According to DeFi Llama, WingRiders WRT is the leading DeFi protocol on Cardano by Total Value Locked TVL The protocol currently holds 42% of the chain, with $51.77 million locked.
Its next closest competitor, Minswap, has a TVL of $40.73 million, which is down 81% from its peak value of $211.53 million, achieved on March 28.
WingRiders sets itself apart from the competition.
WingRiders is an automated market maker AMM Decentralized Exchange DEX running on the eUTxO layer 1 of Cardano.
This brings several advantages over DEXes, as seen onEthereum, including deterministic fees and a flexible environment with which to process multiple operations reliably, given the use of rich datum values.
The team set out to use Cardano's transaction-based model to provide a trusted and cheap way to trade criptocurrencies, according to the whitepaper.
The recent success of the coin was told by WingRiders. Kaaran Kalantari, the company spokesman, said he attributes this to several factors, including interest generated by the project's upcoming IDO.
Kalantari still sees stable coin as critical components of the criptocurrency industry, even though the reputation of stable coin has taken a knock in recent times. With WingRiders being the only real Cardano marketplace for stablecoins, it gives Cardano users access to this key market.
With the implosion of Terra and the ongoing industry-wide liquidity crisis unfolding, DeFi has been blamed as a contributing factor.
Kalantari believes that DeFi is an innovative and novel technology that opens users up to a degree of inherent risk. The potential to make money is a spin side to accepting this risk.
A look at the project's roadmap shows that the team is planning to complete its IDO and incorporate changes as a result of the Vasil upgrade before Q 2 ends.