The Cardano blockchain has been experiencing massive growth by way of decentralized finance (DeFi) applications. Now SundaeSwap, the first Cardano automatic market maker (AMM) decentralized exchange, has crossed 100 million ADA in volume traded since launch. SundaeSwap happens to be one of the fastest-growing DeFi platforms in the crypto market as well.
The AMM protocol announced this milestone in a tweet conveying a tongue-in-cheek message to Cardano critics. The aforementioned critics previously referred to Cardano as a “ghost chain” in the past.
At present, SundaeSwap is the largest DeFi protocol on Cardano, with over $128 million in total value locked (TVL). As a result of this, it has a dominance of 67.5% over other protocols on the PoS blockchain, according to DefiLlama. Furthermore, last week’s CryptoRank data showed that SundaeSwap was 5th among the top 10 DEXs by TVL growth.
Sundaeswap developers continue to actively engage the Cardano community, the latest being the introduction of an Initial Stakepool Offering model. The community got to vote on stake pools that would go into the distribution of its tokens at launch. However, the ISO model has already received a substantial amount of criticism. This may be due to the fact that it ended up straining smaller validators on the Cardano network.
Notwithstanding, Cardano has a line of other updates that will provide more transaction speed at lower fees.
Image Credits: Pixabay
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