The Cardano multi-pool decentralized exchange Minswap has set a new record despite the market sell-off witnessed on Oct. 13. The cryptocurrency market tumbled on Thursday following the release of higher-than-expected inflation stats before a surprising rebound. ADA lost over 10% of its value within 24 hours as other altcoins recorded significant losses.
So @MinswapDEX yesterday saw its second highest volume trading day in the last 6 months. Love playing an active part in this
— ADA whale (@cardano_whale) October 14, 2022
Despite this, the Minswap DEX has gone ahead to record its second largest trading volume day in the last six months. Increased volatility generally leads to higher trading volumes on any given market as traders take advantage of volatility on the markets.
At the time of publication, Cardano’s TVL was facing a slight increase in the last 24 hours to stand at $68.24 million (without the inclusion of staking). However, with staking, the TVL is recorded at $86.11 million. Nearly all Cardano DEXes are showing positive increases in the last 24 hours, suggesting inflows. In the last 24 hours, Minswap, Muesliswap and VyFinance demonstrated increases of 5%, 11.39% and 9.76%.
In March, Minswap announced its debut on the Cardano mainnet and is now the largest of the Cardano decentralized exchanges tracked by DefiLlama. With approximately $34.85 million in TVL, Minswap retains 40.47% market dominance.
Three weeks later, Vasil
The Vasil upgrade was triggered on the mainnet on Sept. 22, while full capabilities were deployed on Sept. 27.
The positive effects of the upgrade are already being felt in the form of a reduction in transaction sizes and fees. The impact, however, remains yet unseen on Cardano’s Defi TVL, which refers to the overall value of crypto assets placed in its decentralized finance (DeFi) system — or DeFi protocols, which have remained flat since the Vasil upgrade.