use the MuesliSwap Milkomeda feature to swap numerous Cardano-based assets quickly. Experienced users have the MuesliSwap trading interface at their fingertips. This interface comes with a detailed price chart and technical analysis tools. MuesliSwap’s Earn section allows users to browse and join numerous liquidity pools. In the Farm section, users have more than 20 yield farming options with annual percentage yields (APYs) from nine to 66%.
One of the most important features that make MuesliSwap an essential part of the Cardano ecosystem are its two blockchain bridges. The Celer and Multichain bridges enable users to bridge numerous cryptocurrencies from other blockchains to Cardano and the other way around.
Wingriders is a key Cardano DeFi platform and one of the top Cardano dapps in terms of trading utility. The platform is simultaneously an automated market maker (AMM) and a DEX. Apart from trading Cardano-based tokens, users have multiple DeFi features at their disposal. Wingriders has more than 200 liquidity pools, the largest number among the top Cardano dapps. The Farming section of the app supports 13 yield farms with rewards ranging from 16% to 67%. Wingriders supports more than 180 assets, and there’s a list of all tokens on the platform with their trading volumes.
The community controls Wingriders through a system of proposals and votes. One of the critical advantages of Wingriders over other Cardano dapps is that it supports hardware wallet connectivity for Ledger and Trezor wallets.
MELD is an innovative Cardano dapp that serves as a decentralized, non-custodial banking protocol. Users can lend and borrow crypto or fiat through MELD. The platform is straightforward to use and avoids all the bureaucratic procedures associated with taking out a loan from a bank. Once you connect a crypto wallet to MELD, you can choose between staking, lending, and borrowing assets.
If you want to borrow fiat currency through MELD, you must deposit two times the desired amount of fiat currency as collateral in crypto. MELD will lock the collateral with a smart contract and send the funds to your bank account. You’ll make a monthly payment to MELD until you pay back the principal and the interest. After finishing the payments, MELD will release your collateral and send it back to your wallet.
SpaceBudz is a popular Cardano NFT collection and marketplace. Users can connect their wallets to the SpaceBudz app and buy NFTs from the collection. The platform supports a bidding feature where users can submit their bids for specific NFTs from the 10,000-strong SpaceBudz collection. The Explore tab lets users browse the collection and filter the NFTs according to particular traits and categories. For example, users can select different animal types, gadgets, accessories, and price ranges. Clicking on a specific NFT will display the owner’s public address, the last sale price, and all of the NFT’s traits.
Epoch.art is another Cardano NFT marketplace with a high number of unique user accounts that ranks it among top Cardano dapps. This marketplace allows users to browse, buy, and sell a wide variety of Cardano NFTs. One of the strong points of the platform is that it classifies NFTs by various metrics that enable users to browse collections easily. By clicking on the Explore option, users get to select which category of NFTs they wish to browse.
For example, users can see the top collections based on their all-time or seven-day trading volume. The Trending tab displays NFT collections according to their 24-hour or seven-day increase in trading volumes. The other NFT categories include metaverse, gaming, and tokens that give holders various utility features.
Labs by Mutants
Labs by Mutants is an innovative Cardano NFT platform different from classic NFT marketplaces. Users can participate in NFT raffles, and stake selected NFTs on Labs by Mutants. The platform allows users to stake NFTs from 15 popular Cardano collections and earn rewards. Regarding NFT raffles, users can see a list of all current, upcoming, and soon-ending raffles. Some raffles use ADA coins, but numerous raffles use other, specific Cardano-based tokens for participation.
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Top Trending Cardano Dapps in 2022 – Summary
Cardano is a highly versatile blockchain that allows users to launch all types of decentralized apps. However, according to market data, DeFi and NFT-related platforms are the most popular types of apps on Cardano. Our selection of top Cardano dapps, according to the number of unique accounts, reflects this trend. The growth of Cardano dapps is especially significant given that crypto is currently going through a turbulent bear market cycle. The current statistics show that the network is on a path of exponential growth.