Cardano’s DEX Volume Shoots Up by 91% as Minswap Takes the Lead

In a noteworthy development, Cardano, the renowned blockchain platform, has experienced an astonishing surge of 91% in decentralized exchange (DEX) volume within the past week, as per data from DeFiLlama.

The DEX volume on Cardano has reached an impressive $68.5 million, driven by a substantial increase in activity on Cardano-based DEX platforms. Notably, Minswap, the leading DEX on Cardano, witnessed a staggering weekly change of 99.72%.

Minswap played a pivotal role in the platform’s volume, accounting for a majority share. It boasted a 24-hour volume of $6.91 million and a seven-day volume of $60.52 million, representing an impressive 90.4% of the total DEX volume on Cardano.

Other DEX platforms on Cardano, such as WingRiders and SundaeSwap, also contributed to the overall volume, albeit to a lesser extent.

Despite the impressive growth in DEX volume, Cardano’s total value locked (TVL) stands at $91.27 million, accounting for merely 0.69% of the total locked value across all platforms.

In comparison, Ethereum remains the dominant force in the DeFi landscape, with a TVL of $7.8 billion, commanding a 37.6% share of the total. Binance Smart Chain (BSC) and Arbitrum follow with 27.98% and 14.67% respectively.

The surge in DEX volume aligns with a 4.6% increase in the price of Cardano’s native token, ADA, over the past week. This positive price momentum, coupled with the substantial growth in DEX volume, emphasizes the surging interest and activity within the Cardano ecosystem.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.