In a notable move, Cardano has elevated to the ninth spot among the top decentralised exchanges (DEX) networks globally by trading volume, solidifying its place in the DeFi ecosystem. Cardano’s trading volume during the last 24 hours hit $12 million, with a weekly average of $50 million, according to statistics given by DeFiLlama.
Cardano now has a comfortable position above Fantom, with Tron as its closest rival. Cardano’s expansion in the DeFi market is evidence of the network’s strong and effective design, which has drawn the attention of countless projects, developers, and users.
Minswap is one of the major companies helping Cardano succeed in the DEX market. This platform has carved out a place for itself in the Cardano ecosystem, contributing a sizable amount of DEX volume and being a key factor in the network’s ascent to the top 10. Minswap offers a fluid trading experience that draws traders from all over the world thanks to its simple-to-use interface and the security and speed of Cardano’s network.
However, typical DeFi initiatives are not the only reason for Cardano’s ascent into the top 10 DEX chains. The emergence of meme currencies on Cardano is an intriguing trend driving the network’s expansion. The majority of the network’s most recent trading volume has come from these tokens, which are frequently sparked by social media hype and community interaction.
The prevalence of meme currencies on Cardano is a clear indication of the network’s capacity to support a wide range of tokens and projects. It not only demonstrates Cardano’s flexibility, but also the network’s dedication to diversity, since it supports both serious DeFi initiatives and more frivolous meme tokens.
