Cardano DEX Volume Soars 112% as On-Chain Activity Heats Up
Cardano's decentralized exchange (DEX) activity has seen a significant surge over the past week, with trading volume increasing by 112% to $37.14 million. This growth coincides with a rise in on-chain activity and stablecoin liquidity.
The increase in DEX volume is led by SundaeSwap, which processed $23.51 million in spot volume, followed by Minswap with $6.59 million. Other protocols such as Dano Finance and WingRiders also contributed to the growth.
Cardano's on-chain activity has also seen a 5.7% increase in transactions over the past seven days, with a peak of 43,181 transactions on October 1. The network has now processed 124 million transactions since its inception.
Stablecoin liquidity has also grown, with the network's stablecoin market cap rising by 24% to $67.03 million. USDCx is the dominant stablecoin on the network, making up approximately 69% of the total.