Double Spent operates as an autonomous ecosystem governed by immutable mathematical principles and catalyzed by rational self-interest. Leveraging Cardano's extended UTXO model, the protocol creates a unique equilibrium where individual actions naturally align with collective prosperity.

The protocol implements dual incentive mechanisms:

A burn mechanism that rewards early participants when the collection grows.
A prize pool that massively(?) rewards the most recent minter after a time delay which is pushed farther into the future with each mint.
These mechanics create a revolving interplay of incentives where individual self-interest drives collective growth maintaining a mathematical balance to encourage the different stages required to scale.

> Buy early to burn | Buy last to win

## Dual Value Extraction
Double Spent creates two distinct paths for participants to extract value:

### 1. Burn Mechanism
Rewards early participants when the collection grows:

- Only NFTs with index < total/2 are eligible
- Burning destroys the NFT but yields ₳200
- Net profit: ₳94 (88.7% +) per eligible NFT
- Just under half of all NFTs will eventually qualify



### 2. Prize Pool
Rewards the most recent participant:

- Accumulates ₳4 from each mint
- Claimable only by the last minter
- Must wait until timer expires
- Value grows linearly with collection size
- Position transfers with each new mint

---
## Game Theory
Double Spent creates a economic environment where individual incentives drive collective behavior in predictable yet complex ways.

### Participant Motivations
#### 1. Early Participants
Motivated by securing positions that will become eligible for burning as the collection grows. Each position has potential for ₳94 profit when the collection doubles their position.

#### 2. Middle Participants
May acquire NFTs hoping for continued growth to reach burn eligibility. These participants create the necessary growth for early positions to become eligible and for the Prize Pool to grow to a desirable amount.

#### 3. Late Participants
Increasingly motivated by the growing Prize Pool. As this value grows, the incentive to become the last minter increases proportionally.

___

## The Minting War Scenario
As the Protocol grows, a fascinating dynamic emerges around the Prize Pool:

1. Value Growth: The Prize Pool accumulates ₳4 with each mint
2. Economic Threshold: When the Prize Pool exceeds ₳106 (after 27 mints), it becomes theoretically profitable to mint solely to claim it
3. Competitive Dynamic: As the value grows substantially, multiple participants may compete to be the last minter
4. Escalation: Each new mint in this competition further increases the Prize Pool value while transferring the claim rights
5. Timer Extension: Each mint adds 20 minutes to the timer, preventing immediate claims and allowing for more competition

#### Theoretical Minting War
Consider a scenario where the Prize Pool reaches ₳4,000 (after 1,000 mints):

The value now exceeds the mint cost by nearly 40x
This creates strong incentive for participants to compete for the last position
Each competitor must balance:
1. The cost of minting (₳106)
2. The probability another participant will outbid them
3. The extended waiting time with each new mint
This competition could theoretically drive continuous growth

## Emergent Equilibrium
The dual incentive structure creates a self-balancing system. The burn mechanism rewards early participation, while the Prize Pool creates increasing incentive for late participation. Together, these mechanics create a protocol where individual greed fuels collective growth, potentially driving the system toward various equilibrium states determined by participant behavior and economic conditions.

### Game Mechanics Analysis
The protocol can be analyzed through several game-theoretic lenses:

### Prisoner's Dilemma Aspect
Participants face a classic dilemma: minting immediately to secure a position versus waiting for others to mint first. While collective restraint (waiting) would minimize overall costs, individual incentives push toward aggressive minting, especially as the Prize Pool grows.

### Auction Mechanics
The competition for the last minter position resembles an all-pay auction where each bid (mint) incurs a cost, but only the final bidder receives the reward. This creates a natural escalation dynamic as the Prize Pool grows to significant values.


### Long-Term Behavior Patterns
Initial exploration: Early phase characterized by experimental participation with limited capital commitment
Growth acceleration: As burn eligibility proves profitable, participation increases and collection grows geometrically
Competition phase: Prize Pool values become significant enough to drive competitive minting wars
Professional optimization: Advanced tools and strategies emerge to maximize returns, potentially including automated minting bots
Equilibrium establishment: Growth eventually stabilizes at a level determined by market conditions and participant resources
The Double Spent protocol creates a rare economic laboratory where game theory principles play out in real time on a blockchain. By aligning individual incentives with collective growth through carefully balanced mechanisms, the protocol demonstrates how structured competition can drive emergent behaviors that benefit both early and late participants through different value-capture methods.
Technical Architecture
Double Spent is implemented on the Cardano blockchain using Aiken for smart contract development and Mesh for offchain integrations. The architecture consists of several interconnected components that work together to maintain the protocol's state and enforce its rules.

## Artwork & NFT Generation
Each NFT in the Double Spent collection is procedurally generated, creating a unique visual representation derived from its index number.

NFT 1: ![Alt text](https://double-spent-image.vercel.app/api/double-spent/1)
NFT 53: ![Alt text](https://double-spent-image.vercel.app/api/double-spent/53)  
NFT 99: ![Alt text](https://double-spent-image.vercel.app/api/double-spent/99)  
Collection Specifications
The artwork for each NFT is generated using a deterministic algorithm that:

Uses the NFT's index as a seed value
Creates 300px × 300px minimalist designs
Employs mathematical functions to determine visual elements
Ensures each piece is unique while maintaining collection coherence
"The artwork serves as a visual representation of position within the protocol. Early NFTs with lower indices feature distinct visual characteristics from later NFTs, creating a visual language that reflects the mathematical properties of the collection."

Double Spent

Products

Play to earn racing game built for the Cardano blockchain utilizing NFTs as raceable assets.

