Cardano DEX Activity Surges 112% Amid Rising On-Chain Activity

Cardano's decentralized exchange (DEX) activity has seen a significant surge, with trading volume increasing by 112% over the past week. The network's DEX volume reached $37.14 million, with the strongest daily activity recorded on October 1 at $11.74 million. SundaeSwap accounted for the majority of the trading activity, processing $23.51 million in spot volume.

Other protocols such as Minswap, Dano Finance, and WingRiders also contributed to the increase in DEX activity. The rise in trading volume coincides with stronger on-chain activity across the Cardano network, with 222,000 transactions processed over the past seven days, a 5.7% increase from the previous period.

The stablecoin market on Cardano has also expanded, with the network's stablecoin market cap rising by 24% to $67.03 million. USDCx represents the majority of the stablecoin market cap on the network, making up around 69% of the total.