Popular blockchain platform Cardano has impressively risen to rank among the top 10 decentralised exchanges by trade volume. The top two positions are held by BSC and Ethereum, respectively.
This increase has been partly fueled by Minswap, a community-focused native Cardano decentralised exchange (DEX), which had a record-breaking day yesterday.
According to reports, the daily trading volume on Minswap reached an all-time record, with astounding 30.30 million ADA ($12.54 million USD) crossing hands.
Cardano’s ranking as the ninth largest chain in terms of DEX volume was solidified by this performance at a record volume. Given the very competitive and ever-changing DeFi landscape, this is no small accomplishment.
The statistics also showed that across all Cardano DEXes, Minswap held an astounding 87.24% of the total volume.
This places Minswap in the position of being the undisputed leader inside the Cardano ecosystem and greatly aids Cardano’s performance on the bigger DEX scene. It’s important to note that Minswap, which came in at number 17, even cracked the top 20 DEXes for all blockchain chains.
The recent success of Minswap and Cardano may portend a promising future for the decentralised finance (DeFi) sector of Cardano.