Xrace

The term accelerator is often used in the same sentence as the terms [launchpad](https://builtoncardano.com/search?q=launchpad) and [incubator](https://builtoncardano.com/search?q=incubator), but the three have their own subtle differences. Many accelerators also operate a launchpad and/or incubator to help them progress the projects they are accelerating.

An accelerator is a business or organization that supports existing early-stage businesses (often business that are yet to earn any revenue) by accelerating the growth of their product. Accelerators often focus on a certain niche or sector, e.g. finance, and also mentor the businesses that they take on. Accelerator can sometimes offer finical assistance to the juvenile businesses that they take on. These businesses must apply to be a part of the accelerator and the accelerator then accepts or rejects their applications.

An aggregator is a person or entity who gathers things together and then either displays them to others or utilizes what they have gathered for a purpose.

The most common use case for aggregators in the blockchain world is a DeFi protocol that aggregates DEXs. This means that a user submits their order to the aggregator protocol and the protocol distributes that order across multiple DEXs to get the user the best price at the lowest cost.

AMM stands for *Automated Market Maker*. This is an algorithm, often supplemented by [oracles](https://builtoncardano.com/ecosystem/oracle), that facilitates the pricing and exchange of assets between users. Assets are exchanged at market value through liquidity pools. These pools are created by Liquidity providers, LPs, who deposit assets to the exchange in pairs. This “asset pair” then allows users to swap one asset for the other through the liquidity pool. Fees are paid to the LPs who provided the liquidity. The more liquidity a pair has the less “slippage” a user experiences, meaning the less likely the user is to experience a price change in their trade.



API stands for *Application Programming Interface*.

An API is an intermediary or go-between that allows computers or computer programs to talk to each other and pass information back and forth. APIs act as the messengers that take the request from the computer or computer program to the source that can provide the answer to that request, retrieves the answer, and then bringing it back to the computer or program that initiated the request.

In the blockchain space APIs are mainly used to query the blockchain. This is to say, that an API can be used to abstract specific data points from the blockchain so that a computer or program can use those data points to inform its user or its actions.

An auction is when something is put up for sale and people place bids to determine who wins, a.k.a. buys, the item. There are multiple types of auction out there and below are the most common types:

**English Auction:** An item starts at a certain price and people places bids that raise in value with each bid and the winner is the person who places the highest bid. They then pay the value of their bid.

**Dutch Auction:** An item starts at a certain high price. The price is then progressively lowered until someone claims it and they pay the price that they stopped the auction at.

**Sealed Bid Auction:** People write down their bids for an item and submit them. Once the time for submitting bids is over then all the bids are opened and the highest bidder wins the auction.

**Vickery Auction:** Works in almost the same way as a sealed bid auction. However, when all the bids are opened the highest bidder wins but they pay the price of the second highest bid.

Auctions, especially English auctions, often have reserves attached to them. A reserve means that the seller sets a minimum price for the item. If the price is not met by the buyer then the item is not sold. Reserves can be kept hidden, which is most common, or they can be disclosed to the bidders.

Audits are incredibly important in the decentralized and blockchain world and audits are completed on a platforms code, typically by 3rd parties, to ensure that that code is as watertight as possible. Conducting audits before releasing product is a best practice technique and can expose flaws in a protocol before that protocol is released to the public, allowing developers to fix them so that they cannot be exploited by hackers.

When we run on the mantra that “Code is law” then that code needs to be secure so that everyone can be sure that their tokens are safe in the protocols and platforms they’re using. The projects tagged with audit are those that offer or conduct audits on platforms and projects in this space.

***MYTH***

Blockchains are a secret way of transacting money and hiding the exchange of funds from others and authorities.

***TRUTH***

A blockchain is a transparent ledge, meaning that anyone can explore the transactions on it when given the tools. Those tools exist for all blockchains (except the few privacy chains that have been created that do in fact hid the exchange of funds).

Explorers allow anyone to search and explore all the transactions on the blockchain. The blockchain can be searched and explored in numerous ways using: wallet addresses, transaction IDs (TX ID), block numbers, epoch number, slot/epoch number, stake pool ticker, token ticker, staking keys. Users can also search for individual assets and transaction metadata if they have the information. Developers can use APIs to scrape data from the blockchain to inform all sorts of processes, programs, and to create data sets.

Blockchain bridges allows you to port assets from one chain onto another, allowing those assets to represent their value and be used on a different chain. Most blockchains are not compatible with each and blockchain bridges bring much needed interoperability between chains by allowing for the psuedo-transfer of assets from one to the other.

Blockchain bridges work by first locking up the asset on its home chain, done by sending the asset to a designated address or smart contract. Once this lockup has been confirmed the protocol or company then mints a synthetic asset, representing the locked asset, on the target chain. The locking up process provides assurance that the asset on the target chain is always backed by the asset on the original chain.

These bridges can be both one-way and bidirectional. One-way bridges only allow you can to send assets in one direction e.g. from Ethereum to Cardano, and not from Cardano to Ethereum. Note that you can always unlock the locked up asset by returning synthetic asset to the bridge. One-way, in this sense means that you cannot lock up assets on the other chain, Cardano in our example, to be used as synthetic assets at the other end of the bridge. Bidirectional blockchain bridges allow you mint synthetic assets on both chains. 

Blockchain bridges can be custodial, where the assets are stored by a trusted 3rd party, or non-custodial, where the assets are locked up in a smart contract. Non-custodial blockchain bridges, utilizing code and smart contracts to secure assets instead of a middleman, are championed as being more aligned with the ethos of decentralization.

Here you’ll find all the Cardano explorers developed by both the community and [IOG](https://builtoncardano.com/iog-iohk), the builders of the Cardano blockchain. These Cardano block explorers allow you to view Cardano transactions and search and explore blockchain data using a variety of pieces of information, including: a wallet address, transaction ID, asset ID, and policy ID.

