- Cardano is an open-source blockchain platform that relies on community involvement to build, govern, and expand the ecosystem.
- You can participate in the Cardano ecosystem by staking ADA, running a stake pool, contributing as a developer, creating community content, and getting involved in governance.
- Participating in the Cardano ecosystem strengthens the network, ecosystem and community, and allows you to support a pioneering blockchain project.
Despite facing criticism and skepticism during the current bear market, the Cardano ecosystem has been quietly expanding and building its infrastructure. And just prior to the anticipated bull market, now might be the best time to get involved with its ecosystem. So, from choosing the right wallet to interacting with decentralized applications (DApps) and utilizing decentralized exchanges (DEX), let us break down the process step by step.
Cardano Wallets
To participate in the Cardano ecosystem, the first step is selecting a suitable wallet. Here are three standout options known for their user-friendliness and features:
1. Yoroi Wallet:
- Developed by Cardano Foundation partner EMURGO.
- Available as both a browser extension and a mobile app.
- Seamless user experience, particularly for DeFi investors.
- Supports Cardano NFTs and native tokens.
2. Eternl Wallet:
- Available as a mobile app, web app, or browser extension.
- Standard wallet features, including sending, receiving, and storing ADA.
- Supports Cardano NFTs and native tokens.
3. Nami Wallet:
- Available as a browser extension on Brave, Chrome, and Edge.
- Allows sending and receiving ADA and other native tokens.
- Enables staking, delegating ADA, and interacting with Cardano DApps.
Onboarding ADA to your Cardano Wallet
Once you have chosen a wallet, the next step is to fund your Cardano wallet with ADA, to start interacting with the Cardano ecosystem. Follow these general steps, which may vary slightly depending on the Centralized Exchange (CEX) and wallet used:
- Head to the “Transfer” section in your CEX account.
- Choose the “Withdraw” option.
- Copy the receiving address from your non-custodial Cardano wallet.
- Paste the wallet address in the “send to” field on your CEX account.
- Review and submit your transfer.
After completing these steps, your ADA funds should be available in your Cardano wallet, and you will receive a notification from your CEX.
DEX for the Cardano Ecosystem
With ADA in your wallet, you are now ready to explore DApps and trade cryptocurrencies on the Cardano network. Here are three notable decentralized exchanges:
1. MuesliSwap:
- The first DEX on Cardano launched in 2021.
- User-friendly and familiar interface.
- Trades up to 120 ADA are fee-free.
2. SundaeSwap:
- A high-value DEX operating on the Cardano blockchain.
- Offers Automated Market Maker (AMM) functionality.
- Allows swapping, staking, lending, and borrowing tokens.
3. Minswap:
- Community-focused DEX on Cardano.
- Features a mobile-native wallet.
- Offers Automated Market Maker (AMM) functionality.
Final Thoughts
Cardano, currently a top 10 cryptocurrency, has demonstrated significant potential with its roadmap milestones. The integration of BYRON, SHELLEY, and GOGUEN upgrades has paved the way for the upcoming BASHO era, focusing on optimization and network scalability. As the Cardano ecosystem continues to evolve, there is much to anticipate and explore, making it an intriguing space for enthusiasts and investors alike.
