Cardano’s decentralized exchange (DEX) volume surged by 91% in the past week, reaching $66.88 million, according to data from DeFiLlama.
The surge was driven by a significant uptick in activity on Cardano-based DEX platforms, particularly Minswap, which saw a weekly change of 99.72%.
Minswap, the leading DEX on Cardano, accounted for the majority of the platform’s volume, with a 24-hour volume of $6.91 million and a seven-day volume of $60.52 million. This represents a significant 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, representing just 0.69% of the total across all platforms.
Ethereum continues to dominate the DeFi landscape with a TVL of $7.8 billion, accounting for 37.6% of the total. Binance Smart Chain (BSC) and Arbitrum follow with 27.98% and 14.67% respectively.
The surge in DEX volume coincides with a 4.6% increase in the price of Cardano’s native token, ADA, over the last week. This positive price action and the significant growth in DEX volume underscore the increasing interest and activity in the Cardano ecosystem.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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