Cardano’s Minswap DEX seems to already be off to a solid start
As reported by DeFi data tracker Ilama Challenge, Cardano’s Minswap DEX saw stunning growth in Total Value Locked (TVL). Early March, MinSwap checked in $11.57 million in TVL staked in its Liquidity Bootstrapping Event (LBE), through which it intends to use the market to price its MIN tokens.
At the time of publication, this figure has grown to $43.59 million per DefiIlama data, representing a nearly 350% increase within seven days. Ahead of its mainnet launch, Cardano’s Minswap DEX seems to already be off to a solid start. Minswap, a community-focused decentralized exchange on the Cardano blockchain, announced that the DEX Mainnet Launch is slated for March 8.
The Liquidity Seed Event (LBE), which began on February 23, has reached the encounter phase where participants can flip purrADA tokens for ADA/MIN liquidity pool tokens to represent their share of the ADA pool /MIN.
Cardano’s Total Value Locked reaches all-time highs
According to Defillama, a DeFi TVL aggregator, the TVL of Cardano’s DEXs has surpassed $160 million for the first time. The overall value of crypto assets placed in a decentralized finance (DeFi) system—or DeFi protocols in general—is referred to as total value locked (TVL). It has become an important statistic for evaluating interest in that particular segment of the cryptocurrency market.
When staked governance tokens are included in the TVL valuation, the Defillama dashboard reveals that Cardano’s TVL is much larger. With this change, Cardano’s TVL now stands at around $227.5 million.
SundaeSwap is the largest of the Cardano decentralized exchanges tracked by Defillama, accounting for roughly half of the total value locked on the Cardano blockchain.
With approximately $114.89 million in TVL, SundaeSwap maintains a market dominance of 50.50%. Over the past month, the TVL of the first Cardano-based DEX has increased by around 41.83%.
