Cardano Experiences 91% Increase in DEX Volume

Cardano, a well-known blockchain platform, has experienced an impressive surge of 91% in decentralized exchange (DEX) volume within the past week, as reported by DeFiLlama data.

The DEX volume on Cardano has now reached a substantial $68.5 million, primarily driven by a notable increase in activity on Cardano-based DEX platforms, particularly Minswap. Minswap, which is the leading DEX on Cardano, witnessed a staggering weekly change of 99.72%.

In terms of volume, Minswap accounted for the majority, with $6.91 million in the last 24 hours and $60.52 million over seven days. This impressive figure represents a significant 90.4% of the total DEX volume on the Cardano platform.

While other DEX platforms on Cardano, like WingRiders and SundaeSwap, also contributed to the overall volume, their impact was relatively smaller. Despite the remarkable growth in DEX volume, Cardano’s total value locked (TVL) currently stands at $91.27 million, which only represents 0.69% of the combined TVL across all platforms.

Ethereum maintains its dominance in the DeFi landscape with a TVL of $7.8 billion, accounting for 37.6% of the total. Binance Smart Chain (BSC) and Arbitrum follow suit 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 movement, coupled with the substantial growth in DEX volume, highlights the growing interest and activity within the Cardano ecosystem.

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