Many of these Cardano blockchain explorers are also Cardano testnet explorers, and allow you to, separately, view the transaction activity for both the Cardano testnet and the Cardano mainnet.

Some of these block explorers offer simple, visual displays of the Cardano blockchain, others are true Cardano block explorers, allowing you dive deep into all the elements of Cardano transactions, others allow you to bring up and view the assets associated with a single blockchain address (i.e. your wallet), whilst others are data rich platforms offering insights into the past and current state of the Cardano blockchain—featuring data points, such as blockchain load, Cardano transactions per second, and the Nakamoto coefficient of Cardano.

## Lending Protocols

Lending protocols in the [DeFi](https://builtoncardano.com/search?q=defi) world allow people to loan or lend money in a peer-to-peer manner, i.e. without the banking middleman. These loans are secured by the lender over-collateralizing the loan and the terms of the loan being managed in a smart contract. This gives the unbanked or those who have poor credit the ability to take loans, and it gives those with excess capital the opportunity to provide loans in a secure and trustless manner, and to earn income from them.

Over-collateralization means that the person receiving the loan locks up more than the value of the loan to secure it e.g. if they want to loan 100 they must lock up 150. How much they over-collateralize the loan by, and which tokens they use as collateral, depends on the platform. Some platforms only accept stablecoins, and other accept a variety of crypto assets. Typically, an individual uses one asset for collateral and takes a different asset as their loan.

An important factor in all loans is the interest rate and the length of the loan. These vary greatly by lending protocol, and loans can have fixed interest rates and periods, or infinite periods with interest rates that fluctuate throughout the loan period, fluctuating based upon the utilization rate of the pool of funds the loan was drawn from.

Importantly, the receiver of a loan is expected to maintain a certain ratio of collateral to loan, meaning that if the value of their collateral drops below that of their collateral to loan ratio, they need to add more collateral to keep the required balance. If they don’t keep up the collateral ratio they face liquidation and the loss of their collateral.

To "become the bank" those with idle tokens can deposit them into a lending protocol and earn from the interest derived from the loans their tokens are used to facilitate. Usually this deposit requires a lockup period of a certain length of time. Often, the longer the lockup period the higher the percentage return for the depositor.

A browser extension is an application that lives in your browser and can be injected into websites and dApps, allowing you to interact with them. The most common browser extensions in the crypto world are light wallets that allow users to interact with dApps such as NFT [marketplaces](https://builtoncardano.com/search?q=marketplace) and other blockchain based websites and dApps.

Other things such as ad-blockers and coupon applications are also browser extensions. Browser extensions are often located in the top right hand corner of your browser, inline with the search bar.

Projects tagged as build-to-earn are almost always games. A familiar concept in many games is the collection of items or materials that can then be used to build items, tools, weapons, or other in game items that are then used inside the game. Build-to-earn builds on top of this function of the game and gives players the ability, and often the marketplace, to sell the items they have built to other players. These items are usually exchanged for the platform’s native token but some games may allow players to trade their items for other in-game items.

Sometimes players are given the ability to design the items they build but most of the time the buildable items are pre-coded into the game and players need to collect the items or materials necessary to build them.

Ultimately the build-to-earn model allows players to monetize their time spent in the game.

Projects tagged as “Catalyst Funded” have received funding from Cardano’s experiment in decentralized funding and on-chain governance, Project Catalyst. The Project Catalyst experiment has a bucket of funds that has is being split into multiple funding rounds. Proposers apply for funding by submitting proposals to different challenges that have been chosen by the community for each funding round.

Owners of Cardano’s native currency, ADA, can register their ADA and use it to vote for or against proposals in the Project Catalyst platform. Each ADA counts as a single vote and the proposals that receive enough votes above the voting threshold receive the funding that they applied for, if there are enough funds left in that challenge to fulfill their request amount. The funds are paid out in ADA.

Follow [this link](https://builtoncardano.com/project-catalyst) to learn more about how the Project Catalyst experiment in Decentralized governance works and for links for where to get involved.

To vote in [Project Catalyst](https://builtoncardano.com/project-catalyst) users need to first register their intention to vote by registering their ADA, note that you need at least 500ADA to be eligible to vote in Project Catalyst. *Only the wallets tagged with “Catalyst Voting Registration” have this functionality at this time.*

[This article](https://iohk.zendesk.com/hc/en-us/articles/900005679386-Catalyst-registration-and-voting-guide) from [IOHK](https://builtoncardano.com/iohk) gives you a step by step walkthrough of how to register and vote in Project Catalyst.

A CLMM, *Concentrated Liquidity Market Maker*, is an extension of the AMM algorithm where LPs can provide liquidity to specific price ranges of a pool of assets. They can only earn fees when the assets are traded in their chosen price range. This helps LPs guard themselves again “Impermanent loss”, which is where the price of their assets changes between the time of deposit and withdrawal.

The protocols and projects tagged here are interoperable with one or multiple other blockchains. Projects with this tag include those that provide the infrastructure of this inter-chain-operability, such as the providers of [blockchain bridges](https://builtoncardano.com/search?q=blockchain%20bridge), or they could be protocols or projects that operate across multiple chains by utilizing these blockchain bridges. There are also projects that can be cross-chain without these blockchain bridges, however these usually rely on a 3rd party, custodial entity to facilitate this, instead of a trustless, blockchain bridge.

Custodial means to be responsible for holding something for someone else. In the cryptocurrency space custodial is associated with the storing of assets. A custodial wallet, platform or application will store the users assets either themselves or with a third party, meaning that the user doesn't have ownership of their assets as, ultimately, they are in someone else's hands. The opposite of custodial is [non-custodial](https://builtoncardano.com/search?q=non-custodial).

