The Cardano DeFi ecosystem is booming in 2023, with $165.53m in TVL and multiple projects launching and upgrading already this year! DEXs are considered to be a central pillar and driving force of any DeFi ecosystem. So, with that in mind, let’s look at the top 3 DEXs on Cardano (ranked by TVL), what they’re all about, and how they’re innovating.
1. Minswap
TVL: $59.11m (USD)
Type: Automated Market Maker (AMM)
Community Governance: Yes
Minswap, initially funded by a community-approved grant in Project Catalyst’s Fund 5, was Cardano’s first open sourced DEX. With a strong community focus, Minswap is governed by a DAO and features a dedicated governance forum.
Users can provide liquidity to paired assets on Minswap and even use a Zap functionality to contribute just one side of a token pair. Certain token pairs are part of a yield farming scheme, where users can stake their LP tokens to earn the MIN governance tokens.
Minswap also boasts an Android App and a Pro mode for analyzing token trends. They offer a “Launch Bowl" featuring three innovative ways for projects to bootstrap their liquidity on the DEX and pioneered the FISO (Fair Initial Stake Pool Offering), where they partnered with existing small SPOs.
2. WingRiders
TVL: $15.4m (USD)
Type: AMM
Community Governance: Yes
WingRiders was built by VacuumLabs, and they have open sourced some of their tooling. Holders of a pool’s LP tokens can vote for which stake pool the ADA in that pool is delegated to—and 3 SPO are featured in a tweet each epoch.
WingRiders have adopted the iAssets issued by Indigo and offer StableSwap pools for paired stable assets, reducing slippage for these trades. Liquidity providers can yield farm the protocol’s governance token, and a DAO governance system exists around this token.
WingRiders is the first DEX to integrate with WalletConnect for Cardano and also offers a “Pro Mode” with an advanced trading panel where users can conduct token analysis and place limit orders. Finally, they plan to allow users to pay batcher fees with the protocol’s token.
3. MuesliSwap
TVL: 8.91m (USD)
Type: AMM and Order Book
Community Governance: Imminent
MuesliSwap is the first DEX on Cardano, and their order book allows users to set limit orders, while the AMM allows users to swap tokens instantly. They also operate a DEX on Cardano’s first sidechain Milkomeda C1. A DEX aggregator allows users to always find the best swap price across all Cardano DEXs, and a multi-hop trading feature enables the trading of unlinked pairs in a single transaction.
A limited-run NFT collection, Hungry Cows, allows holders to earn extra yield farming rewards, and the platform’s DAO functionality just went through a successful test phase. Finally, MuesliSwap offers A “Swap Integration" tool for developers to integrate the swapping of any two tokens, using MuesliSwap, directly on their site.
Innovating and Inspiring!
These DEXs are helping to drive Cardano DeFi forward by bringing innovative solutions to both the DeFi ecosystem and the Cardano community. It is an exciting time for Cardano DeFi, as things are just getting started, and it is even more exciting to see what innovations will come from these and other Cardano protocols!
All TVL values were correct as of 27th May 2023 and taken from DeFi Lama.
FAQs
Top Three Cardano Decentralized Exchanges (DEXs)
- Minswap. TVL: $59.11m (USD) Type: Automated Market Maker (AMM) Community Governance: Yes. ...
- WingRiders. TVL: $15.4m (USD) Type: AMM. Community Governance: Yes. ...
- MuesliSwap. TVL: 8.91m (USD) Type: AMM and Order Book. Community Governance: Imminent.
Top Decentralized Exchange (DEX) Coins Today By Market Cap
| # | Name | 7D |
|---|
| 1 | Uniswap ( UNI ) | +8.14% |
| 2 | THORChain ( RUNE ) | -0.78% |
| 3 | Jupiter ( JUP ) | +0.27% |
| 4 | dYdX ( DYDX ) | +2.39% |
39 more rowsThe cryptocurrency is called Cardano, while the individual unit is called ada. Cardano was created by Charles Hoskinson, a co-founder of Ethereum, the second largest cryptocurrency behind Bitcoin, and it runs on a decentralized public ledger using blockchain technology.
