According to information from DeFiLlama, the volume of decentralised exchange (DEX) transactions on the well-known blockchain platform Cardano has increased by an astounding 91% in the last week.
The DEX volume for Cardano has surpassed $68.5 million. An enormous increase in activity on Cardano-based DEX platforms, notably Minswap, which witnessed a weekly change of 99.72%, has been the primary cause of this spike.
The majority of the volume on the platform was traded on Minswap, the top DEX on Cardano, with a 24-hour volume of $6.91 million and a seven-day volume of $60.52 million. This accounts for a huge 90.4% of Cardano’s overall DEX volume.
Although to a lesser extent, other Cardano DEX sites like WingRiders and SundaeSwap also contributed to the overall volume.
Although DEX volume has increased significantly, Cardano’s total value locked (TVL) is still just 91.27 million, or 0.69% of the total value across all platforms.
With a TVL of $7.8 billion, Ethereum continues to rule the DeFi market, making up 37.6% of the total. Arbitrum and Binance Smart Chain (BSC) are next with 27.98% and 14.67%, respectively.
The price of Cardano’s native token, ADA, has increased over the past week by 4.6%, and this rise in DEX volume also occurs at the same time. The strong price movement as well as the notable increase in DEX volume serve as evidence of the growing activity and interest in the Cardano ecosystem.
