Minswap, a decentralized exchange (DEX) operating on the Cardano (ADA) blockchain, has recently experienced a record-breaking day in terms of trading volume, reaching an all-time high of 54.98 million ADA, equivalent to approximately $20.93 million.
This volume accounts for over 90% of the total trading volume among decentralized exchanges operating on the Cardano blockchain.
The surge in Minswap’s activity is part of a larger trend within the Cardano ecosystem, which is witnessing growth in decentralized finance (DeFi) protocols.
Data from DeFiLlama reveals that the Total Value Locked (TVL) within the Cardano DeFi ecosystem has increased from $50.9 million at the beginning of 2023 to $172.81 million, representing a growth rate of 239%.
As the largest application on Cardano in terms of TVL, Minswap holds 37% of the total value of over $170 million in tokens held on the network.
The recent surge in trading volume on the exchange is largely driven by traders seeking profits, particularly from meme coins such as Snek (SNEK) and Bank (BANK).
The trading volume of these meme coins has seen significant increases, with $40 million in accumulated trades taking place solely on Minswap.
With these developments, the Cardano ecosystem has achieved noteworthy results, enhancing its market position. The increase in TVL and the success of Minswap demonstrate growing confidence in the Cardano ecosystem.
Source: https://azcoinnews.com/cardanos-minswap-dominates-decentralized-exchanges-with-90-of-trading-volume.html
