Cardano, a popular blockchain platform, has made a remarkable leap to the top 10 decentralized exchanges by trading volume. BSC and Ethereum are in first and second places, respectively.
This surge has been largely driven by Minswap, a community-focused decentralized exchange (DEX) built natively on Cardano, which experienced a record-breaking day yesterday.
Minswap reportedly hit an all-time high in daily trading volume, with a staggering 30.30 million ADA ($12.54 million USD) changing hands.
This record volume performance cemented Cardano's position as the ninth largest chain in terms of DEX volume. This is no small feat given the highly competitive and dynamic DeFi landscape.The data also revealed that Minswap commanded a remarkable 87.24% of the total volume among all Cardano DEXes.
This positions Minswap as the clear leader within the Cardano ecosystem and contributes significantly to Cardano's success on the larger DEX stage. It is worth noting that Minswap even made it into the top 20 DEXes across all blockchain chains, landing in 17th place.
The recent performance of Minswap and Cardano potentially hints at a bright future for Cardano's decentralized finance (DeFi) segment.