After several months of low activity, Minswap, the biggest decentralised exchange on Cardano, saw a huge improvement in a number of measures. The most recent DappRadar update showed that Minswap’s unique active wallets (UAWs) and transaction count increased by 89.85% and 63.05% during the previous seven days, respectively. Additionally, within the same time period, the volume rose by 16%.
During this time, Minswap added 11.29k UAWs, 129.59k transactions, and $592.08m in trading volume. The huge activity that was observed on September 24th, when the volume of the DEX jumped to $6.86 million, is what caused the weekly data to soar. The number of transactions increased to 35.96k on the same day that the number of unique active wallets surpassed 5.4k.
The native MIN tokens of Minswap, which derive value from platform usage and function as a governance token, might potentially experience a price increase as a result of this activity. When the ADA/JPG trading pair first appeared on the decentralised market, there was a spike. With a total value locked (TVL) of over $50 million and a market share of more than 32% at the end of the second quarter, Minswap continued to hold the position of Cardano DeFi’s liquidity leader. DeFiLlama statistics indicates that the numbers have since dropped and that TVL is currently hovering around $40 million.