If a project on Cardano operates with a DAO that you’ll find it tagged and listed on this page. All of these Cardano DAO projects have, in some form or another, incorporated or plan to incorporate a DAO. Not all of them will be full autonomous and this may be for one of many reasons, be it that features are being released gradually, that they will never actually be a full and proper DAO (and this a debate for another time).

There are specific Cardano DAO projects listed here, and these are those that operate as a full DAO, who’s direction is guided by the votes of its members. Others on here are projects and protocols built on Cardano, and these can take various forms, including: [DeFi projects](https://builtoncardano.com/ecosystem/defi), [NFT projects](https://builtoncardano.com/ecosystem/nft-collections), and [gaming projects](https://builtoncardano.com/ecosystem/games-and-gaming). 

Regarding full Cardano DAO projects, these have been created around many different topics, the most popular being Cardano investment DAOs that invest in Cardano NFTs and tokens. However, there are other DAOs focused around things such as the development of open-sourced tooling, the growth of the DAO idea itself, and art.

Explore all the Cardano DAO projects, and those projects on Cardano that feature a DAO. The use of DAOs on Cardano is becoming more and more popular every day!

An aggregator is a person or entity who gathers things together and then either displays them to others or utilizes what they have gathered for a purpose.

Data aggregators collect data from multiple points and sources and present them to users in a format that they find intuitive and easy to explore and/or use. [Built on Cardano](https://builtoncardano.com/built-on-cardano) is an excellent example of a data aggregator, but data aggregators can also include those that aggregate news stories, as well as those who collect and display blockchain data in interesting and informative ways.

Data aggregation is a common thing in any and every industry and is a fundamental element of how many blockchain protocols work. The projects tagged as data aggregators on Built on Cardano are those who aggregate data as the main focus of their project i.e. displaying the data they collect to their users.

Here are all the Cardano DeFi projects complete with descriptions and tags. If you’re looking for a Cardano DeFi exchange, a lending protocol, a launchpad, a Cardano stablecoin, or platforms on which to tokenize real world assets then you’ve come to the right place. The Cardano DeFi ecosystem is maturing and, as it does, we will continue to list the new Cardano DeFi projects here. If you look at Cardano in 5 years this list will be substantially different, some projects will have left it, but many many more will have been added.

If you’re looking to simply swap Cardano native tokens then a [Cardano DEX](https://builtoncardano.com/ecosystem/dex) is your best choice. If you’re looking to utilize your crypto holdings for a loan then take a look at all the [Cardano lending and borrowing platforms](https://builtoncardano.com/ecosystem/lending-protocol) on offer and choose which one fits your needs. There is much more utility in the Cardano DeFi world and we invite you to explore it here!

Discover all the Cardano DeFi projects in one place. Powered by smart contracts these DeFi projects built on Cardano allow users to transact trustlessly.

DeTi stands for *De*centralized *Ti*cketing and removes the middleman from ticketing situations, giving control of issuing tickets for events back to the artists or organizers.

In DeTi tickets are issued as NFTs, thus reducing the ability for ticketing fraud. The issuer can also set a royalty percentage for resale, allowing the artists to realize gains from the secondary market, where tickets are often sold at highly inflated prices without any of those monetary gains flowing back to the artist.

If you’re a Cardano developer looking for the tools to develop a project or the resources for learning about developing on Cardano - such as Cardano developer courses - then you’ve come to the right place! Here you’ll find NFT tools  for the Cardano NFT developer,  project deployment resources for the Cardano app developer, community translations of the official Cardano wallet library into various other programing languages, APIs, SDKs, oracles, open source smart contract libraries, and community created tools and resources for the Cardano developer of today.

Discover all the open source tools and resources created for the Cardano developer, including: Cardano developer courses, open source smart contracts, and more!

Here is a Cardano DEX list for you to explore all the decentralized exchanges built on Cardano. There are multiple Cardano DEX projects for you to choose from, each with a different take on the DEX concept and the way of managing a decentralized exchange protocol.

Listed here are Cardano DEX projects that are based on both the automated market maker (AMM) and the traditional order book style of exchange. Both types of DEX on Cardano, like any other exchange, require a good amount of liquidity to operate effectively. This leads many to say that the best Cardano DEX is the one with the most liquidity. However, there are many other factors that the users of these DEXes would tell you to take into account before deciding which is the best Cardano DEX, and which one you should interact with (although a high amount of liquidity is a good indicator for users).

Interestingly, many Cardano exchanges, such as Sundaeswap, use the concept of “batchers” to collect, order, and execute transactions. This reliance on a small group of batchers to order and execute user transactions reduces the decentralized nature these exchanges as these entities could easily collude to front run transactions from particular wallets or to censor transactions from other wallets.

All the Cardano decentralized exchanges in one place! Discover the best Cardano DEX projects and learn more on our platform built on independent research.

Education platforms and resources offer content, in many forms, that helps to educate people about different faucets of the Cardano blockchain. These can range from blogs to instructional videos and can cover everything from what a blockchain is and how the technology works, to a course on [Plutus](https://builtoncardano.com/search?q=plutus), Cardano’s smart contract language.

There are many dedicated educational resources in the Cardano space, however many protocols and dApps offer educational content for their users to supplement their product and to help with onboarding users.


MYTH

Blockchains are a secret way of transacting money and hiding the exchange of funds from others and authorities.

TRUTH

A blockchain is a transparent ledge, meaning that anyone can explore the transactions on it when given the tools. Those tools exist for all blockchains (except the few privacy chains that have been created that do in fact hid the exchange of funds).

Explorers allow anyone to search and explore all the transactions on the blockchain. The blockchain can be searched and explored in numerous ways using: wallet addresses, transaction IDs (TX ID), block numbers, epoch number, slot/epoch number, stake pool ticker, token ticker, staking keys. Users can also search for individual assets and transaction metadata if they have the information. Developers can use APIs to scrape data from the blockchain to inform all sorts of processes, programs, and to create data sets.

