Will Cardano’s DEXs pave the way ahead for the protocol?
- Cardano’s DEX, SundaeSwap, surpassed the 600,000 ADA milestone, driving adoption.
- There was growth in unique active addresses and stakers.
Cardano [ADA] has seen significant fluctuations in activity levels over time, but the progress of decentralized exchanges (DEXes) on the network has the potential to reshape its trajectory positively.
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Cardano DEX drives activity
According to data from Adaverse, SundaeSwap, one of the most popular DEXes on Cardano, recently surpassed the milestone of 600,000 ADA. This achievement carries importance as it demonstrates the growing adoption and usage of the DEX.
Over the past 24 hours, unique active addresses on the network saw a 4.05% increase, leading to a corresponding 30.83% growth in trading volume on the protocol. This signifies a promising trend for the DEX, indicating heightened participation and engagement from users.
The success of dApps on the Cardano protocol played a significant role in boosting DEX volumes in recent weeks. This positive development contributed to a substantial surge in Total Value Locked (TVL) on the Cardano network.
Moreover, data from Artemis indicated that the TVL grew from $130 million to $156 million in just a few days, highlighting increased capital inflows and overall network activity.
Additionally, the protocol’s stakers witnessed a 0.97% growth over the past month, leading to a 25.80% increase in generated revenue, reflecting the benefits of participating in the Cardano ecosystem.
On the development front, notable updates were made to Cardano’s wallet applications. The Lace team recently released Lace v.1.2, the latest version of the wallet.
This update introduces enhanced browser support, improved organization methods for NFTs, additional privacy features, enhanced speed, and various other enhancements aimed at improving user experience and functionality.
How is ADA doing?
Despite these positive developments, the price of ADA, Cardano’s native cryptocurrency, experienced a significant decline over the past month. The volume of ADA tokens traded also declined sharply, from 1.29 billion to 208 million over the course of a few weeks.
The increased price volatility during this period may deter risk-averse traders from engaging in ADA transactions.
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Furthermore, Cardano’s Open Interest in Cardano witnessed a decline, indicating potentially reduced market interest and participation. The implications of this decline in open interest warrant careful observation.
Nevertheless, traders interested in ADA displayed signs of optimism. Coinglass revealed that the number of long positions for ADA grew to 51.75% at the time of writing, indicating a positive sentiment among traders regarding the future price direction of ADA.