Cardano has always been a ‘special one’. For example, it’s the first blockchain founded on peer review research. It also combines pioneering technologies. In market cap, it is a top 10 coin.
Currently, it sits at #8. Cardano also has a lively DeFi space. So, let’s have a look at the top 3 DEXes in Cardano.
👀 Stablecoins: What Cardano needs to bridge the gap between traditional finance and DeFi
Vineeth Bhuvanagiri explains why the Cardano blockchain is best positioned to bridge RealFi and DeFi and bring financial services to the masses.
📺 https://t.co/N2FJRQUXKt#CardanoSummit2022— Cardano Foundation (@Cardano_CF) December 14, 2022
1) Minswap
Minswap is currently the most popular DEX on Cardano. It also has the highest TVL, clocking $34 million as per DeFiLlama. However, their ATH was $210.76 million, back in March 2022. It has its own MIN token for governance. Minswap offers the following features:
- Trade or swap.
- Add liquidity to a pool. You can also provide liquidity if you only have one of the trading pair. For this, it offers you the Zap feature.
- Farming.
- Launch Bowl, this is a Launchpad.
- Governance.
Yesterday, Minswap had its highest one day Volume with +13M $ADA 🎉🎊
Recent Milestones👇
+100M $ADA Monthly Volume ✅
+37M $ADA Weekly Volume ✅
+265$ $USD Cumulative Volume ✅Huge thanks to the Cardano community 🙏 Cardano DeFi is just getting started🫡#DefiOnCardano pic.twitter.com/muKXFdmqhH
— Minswap Labs (@MinswapDEX) February 8, 2023
It offers a variety of pools, for instance:
- Stable pools.
- Multi-asset pools
- Or concentrated liquidity.
Minswap also offers a couple of new features. For example:
- Filter orders.
- Limit orders.
- Min Wallet for Farm V2 and you can send all tokens it this wallet.
Minswap is set up in a way that it routes a trade through the most efficient pool. This makes sure that you get the best possible swap. Below is a picture of their UI, with the Zap feature.
2) SundaeSwap
SundaeSwap is one of the most popular DEXes on Cardano. According to DeFiLlama, their TVL is $8 million. To clarify, this dropped from $126 million as ATH in February 2022. Their smart contracts are in the Plutus programming language. This language is widely used for smart contracts on Cardano.
Today our team is excited to demo something we've been hard at work on for months:
SundaeSwap on Hydra! While a ways out, this is an important milestone in not just our scaling journey, but Cardano's as well.
We'll provide detail later, but in the meantime check out our video⬇️ pic.twitter.com/eRyUPT88QL
— SundaeSwap Labs 🍨 (@SundaeSwap) October 14, 2022
SundaeSwap advertises itself as the sweetest DEX on Cardano. The protocol works as an AMM (Automated Market Maker). Furthermore, you can swap and make use of the liquidity pools on the platform. Be aware that before you can connect to SundaeSwap, you need a Cardano (ADA) compatible wallet. For example:
- Daedalus
- Nami
- Atomic Wallet
- Guarda
- Eterni.
It has a couple of good features going for them. For instance:
- Non-custodial: You are in control of your digital assets.
- Censorship resistant: This means, for example, that you can’t alter blockchain transactions.
- Security: There is no intermediate part involved in the transactions.
- Permissionless: There are no restrictions on who can use the protocol.
In their latest news, SundaeSwap now allows for governance voting. Since the 5th of February, their fist governance vote is live. You need to own at least 10,000 SUNDAE before tokens you can take part in voting.
3) Adaswap
AdaSwap has been around since 2021. However, their DEX didn’t launch until June 2022. So, their native token is the ASW token. This launched in Q1, 2022. AdaSwap launched on the Milkomeda Network, which is EVM compatible. Milkomeda is a Layer 2 solution. This also means that you can connect to an Ethereum compatible wallet like Rabby Wallet.
DeFiLlama didn’t add AdaSwap until the very end of January 2023. AdaSwap itself didn’t add farms until the end of December 2022. As a result, their TVL on DeFiLlama shows only $113,639. The DEX has four features to offer. Among others like:
- Swapping.
- Pools.
- Farming.
- Analytics.
Furthermore, AdaSwap offers AdaNFT. This is the next gen NFT marketplace on Cardano. AdaLAUNCh is coming, a launchpad. This will integrate into the swap. It also offers a bridge function with Ethereum, Casper, and BSC-based tokens. As a result, AdaSwap is very much an up-and-coming DEX in the Cardano DeFi space.
‼️#NFT Revolution ‼️#ADANFT launches today! 🚀💯⚡
Now get NFTs that:
✅Are faster to mint
✅ Have lower gas fees
✅ Are specially curatedExplore now👇https://t.co/MjuZuvrVlK#CardanoNFT #CardanoCommunity #NFTCommunity #NFTCollection pic.twitter.com/nuMqb3YdvF
— AdaSwap – The next-gen Cardano DEX! (@adaswapapp) April 5, 2022
Conclusion
Cardano is a top 10 blockchain by market cap. However, their DeFi space is still rather small. As a result, their total TVL is $97 million. On DeFiLlama, it takes 26th spot from all blockchains. So, we had a look at the top 3 decentralized exchanges on Cardano. These are currently Minswap, SundaeSwap, and AdaSwap.
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