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Cardano Becomes Ninth Biggest DEX Chain in World by Volume

Wed, 05/24/2023 - 12:45
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Arman Shirinyan
Cardano has finally joined meme coin party and is already beating some large chains
Cardano Becomes Ninth Biggest DEX Chain in World by Volume
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In a significant development, Cardano has solidified its position in the DeFi landscape by ascending to the ninth position among the world's largest decentralized exchanges (DEX) chains by trading volume. According to data provided by DeFiLlama, Cardano's trading volume over the past 24 hours exceeded $12 million, with a weekly average standing at $50 million.

This achievement places Cardano in an enviable spot above Fantom, with Tron as its next competitor. The growth of Cardano in the DeFi sector is a testament to the network's robust and efficient architecture, which has captivated numerous projects, developers and users.

Cardano DEFI
Source: DeFiLIama

One of the key players contributing to Cardano's success in the DEX landscape is Minswap. This platform has carved a niche for itself in Cardano's ecosystem, providing significant DEX volume and playing a crucial role in pushing the network into the top 10. Minswap's easy-to-use interface, combined with the security and speed of Cardano's network, offers a seamless trading experience that attracts traders from different parts of the globe.

However, Cardano's leap into the top 10 DEX chains is not solely attributed to conventional DeFi projects. An interesting trend propelling the network's growth is the rise of meme coins on Cardano. These tokens, often ignited by social media buzz and community engagement, have generated a substantial portion of the network's recent trading volume.

The proliferation of meme coins on Cardano speaks volumes about the network's ability to facilitate various types of tokens and projects. Not only does it showcase Cardano's adaptability, but it also highlights the network's commitment to inclusivity, as it caters to both serious DeFi projects and more whimsical meme tokens.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.