Cardano's decentralized exchange (DEX) volume has seen a sharp increase led by a strong influx in meme coin trading, according to data from DeFi analytics platform DefiLlama.
Trading volume on Minswap, a popular DEX on Cardano's platform, rose by 82.28% in the last week.
When it comes to total value locked (TVL), Cardano is currently in 16th place overall. Minswap, leading the surge, has experienced a week-over-week increase of 12.28%, while its one-month change stands at an impressive 28.05%, with a TVL of approximately $64.95 million.
Other Cardano DeFi protocols, including Indigo and WingRiders, have also shown growth, albeit at a slower pace, with TVLs of $33.99 million and $14.97 million, respectively. The growth in TVL indicates increased interest and trust in these DEXes.Despite impressive growth in DEX volume, Cardano's overall TVL pales in comparison to other blockchains like Ethereum, Tron and Binance Smart Chain (BSC), which occupy the top three positions.
Ethereum remains the leader, boasting a TVL of $27.34 billion, followed by Tron and BSC, with $5.61 billion and $4.41 billion, respectively. These numbers are not surprising given the mature DeFi ecosystems on these platforms.
This surge in Cardano DEX volume could be an indicator of growing momentum for the blockchain, which is often touted for its high-speed and low-cost transactions.
The challenge, however, will be maintaining and building on this momentum while also scaling the platform.