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Cardano's SundaeSwap Sets New Milestone: Details

Mon, 02/14/2022 - 15:10
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Tomiwabold Olajide
Cardano network burst with a surge in on-chain transaction activity
Cardano's SundaeSwap Sets New Milestone: Details
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Cardano's SundaeSwap DEX has reached a new milestone after crossing the $100 million mark in total value locked. Total value locked (TVL) is the overall value of crypto assets placed in a decentralized finance (DeFi) protocol—or in DeFi protocols generally. It has become an important statistic for evaluating interest in this particular segment of the cryptocurrency market.

SundaeSwap is the first decentralized cryptocurrency exchange on the Cardano blockchain. Even though it only launched in January 2022, it has seen significant growth, with many traders using the platform for trading, swaps and yield farming.

Bitrue, a leading cryptocurrency exchange, has announced the addition of SundaeSwap token (SUNDAE) to the list of supported assets on its trading platform. SUNDAE's inclusion on the industry-leading exchange is a significant step forward in the global acceptance of the Cardano ecosystem's tokens.

Transaction activity spikes on Cardano blockchain

On Feb. 13, the Cardano network burst with a surge in on-chain transaction activity. According to current data from DeFi Llama, the rise in the transaction count amounted to a TVL of $108.43 million on SundaeSwap.

DeFi Llama
Total Value Locked, Courtesy: DeFi Llama

U.Today earlier reported that Cardano rose ahead of Bitcoin and Ethereum in terms of transaction activity, clinching first place. As per Messari data, Cardano overtook Bitcoin and Ethereum at $17.56 billion as the latter registered 24-hour transaction volumes of $10.55 billion and $5.77 billion, respectively. In comparison to Bitcoin and Ethereum, Cardano users also paid lower fees.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.