Massive Activity on Cardano-Based Minswap Pushes Key Metrics Near ATHs

Minswap – which is the largest decentralized exchange on Cardano – witnessed a spike across various metrics after months of low activity.

According to the latest update by DappRadar, Minswap’s unique active wallets (UAWs) and transaction count increased by 89.85% and 63.05%, respectively over the past seven days. The volume was also up by a modest 16% in the last seven days.

• During the same period, Minswap added 11.29k UAWs, 129.59k transactions, and $592.08 million in trading volume.
• The weekly figures spiked due to massive activity recorded on September 24th, when the volume of the DEX surged to $6.86 million, as per the latest data.
• On the same day, unique active wallets also climbed above 5.4k, while the transaction count hit 35.96k.
• Such activity could boost the prices of Minswap’s native MIN tokens, which generate value from platform usage and are used as a governance token.
• The surge comes coincided with the launch of the ADA/JPG trading pair, which was made available to users on the decentralized exchange.
• Besides, the last prominent spike was in May when the figures for all three metrics registered new all-time highs.
• Minswap continued to hold its position as the liquidity king of Cardano DeFi, ending the second quarter of the year with a total value locked (TVL) of approximately $50 million and a dominance of more than 32%.
• The figures have since dropped, and TVL is currently stuck near $40 million, DeFiLlama data revealed.

The article was first published on: Oct 1, 2023