A fractional NFT is when an NFT has been split into multiple parts, allowing multiple entities to own a part of that NFT. An NFT is fractionalized by locking it up and tokenizing it. These tokens can then be traded on the open market. 

Sometimes these tokens provide value beyond the attributed value of the NFT that they represent. This is in the form of earning generated by the underlying asset.

*Basic Wallet Science* Cryptocurrency wallets function through a pair of cryptographic keys, one public and one private. The public key is the wallet’s address, the private key is securely stored in the wallet. Both are required to send an asset from the wallet.

Wallets are split into two categories: [custodial](https://builtoncardano.com/search?q=custodial) and non-custodial. With a custodial wallet a 3rd party, e.g. an exchange or service provider, possesses the wallet’s private key. With a non-custodial wallet you alone possess the private key. Whoever controls the private key controls the wallet’s funds. Hence the mantra: *Not your keys not your coins*. A wallet’s security can also be increased by storing it on a [hardware wallet](https://builtoncardano.com/hardware-wallets).

Wallets are either light or full node. Full node wallets download the whole Cardano blockchain, interacting directly with it, and are less affected by network congestion than light wallets, which require other nodes to send their transactions. Full node wallets exist on computers, light wallets exist on devices and as browser extensions.

A basic wallet allows for the viewing of its balance and the sending and receiving of funds, but wallets can have many other functions, including: delegating the wallet’s funds to a stake pool, registering to vote in [Project Catalyst](https://builtoncardano.com/project-catalyst), displaying the wallets NFTs, hardware wallet integration, and using integrated DeFi services.

The games being built on Cardano fall into numerous categories and this page gives you an insight into all the Cardano gaming projects that are either live or under development in the Cardano ecosystem. Many of these Cardano games utilize NFTs, either requiring them to play or enabling players to create and sell NFTs in-game.

One of the most common models for blockchain games is the [build-to-earn](https://builtoncardano.com/ecosystem/build-to-earn) model. There are also multiple Cardano [play-to-earn](https://builtoncardano.com/ecosystem/play-to-earn) games in the Cardano gaming ecosystem. Another up and coming type of game is [play-to-learn](https://builtoncardano.com/ecosystem/play-to-learn), and these are games where the focus is on learning and the player is incentivized to do. What players typically earn in these games is an in-game currency, specific to that game, or an NFT that they gives them perks in that game and can be sold on an in-game marketplace.

Cardano blockchain games are games that utilize an element of blockchain technology. Amongst others, this includes: using the blockchain’s distributed nature to store the game program, using a blockchain-based oracle to certify a game’s source of randomness, and, most commonly, utilizing NFTs as in-game characters, items, or rewards.

The term incubator is often used in the same sentence as the terms [launchpad](https://builtoncardano.com/search?q=launchpad) and [accelerator](https://builtoncardano.com/search?q=accelerator), but the three have their own subtle differences. Many incubators also operate an accelerator and/or a launchpad.

Incubators provide services to new startups and entrepreneurs that aim to help them overcome the hurdles encountered by new businesses and people who are not familiar with the business world. This assistance and these services include:

- Business setup
- Regulatory compliance
- Business training
- Networking and partners
- Marketing
- Access to funding from banks, angel investors, and venture capital

Incubators will often offer mentors and advisors experienced in a new business's particular field to help them succeed. More often than not, an incubator will operate in a certain field or niche e.g. finance or media.

The term launchpad is often used in the same sentence as the terms [incubator](https://builtoncardano.com/search?q=incubator) and [accelerator](https://builtoncardano.com/search?q=accelerator), but the three have their own subtle differences. Many launchpads also operate an accelerator and/or an incubator. But what does a launchpad do?

A launchpad connects new projects to investors, and allows the project to raise funds by giving investors access to an exclusive, early, and often discounted, token sale. So the project gets the funds in needs to proceed with development and investors get tokens at a discounted rate before they’ve even hit the market. To offer security to their investors, and to uphold their name, launchpads will conduct through KYC into the projects applying to be on their launchpad.

Some launchpads will also offer many of the same services offered by [incubators](https://builtoncardano.com/search?q=incubator) to the fledgling projects that conduct token sales through them.

Launchpads are often a sidearm of an exchange, of both the centralized or decentralized varieties, as they already have the capacity to sell tokens and can then offer a guaranteed place for the tokens to be listed once the project is ready to release them to the public.

Cardano lending protocols are just one part of the Cardano DeFi landscape. Cardano lending protocols allow you to leverage your ada and other, select Cardano tokens - by using them as collateral - to receive loans. There are various ada lending rates available from the lending protocols listed here and the Cardano lending protocol you hear about most, or the one your friends tell you about, may not always be the best fit for your specific needs.

These Cardano lending protocols allow you to create Cardano collateral loans where, typically, you lock your ada up as collateral in a smart contract to receive, typically, stablecoins as a loan. You can also create Cardano flash loans (typically payable in one epoch), and there are even protocols that allow you to use your NFTs as collateral—commonly called Cardano NFT loans. You can find these protocols [here](https://builtoncardano.com/ecosystem/nft-collateral).

The ada lending rate you receive is often algorithmically calculated, and can vary over the length of your loan depending on the utilization rate of the pool your loan came from.

So far we’ve only mentioned using Cardano lending to take out Cardano loans, using your ada as collateral. However, you can also become the bank and put your ada to work in these Cardano DeFi protocols by depositing it into the liquidity pools where Cardano collateral loans are taken from. Each protocol offers a different rate for the lender so make sure to check the rates (and utilization) on offer before committing your ada to a Cardano lending protocol.

