The Cardano ecosystem has grown significantly as a result of a succession of network technical advances, and now the network Decentralized Finance (DeFi) is starting to take shape.
Cardano has had a number of notable achievements in recent months, the most recent of which is a huge growth in its total value locked (TVL), which is still climbing to new heights.
According to Defillama, a DeFi TVL aggregator, Cardano’s DEXs’ TVL has risen by more than 50% in the last week, with the TVL exceeding $300 million and is entering value discovery stage.
SundaeSwap was the most prominent Decentralized Finance (DeFi) initiative in the Cardano ecosystem till the start of the month, when the DEX had more over half of the ecosystem domination.
However, the tide is turning, and Minswap now rules the roost. After a 168 percent rise in investment locked in the previous 7 days, the new DEX has 57 percent TVL dominance within the Cardano ecosystem.
SundaeSwap put up more over $100 million approximately two weeks ago, but the DEX has been plagued by issues since its inception. SundaeSwap users continued to express their dissatisfaction with the DEX’s transaction speeds.
Minswap, on the other hand, appears to be running considerably more smoothly, according to users. It’s no surprise that Minswap was able to flip SundaeSwap so rapidly now that Cardano holders have a trustworthy, fast, and secure DEX to leverage their ADA to generate liquidity.
Minswap DEX has a lot of potential: it’s simple to use, mobile-friendly, and offers a dark mode. However, the DEX will continue to compete for domination with SundaeSwap, who will not give up easy because they are putting in a lot of work to make the DEX more effective.
With over 500 projects now using Cardano, many more DeFi applications are likely to add significant value to the Cardano ecosystem. The network TVL has a market capitalization of nearly $300 million and is likely to continue to develop at a rapid rate.