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Cardano Ecosystem

Watcher Guru

05/25/2023

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Cardano is Now the Ninth Largest DEX Chain by Trading Volume

Cardano, a blockchain that is only growing in popularity, is now the ninth-largest decentralized (DEX) blockchain by trading volume in the world. Moreover, data from DeFiLlama noted that the chain’s volume...

Cardano is Now the Ninth Largest DEX Chain by Trading Volume

Cardano, a blockchain that is only growing in popularity, is now the ninth-largest decentralized (DEX) blockchain by trading volume in the world. Moreover, data from DeFiLlama noted that the chain’s volume surpassed the $12 million mark over the past 24 hours. Subsequently, its weekly average is set at $50 million. 

Cardano has jumped Fantom and is looking at Tron, sitting one spot above them. Moreover, its ascension is a feather in the cap of the chain itself. Showcasing its attractiveness to a host of projects and users. 

Cardano Enters Top 10 DEX Chains Globally

Source: Finbold

The digital asset industry and the decentralized sector have been rapidly growing over the years. Moreover, with new cryptocurrencies arriving by the day, the entire industry is expanding and developing consistently. Nevertheless, one blockchain is proving to be gaining some momentum.

Specifically, Cardano is now the ninth-largest DEX blockchain in the world by trading volume. Subsequently, a key contributor to this success is Minswap, which has become a significant part of the chain’s ecosystem. 

Cardano ninth largest DEX chain
Source: DeFiLlama

Minswap provides its users with a beneficial trading system that is lauded for its user-friendly interface, security, and speed. Moreover, its usage has played a large part in helping to catapult the blockchain into the top 10.

Alternatively, another trend that has been a part of the rise of the platform is the current meme coin trend. Specifically, the rising relevance of meme coins has represented a good portion of the network’s trading volume recently.

Cardano entered the top 10 list just this week, with its further rise pointing toward its continued growth. Moreover, whether or not it can sustain its trajectory will be a very interesting development. Conversely, Cardano’s adaptable nature and embrace of various DeFi projects could point to its continued ascension. 

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ORIGINAL SOURCE

https://watcher.guru/news/cardano-is-now...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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