Main navigation

Cardano Experiences Surge in DEX Volume With Meme Coin Trading

Wed, 05/31/2023 - 08:57
article image
Alex Dovbnya
Cardano's decentralized exchanges (DEXes) have experienced robust growth spurt, driven predominantly by surge in meme coin trading
Cardano Experiences Surge in DEX Volume With Meme Coin Trading
Cover image via
Read U.TODAY on
Google News

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.

Cardano Outperforms Ethereum in Recent Crypto Development Activity
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.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at