Minswap Sees Surge in Activity on Cardano’s Largest DEX
Minswap, the largest decentralized exchange (DEX) on the Cardano blockchain, recently experienced a significant increase in various metrics after a period of low activity.
Positive Growth in Active Wallets and Transactions
According to DappRadar, Minswap’s unique active wallets (UAWs) increased by 89.85% and transaction count rose by 63.05% over the past week. Additionally, trading volume saw a modest 16% increase during the same period.
Record-Breaking Figures on September 24th
The spike in weekly figures can be attributed to the massive activity recorded on September 24th. On that day, Minswap’s trading volume reached $6.86 million, with unique active wallets surpassing 5.4k and the transaction count reaching 35.96k.
Potential Impact on MIN Token Prices
This surge in activity has the potential to boost the prices of Minswap’s native MIN tokens. These tokens derive value from platform usage and also serve as governance tokens for the DEX.
New ADA/JPG Trading Pair Launch
The increase in activity coincided with the launch of the ADA/JPG trading pair on Minswap. This addition provided users with more trading options on the decentralized exchange.
Previous All-Time Highs and Current TVL Status
In May, Minswap witnessed another notable surge in all three metrics, setting new all-time highs. However, since then, the total value locked (TVL) has decreased from approximately $50 million to around $40 million, according to DeFiLlama data.
Hot Take: Minswap Rebounds with Impressive Activity
Minswap, Cardano’s largest decentralized exchange, has experienced a significant surge in activity after a period of low engagement. The increase in unique active wallets, transaction count, and trading volume indicates renewed interest in the platform. This spike in activity could potentially impact the prices of Minswap’s native MIN tokens, which serve as both a utility and governance token. Furthermore, the launch of the ADA/JPG trading pair has expanded the trading options available to users. While Minswap’s figures have slightly dropped since reaching all-time highs in May, the recent surge highlights its continued dominance in the Cardano DeFi space.
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