Cardano, a blockchain-based smart contract platform, experienced phenomenal growth, whether it be in DEX volume or TVL. According to recent statistics provided by Defillama, the DEX volume hit $68.5 million, an astounding 91% increase in just one week.
With a weekly change of 99.72%, a 24-hour volume of over $6.91 million, and a seven-day volume of $60.52 million, Minswap has been the driving force behind the effort.
Additionally, transaction volumes on the Cardano-based decentralized exchange have increased recently, going from just over $1 million at the beginning of May to $18 million so far, possibly as a result of traders scraping the network for meme coin profits.
At present, Minswap holds over 35% of nearly $175 million worth of tokens held on the network, making it the largest application on Cardano by locked value.
Muesliswap came in second, recording a surge of almost 167%, $346k in trading volume, and $3.7 million in the daily and weekly index.
WingRiders and SundaeSwap, two more well-known Cardano DEX sites, also contributed to the entire volume.
Interestingly, a similar trend was also noted on its TVL front. At press time, its TVL value stood at $173 million.
Furthermore, during the past several days, Cardano’s daily transaction total has also marginally increased. The comparatively high whale transaction count showed that the whales were engaged in ADA trading. Last week’s increase in daily active addresses also indicates increased network activity.
Recently the total amount of ADA tokens staked on the network topped 430 million. Staked value is the sum of the USD worth of all participating tokens.
The latest milestone reflects the growing confidence in Cardano’s proof-of-stake [PoS] consensus mechanism.
Holders of ADA tokens can stake their tokens in a pool and get rewards based on their stake by allocating their tokens to the pool.
This has evolved into a win-win situation because as more users engage in it, the network will grow more secure and decentralized while also generating passive revenue.
Staking has become the preferred choice over minting which has come under criticism for consuming more power and energy.
As more tokens are staked, less ADA is available for trading creating a supply shortfall. The market value of ADA may be affected by this supply-demand imbalance.
Cardano’s Rally Coincided With IOHK’s Weekly Update
Investors that chose to stake their ADA tokens profit from potential price growth in addition to contributing to the network.
At press time, the price of ADA is hovering above the crucial $0.33 support level. The value rose by almost 2% over the previous 24 hours to reach a 3-week high of $0.38.
The rally largely followed after the IOHK team revealed several significant developments that were finished this week.