Discover all the Cardano lending protocols where you can use Cardano DeFi to create Cardano flash loans, use Cardano (ada) as collateral for loans, and more!

Blockchain brings forth a new decentralized method of lending, allowing individuals to offer each other loans in a peer-to-peer fashion through smart contracts. Cardano loan platforms allow you to access Cardano collateral loans, where you lock up your holdings on the Cardano blockchain to receive a loan of equal or lesser value.

These protocols also include unique, Cardano NFT loans, where you can lock your Cardano NFT up in a smart contract, using it as collateral, in return for a loan in ada. All of this is done in a trustless manner through the use of smart contracts on the Cardano blockchain.

On the multiple Cardano loan platforms listed here you can be either the loaner or the loanee, allowing you to access loans using your existing assets as collateral, or to put your ada to work to earn you money by lending it out to others.

Cardano NFT loans are some of the most popular types of loans as the protocols allowing you to complete Cardano NFT loans, [Lending Pond](https://builtoncardano.com/lending-pond) and [Fluid Token](https://builtoncardano.com/fluid-tokens), allow NFT owners to unlock the liquidity locked up in their assets without losing their beloved NFTs (so long as they return the borrowed assets, plus interest, in the allotted time)

Just like any other blockchain, in its list of Cardano ecosystem coins the Cardano blockchain also has meme coins. Cardano meme coins are many and varied, some have already rugged whilst one or two are providing great insights for the rest of the community and asking those tough questions of community members—both inside and outside Cardano.

Meme coins, including any Cardano meme coin, are a highly speculative assets, typically not having any use cases. The purpose of the original meme coin, Dogecoin, was to be a “joke” and almost every other meme coin has followed in its path. What meme coins do bring crypto, including Cardano meme coins, is a sense of community, and low priced fun.

Discover the Cardano meme coins and explore them and all of their (if any) uses. Find the Cardano meme coin for you and go crazy with it!

There are many Cardano metaverse projects building on Cardano, including many Cardano metaverse games. These range from earth-like metaverses, to medieval metaverses, and include, fantasy worlds, different periods of history, other planets, and even the moon. Many Cardano metaverse projects are in their infancy and in the process of being built.

We’ve organized the metaverses building on Cardano into 3 categories: Open Worlds, MMORPG, and Items & Real Estate. An open world metaverse on Cardano is one where you can freely explore the whole metaverse and these offers more of a social setting. MMORPGs are Cardano metaverse games where large amounts of users interact with each other to accomplish a goal, often having to clan up along the way; crucially, in these Cardano metaverse games, the game clock continues to tick on even when you’ve left the game.

The Milkomeda C1 sidechain is an EVM-based sidechain designed to bring EVM capabilities to the Cardano blockchain. There are many projects built on the Milkomeda EVM and these are all a part of the Milkomeda ecosystem for Cardano. The Milkomeda EVM sidechain was developed by dcSpark, and they are the maintainers of this sidechain.

Anyone can launch their protocol into the Milkomeda ecosystem and the projects that have launched, or are launching, in the Milkomeda ecosystem are listed here. Many of these projects are genuine however many community members would tell you to be wary of many of them, as there are many projects (specifically DeFi projects) that promised to launch on Cardano yet chose to launch into the Milkomeda ecosystem on the Milkomeda C1 sidechain. This is because developing in Solidity, the smart contracting language for EVM-based chains, is much easier, and much more universal, than developing in Plutus; Cardano’s purpose-built smart contracting language.

MMORPG stands for:

*Massive-Multiplayer-Online-Role-Playing-Game*

In these games players take the role of characters and interact with many other players, and non-player characters, in an ever-evolving world. Unlike many other games, when the player leave an MMORPG game the time in the game continues to pass by, the storyline continues to evolve, and other players continue to play.

The player goals in MMORPG games vary greatly but almost always foster collaboration with other players. Characters in these games are usually highly customizable and are able to progress and advance their stats through playing and/or collecting or purchasing in-game items.

The most popular example of a MMORPG game is [World of Warcraft](https://en.wikipedia.org/wiki/World_of_Warcraft).

If you’re looking for a Cardano NFT then you’ve found the place for you! listed here are all the projects that feature NFTs in some form on Cardano. NFTs are no longer just the PFP collections that made them famous, although many do still exists and you can find [Cardano NFT projects here](https://builtoncardano.com/ecosystem/nft-collections), NFTs are assets with multiple different types of utility, depending on which project’s NFTs your buying.

A Cardano NFT is a native asset on Cardano which means that, unlike on other (specifically EVM-based) chains, an NFT is not managed by a smart contract, meaning that it behaves and is managed differently to the chain’s base asset, ada. On Cardano NFTs behave the same as the chains base asset as they are native to the chain.

On this page you’ll find everything from Cardano NFT projects to [DeFi projects](https://builtoncardano.com/ecosystem/defi) and [decentralized identity (DID) solutions](https://builtoncardano.com/ecosystem/decentralized-identity) that have incorporated NFTs, to the [Cardano NFT marketplaces](https://builtoncardano.com/ecosystem/nft-marketplace) you can use to purchase NFTs.

Here are all the Cardano NFT calendars that you can use to search for upcoming Cardano NFT projects and drops. These NFT calendars -also called a CNFT calendar- are typically contributed to by the NFT’s creator, meaning that different NFT drops may be available across multiple different calendars so it’s always worth checking multiple CNFT calendars to ensure that you not missing a Cardano NFT drop.

The CNFT calendar is one of many [CNFT tools](https://builtoncardano.com/ecosystem/nft-tools) available to the [Cardano NFT degen](https://builtoncardano.com/blog/the-ultimate-nft-degen-guide-for-cardano) and enthusiast.

