- In the last seven days, Cardano’s DEX volume has exceeded $66 million.
- The network could host Bitcoin Ordinals better, according to Charles Hoskinson.
Cardano [ADA] blockchain’s Decentralised Exchange (DEX) volume surged by 60.6% in the last seven days, indicating greater liquidity and trading activity inside the Proof-of-Stake (PoS) ecosystem.
Bringing in more liquidity
According to DefiLlama, the increased activity guaranteed that the volume hit $66.88 million within the time range specified. Over $7.94 million has been received in the last 24 hours alone. While trading on Cardano DEXes has increased, it is crucial to highlight that they primarily support the trade of tokens produced on the blockchain.
Recently, several meme coins were added to the network, causing Minswap’s trading volume to surpass $6.91 million. Muesliswap, another Cardano-based DEX that benefited from increased exchange activity and added to the volume, saw a 167% increase in volume.
DEXes are just one of many Cardano-based projects that contribute to the cryptocurrency’s Total Value Locked (TVL). However, lending protocols inside the chain may also play a role. As a result, the project’s TVL increased by 15.30% in the last week. The TVL is a metric used to calculate the total value of smart contract assets staked on a specific Defi platform.
Hoskinson wants “better” for Ordinals
Despite the progress, Cardano’s founder, Charles Hoskinson, did not appear to be content with the current hosting infrastructure. According to him, Bitcoin Ordinals will fare well in the Cardano ecosystem compared to what they were doing before.
The digital artifacts that gained popularity earlier this year have received a great deal of attention. The total number of Ordinals Inscriptions was on the edge of hitting 10 million, according to Dune Analytics.
It is also worth noting that Bitcoin Ordinals were essential in the development of the BRC-20 token standard. The Bitcoin network experienced transaction delays as a result of this. However, it appears to be a thing of the past, as the market valuation of these tokens has plunged to $445.55 million.