Does ADA have a dex? ›
Let us introduce you to AdaSwap. We are striving to be the first DEX based on Cardano! Our main goal is to develop tools for creators and users, as well as bringing high-yield staking pools and NFT content through our launchpads and marketplaces.
What is the perfect Dex? ›
Perfect Pokédex
It registers all Pokémon with a perfect Appraisal (4 Stars), unlocked after registering 20 perfect (4 Star) Pokémon. It is hued light pink and it is split into region sections.
Which exchanges support Cardano? ›
Cardano Exchange listings
| Exchanges | ADA price | 24h trade volume |
|---|
| 1 Binance | $ 0.328 | $ 29.54 million |
| 2 HTX Global | $ 0.327 | $ 19.67 million |
| 3 Bybit | $ 0.327 | $ 12.51 million |
| 4 Bitget | $ 0.327 | $ 11.13 million |
46 more rowsTop Decentralized Finance (DeFi) Coins Today By Market Cap
| # | Name | Market Cap |
|---|
| 1 | Lido Staked Ether ( STETH ) | $22.62B |
| 2 | Chainlink ( LINK ) | $6.30B |
| 3 | Dai ( DAI ) | $5.08B |
| 4 | Uniswap ( UNI ) | $5.03B |
40 more rowsBitget stands out as a leading cryptocurrency exchange, known for its seamless and secure trading environment. This centralized exchange offers high liquidity, ensuring that trades are executed swiftly and efficiently across a wide array of digital assets.
Which DEX has the most pairs? ›
#1 Uniswap
It is currently the largest DEX by trading volume, hosting hundreds of pairs, mostly made up of ERC-20 tokens. It is also the largest DEX by TVL, having over $4.7 billion in its pools as of mid-August 2024. The first version of Uniswap started as a DEX for the Ethereum blockchain.
Will Cardano reach $100? ›
Will Cardano reach $100 dollars? For Cardano to reach $100, its market capitalization would need to be around $3.5 trillion (which is $100 multiplied by its circulating supply of 35,045,020,830 ADA). For context, the total market capitalization of all cryptocurrencies combined was $2.5 trillion as of March 21, 2024.
Cardano (ADA) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 0.354447 |
| 2026 | $ 0.372169 |
| 2027 | $ 0.390778 |
| 2030 | $ 0.452374 |
1 more rowAnalysts are saying that ADA could hit a high of $10.32 by the year 2030. Feeling bullish about Cardano already? You can buy ADA on Coinbase, eToro and Kraken.
What platform is ADA on? ›
ADA is the cryptocurrency for the Cardano platform. Cardano's coin is named after Ada Lovelace, a 19th-century mathematician known as the first computer programmer. People use ADA tokens to pay transaction fees for using the platform.
What wallet does ADA use? ›
Token holders (i.e., ADA) can either directly stake, while online, or delegate their ADA to participate in the validation process of the network using the Ledger, Daedalus or Yoroi wallets.
What platform is Cardano on? ›
Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.
What wallet for Cardano? ›
The best Cardano wallet for you may vary depending on your specific needs. Daedalus, Eternl, and Yoroi are a few of the wallets that are considered great options for Cardano users. Hardware wallets like Ledger can help you keep your cryptocurrency safe from a hack.
Is anything built on Cardano? ›
MinSwap is an Automated Market Maker (AMM) decentralized exchange (DEX) built on Cardano that allows users to trade and swap assets with low fees in a user-friendly way.
What is the best exchange to stake Cardano? ›
Kraken Exchange: Best Cardano Staking Pool for Beginners
Kraken is one of the best places to stake ADA (Cardano) because it is one of the best crypto exchanges and is user-friendly for beginners. On this exchange, you can buy more than 50 tokens and you can stake 10 tokens including ADA.
What network is Cardano on? ›
The ADA cryptocurrency runs on the cardano blockchain, a first-of-its-kind decentralized network, based completely on scientific and mathematical principles and designed by experts in the fields of cryptography and engineering.