A list of all the CNFT calendars where you can find upcoming Cardano NFT projects drop. Cardano NFT calendars are a part of the wider group of CNFT tools.

These are all NFT collections on the Cardano blockchain. This Cardano NFT projects list is split into four different categories to help you find exactly what you’re looking for in your search for your next NFT project to join. This lists includes Cardano NFTs with utility, along with Cardano NFT projects that are PFPs, those that are focused around charitable causes, and the Cardano NFT collections that have more of an art focus.

>It is worth noting that many Cardano NFT projects fit into multiple of these categories, and here they have been categorized them as the type that they best fit into.

Cardano NFT collections and projects might not be as popular as those on other chains however they offer just as much (some diehard Cardano fans would say more) than the NFT projects on other chains. If you are the developer or artist of a Cardano NFT project then please feel free to add your collection our site [here](https://builtoncardano.com/create).

Here are all the Cardano NFT projects and collections in one place! Explore the world of Cardano NFTs, from Cardano NFTs with utility to pieces of on-chain art.

A Cardano NFT marketplace, a.k.a. CNFT marketplace, is where you can go to find the NFTs from Cardano NFT projects for sale. This Cardano NFT marketplace list provides you with independent information about each of the CNFT marketplaces that you can shop for Cardano NFTs on.

Many Cardano NFT degens will tell you that Cardano NFT projects are unique because Cardano NFTs are native tokens, unlike on other chains where they’re managed by smart contracts. The best Cardano NFT marketplace is up for debate, and the best Cardano NFT marketplace is often the one that has the NFT you want for sale.

Some of these marketplaces are art focused, bringing artists to Cardano. Other marketplace on this Cardano NFT marketplace list have a social impact focus. Others are just focused on bringing you a great user experience when buying Cardano NFTs, and are steadily upgrading their features to offer you a greater experience when buying Cardano NFTs. There are also some marketplaces here that are dedicated to a specific Cardano NFT collection.

Non-custodial programs or applications do not hold the custody of your assets. This means that there is no third party company or person who is responsible for the security of the assets.

Non-custodial can be applied to [wallets](https://builtoncardano.com/search?q=wallet), where the user is the sole proprietor of their private keys. This means that you, and you only, are responsible for securing your assets.

The non-custodial tag can be used by platforms and applications other than wallets, such as NFT [marketplaces](https://builtoncardano.com/search?q=marketplace), [peer-to-peer](https://builtoncardano.com/search?q=peer-to-peer-p2p) swapping platforms, and blockchain bridges. When non-custodial is used with regard to these platforms then assets are locked up in smart contracts, and no person has custody over the assets as they are secured by the code of the smart contract.

*If your wallet is non-custodial this means that only you have the ability to recover access to your wallet. This means that you should store your recovery seed and a backup of your password in a very secure location.*

These are all the on-chain NFTs, and on-chain NFT collections, that currently exist on Cardano. Many people consider on-chain NFTs to be better, or more special, than off-chain NFTs.

In regards to the on-chain vs off-chain NFT argument, the image represented by an off-chain NFT is found by following a link, typically stored on the IPFS, from the NFTs metadata. This can be changed by the person who uploaded it. The image represented by an on-chain NFT is coded into the metadata and is, therefore, immutably coded into the blockchain's history. This is usually, but not always, in the form a language that your browser understands, allowing your browser to interpret that information and display the NFT.

In the ancient world oracles were people through whom the Gods spoke directly to the inhabitants of earth. In the blockchain and crypto world oracles are a service that provides off-chain data to smart contracts running on a blockchain.

On-chain functions, i.e. smart contracts, cannot access real world data on their own. This is problematic when a smart contract is trying to provide the real-time price of financial assets to users, or when it needs to determine the outcome of a sporting event for a gambling protocol, or even when it has been asked to use something measurable in the real world, such as the temperature or quantity of snowfall, in its calculations. Oracles can feed any real world data onto the blockchain for use by smart contracts.

Data is collect it in a variety of ways: APIs, websites, sensors, etc, and can be manual input by humans. This data is collect by nodes and is then passed on to the oracle service that then supplies the smart contract with the data. Having one node supplying data means a central point of failure, and a high potential for manipulation of the data. As a result oracle services usually use a network of nodes to build a consensus of the correct data point and to prevent the data from being manipulated, thereby helping to ensure trust in the data they supply.

Order books are used to record and settle buy and sell orders placed by users in a traditional financial market. On decentralized exchanges, DEXs, operating an order book orders are placed into a smart contract at either a specific price or “market price” i.e. the current price. Market price orders are executed immediately against existing trades but orders placed at a specific price are locked into the smart contract and wait for orders to come along to fill them. This often means waiting for the price of the asset to move to the price they stipulated for their order. During this time the user’s assets are locked in the smart contract and are not available to the user.

Users are often given the ability to put “limits” on their orders, which is a time limit that automatically cancels the order if it is not fulfilled in the stated amount of time. This returns the locked assets to the user unchanged. Users are also given the ability to cancel these trade at any time, which, again, returns the assets to the user unchanged.

Peer-to-peer is a common term in computing which means that a network of computers share or pool their resources. Tasks can then be partitioned between participates in the network, all of whom are on a level playing field. A blockchain, like Cardano, is an example of a complex peer-to-peer network. where every node in the network takes on some responsibility of up-keeping the whole. 

In the blockchain world peer-to-peer is commonly used to mean an interaction, typically a transaction, that happens between two individuals without a 3rd party or intermediary middleman facilitating the exchange. Often these transactions are facilitated by a platform and code, not an overseeing 3rd party.

