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.
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