Since its invention in 2017, Cardano has seen some incredible returns, gaining upwards of 700% in only a few years. While Cardano gains have been drastic over the years, recent global tensions and the downturn in cryptocurrency have led this coin to plummet down over 60% from its all-time highs.
Yet, considering the recent announcements of interesting projects on the Cardano chain, it’s no wonder that people are seeing this as an investment opportunity and pouring capital into the cryptocurrency.
In this article, we’ll be taking a look at four promising projects on the Cardano ecosystem, selecting a diverse showing to emphasize the extent of what can be achieved within this platform.
We’ll be taking a look at:
- Profila
- Ardana
- Djed
- Empowa
- Revuto
Let’s get right into it.
Profila
One of the central movements that have been seen on the internet recently is a mass drive towards Web 3.0. Web 3.0 is an iteration of the internet that uses blockchain technology to give more power back to users. Profila is an excellent example of one of these said blockchain projects, acting as a platform that gives users more control over their own data.
Within Profila, users are able to enter a new era of digital marketing, placing themselves at the center of their own data. Instead of companies using their data and profiting from them, they’ll be directly in charge of every piece of information about them.
Instead of their data being fed to advertising agencies, Profila gives the power of marketing directly to users. By filling in user questionnaires about themselves, Profila users will be able to build up their profile and fill it with data. The more data on their profile, the more valuable their account becomes, with Profila allowing users to sell their data directly to companies.
This even extends to users making contractual agreements with brands, users being able to set the compensation terms and period of time that brands can use their data for. While this is very much a user-centered movement, with Profila giving power back to the individual user, it also directly benefits the brands.
While third-party data lifted from a user might bear some accuracies, it is often full of mistakes that then skew the data generated by brands. With Profila, brands are getting what they call ‘Zero-Party Data’, which is data cultivated by the users themselves.
Housed on the Cardano blockchain, Profila is an excellent example of a project that’s gathered a huge following. Even the Swiss government has now got involved with Profila, with the innovation department awarding the brand a sponsorship for their work.
With data protection and fair data use at its center, this is an incredibly interesting project to watch over the coming months.
Ardana
Ardana is Cardano’s most successful stablecoin hub, allowing users to leverage Cardano’s native ADA tokens within a staking system. Ardana works through having a stablecoin, known as dUSD, which is backed against the US dollar. This decentralized stablecoin allows users to mint, sell, and buy dUSA on Cardano and then use this within collateralized assets, like ADA tokens.
Instead of having to convert ADA into this stablecoin, Ardana produces vaults that can store the currency, offering interest in the form of minted dUSA. This methodology allows users to get access to stable liquidity on Cardano, further driving progress and facilitating building on the platform.
Additionally, Ardana has used Cardano for the low transaction fees associated with this proof of stake platform. Due to these low fees, Cardano can provide users with low-cost stablecoin exchanges, making this a wonderful system for those looking to trade, stake, buy, or sell within Cardano.
Back in November of 2021, Ardana also announced they were forming a bridge with Near, which will further expand the utility of this project. With this partnership, users are now able to transfer assets from Near to Cardano, or vice versa. This change has furthered the attraction of Ardana as a product, as it expands the system while also pointing to the future potential of the brand.
This is not the only layer one ecosystem chain that Ardana has formed for Cardano, also having a connection to Elrond. Especially with Elrond, which is a high-throughput L1 blockchain, these connections are set to open a lot of doors for Cardano. The projects that Ardana is launching are promising signs of future growth and adaptation, with this being one of the most exciting projects on the Cardano ecosystem.
Djed
Another exciting stablecoin-driven project that’s been launched on Cardano is Djed. Djed is a stablecoin that uses algorithmic design to create smart contacts. With these contracts, the price of the stablecoin becomes much more stabilized, allowing this to be a perfect coin for decentralized finance.
Recent news has announced that Djed isn’t only another stablecoin on the Cardano network, actually having aims of becoming the ultimate coin with which all Cardano’s networks will use. This includes transaction fees, making Djed a central part of the Cardano infrastructure.
The coin, COTI, presented their plans in a presentation within August of 2021, with 2022 being the year where many of those plans begin to come to fruition. Djed intends to collect fees on both minting and burning, as well as the reserve of the coin, potentially generating this project a hefty sum within the coming years.
Considering that Djed is going to become integral to Cardano, and that Cardano is currently the 3rd largest cryptocurrency in terms of market cap, it’s no surprise that people are rapidly moving to follow this project.
Empowa
Another project that’s currently making waves in the Cardano ecosystem is Empowa, a social capital project that aims to finance property development in Sub-Saharan Africa. Currently, there is a circle of shortages in the housing supply market within Africa, leading to a lack of funding, high cost of capital, lack of supply, and high cost of building.
Empowa’s mission is to use decentralized financing to provide affordable housing within Africa. They seek to build a house, empower communities, and create an effective real-world impact through the power of the blockchain.
With a central goal of reducing the housing shortage in Africa, it’s no wonder that this project has become an exciting prospect for those looking to use cryptocurrency for social good. Launched on the Cardano ecosystem, this project will help build houses that address the housing shortage in Africa, putting a roof over the heads of millions of people.
As this project continues to pick up steam, especially with the large amounts of media attention that it’s accumulating, this will certainly be a project to keep an eye on throughout the coming months.
Revuto
In our modern era, you’d be hard-pressed to find a person that doesn’t have a range of different streaming accounts or services. From Netflix and HBO to Spotify and Apple TV, there are a vast quantity of possible subscriptions that are likely linked to your bank accounts.
The Cardano-based Revuto aims to become the solution for this mass subscription, with Revuto acting as one central account that you can pay all of your subscriptions form. By paying in Revuto’s native token, you’ll get a discount on all of your subscriptions, automatically getting cashback rewards.
Equally, you’ll be able to put your Revuto tokens to use in the meantime, using them for staking and yield purposes. Due to this, not only will you be saving on your subscriptions, but you’ll also be able to get money back over time. This clever project is perfectly timed, with many subscription services upping their rates.
Revuto aims to be a solution to the number of subscriptions you have, making it easy for you to block, suspend, or snooze a subscription that you’re not currently using. With this, the power goes back to the consumer, helping them stay on-top and up-to-date with all of their subscriptions.
This is a clever idea that shows a lot of promise, definitely marking it as one to look out for in 2022.
Final Thoughts
Cardano has an exciting year ahead of it, with this blockchain seeing a whole host of impactful projects being launched. All across the many industries that blockchain is influencing, from housing to finance, Cardano is making a difference.
These five projects represent the most interesting Cardano developments that are taking shape within 2022. Each was selected due to its mass following, exciting principles, or ingenious innovations that the projects have become known for.
If you’re looking for some new investments, or just to keep an eye on exciting projects, then these five are a great place to start.