Play-to-earn is a term usually associated with blockchain based games, however it can also be a feature of gamified learning systems, although this can sometimes be called [learn-to-earn](https://builtoncardano.com/search?q=learn-to-earn). In play-to-earn games users will typically acquire tokens as they reach milestones or complete tasks in the game. The play-to-earn element of a game can be as simple as earning tokens like XP points for completing task or more complex with earnings tied to large milestones achieved in the game.

The play-to-earn model is put forth as a model that allows people to earn things with tangible value as they play a game, as opposed to the more common XP points that only have in-game value. A player’s earning can be in the form of fungible tokens, NFTs, or a combination of both, it all depends on how the game designer builds these elements into the game. These rewards can then be sold on the open market or, more often than not, they can be used in an in-game ecosystem where the player can trade their tokens or NFTs for in-game items.

Play-to-mint games require the individual to play a game to unlock access to the minting of an NFT or token. Often, the player still needs to pay a price, beyond the transaction fee, to mint the asset.

Plutus is the smart contract platform and language of Cardano and is written in the functional programming language of Haskell. The Plutus platform is used to write and release smart contracts to the Cardano blockchain.

There are multiple tools for learning how to use Plutus to create smart contracts on Cardano. Some of them are official and released by [IOHK](https://builtoncardano.com/iohk) but many have been made and open sourced by community members.

This section of [Built on Cardano](https://builtoncardano.com/built-on-cardano) lists tools for both Stake Pool Operators, SPOs, and stake pool delegators. The majority of tools listed here have been created to facilitate the searching and/or discovery of stake pools on the Cardano network by delegators. Each pool explorer is unique and has its own method and system for exploring stake pools on Cardano, along with its own unique way of displaying them. Many of these tools also have novel, secondary functionalities that are interesting and useful to the right user.

Other tools listed here are for stake pool operators and give them the means to monitor their pools and to see why they might not be working. Regular users who are interested can also use some of these tools to monitor the pool they are staking to.

Not everyone makes it.
Here projects are put to rest so those who come after can see who's shoulders they're stand on.

**Side note: Read the following in your preferred Presidential tone of voice**

### Here lie the projects who, sadly, met a premature end.

Some of these were [scams](https://builtoncardano.com/scam), with their prematures ends weaved deeply into their cruel plans of deceit as they designed to trick the people of the world into handing over their investments in good faith. we bid no farewells to these pseudo-projects. We shall shed no tears over their demise. We shall offer them no parting words besides: GOOD RIDDANCE!!

But this is not about them. This internet monument has been erected to pay tribute to all the projects who tried. To those who tried, in good faith, to provide services to the Cardinians of the world. Those who fought boldly -and with hope!- against day jobs and grueling 9-5s. Those who drove onwards with relenting passions, striving to go where no projects may have gone before! Those who followed their innate desires to have an impact on this world we call home; and to make it a better place for all. And we thank you.

You are those who did not make it. Those who did not manage to overcome the hurdle of profitability, or investment, or any other term which our capitalist society deems that it can use to define success. To those listed here we tell you: you were a success. You were a success because you tried. You were a success because it is your shoulder's on which the projects we use today stand. You were a success because, in order for us all to make it, someone had to fail. We thank you.

Farewell dear projects. You will forever be embossed here: in 1s and 0s.

To those of us that remain:

Let us proceed together apace.

Here are all the Cardano scams and failed projects that we've discovered or had posted to Built on Cardano.

SDK stands for *Software Development Kit*.

A SDK is a specific set or package of tool designed to jump start a developer's journey or development in a certain area. SDKs are often used to create applications with advanced functions and can also include:

- Informational or educational content
- Programing libraries
- [APIs](https://builtoncardano.com/search?q=api)

SDKs are used by developers of all levels to assist them in their goals and developers on Cardano can find multiple SDKs created and [open sourced](https://builtoncardano.com/search?q=open%20source) by members of the community.


Blockchains technology is being used to improve supply chains by introducing verifiability, immutability, and transparency to supply chain tracking.

Blockchains technology allows products to be verifiably tracked from source to destination, with each scan immutably stored and time stamped to the blockchain with these data points being available for anyone to view. 

Using this technology to track products from the source to the consumer helps to increase consumer confidence and to combat the counterfeiting of products; providing consumer protection whilst also foster greater trust in business partnerships.

Twitter Spaces are live, public, audio conversations that any member of Twitter can schedule and host. This organizer can add co-hosts to discuss topics along with them and listeners can request to speak by tapping a button on their screen.

Twitter Spaces have become an increasingly popular way for project to host discussions for their communities to listen in on as the format also give the listener the option to raise their hand and interject with a question or opinion, enhancing community involvement and providing a different experience to the podcast model that is traditionally used for these discussions.

There are also cohorts of people in the Cardano community who host regular Twitter Spaces to talk about a variety of topics inside and outside of Cardano.

If you’re searching for where to store Cardano, ada, you’ve come to the right page. The best cardano wallet is a hotly debated topic in the Cardano community, and there are many types of Cardano wallet, all listed here, available to users. The only Cardano desktop wallet available is Daedalus, a full node wallet that downloads the complete Cardano blockchain, ~100GB.

By far the most popular type of wallet is a Cardano light wallet and there are many of these for you to choose from. The second most popular type of wallet is a Cardano web wallet. Most Cardano wallets will show the Cardano price, and a few have even the integrated the ability for you to buy Cardano, ada, directly in the wallet!

Almost all the wallets listed above allow you participate in the Cardano staking protocol, Ouroboros, where you can help to secure the network and earn passive income in the form of staking rewards. Many of the wallets listed above will also allow you to search for which pool to stake your Cardano, ada, to right in the wallet itself.

Finally, there are multiple Cardano cold storage wallets for you to choose from. There are five hardware wallets that offer native support for where to store ada, and two of them, the Ledger and Trezor are supported by multiple light wallets allowing you to use your favorite interface to keep your coins secure in cold storage.

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