According to statistics from DeFi analytics tool DefiLlama, trade volume on Cardano’s decentralised exchange (DEX) has sharply increased. This increase is mostly due to a surge in trading of meme coins.
On the Cardano platform, the popular DEX Minswap saw an increase in trading volume over the previous week of 82.28%.
Cardano is now ranked 16th overall in terms of total value locked (TVL). Leading the rise is Minswap, which has had a week-over-week gain of 12.28% and an astonishing month-over-month shift of 28.05% with a TVL of over $64.95 million.
Indigo and WingRiders, two more Cardano DeFi protocols, have also seen growth, albeit more slowly, with TVLs of $33.99 million and $14.97 million, respectively. Increased interest and confidence in these DEXes are indicated by the expansion in TVL.
Cardano’s total TVL is insignificant in compared to other blockchains like Ethereum, Tron, and Binance Smart Chain (BSC), which hold the top three spots, despite an outstanding increase in DEX volume.
With a TVL of $27.34 billion, Ethereum is still in the top. Tron and BSC are next, with $5.61 billion and $4.41 billion, respectively. Given that these platforms have developed DeFi ecosystems, these results are not surprising.
This increase in Cardano DEX activity might be a sign that the blockchain, which is frequently praised for its quick and inexpensive transactions, is gaining traction.
Maintaining and expanding on this momentum while increasing the platform, however, will be difficult.
