Currently at 8e place of the most popular cryptos on the market, Cardano’s ADA seems to be on the rise. The asset gained 7% in value over the last week to trade around $0.26. This indicates a certain demand on the Cardano blockchain.
Massive crypto activity on Minswap, based on Cardano
Minswap recently reported a significant increase in crypto transactions carried out on its platform. Recent data communicated by this decentralized exchange (DEX) based on the Cardano blockchain shows interesting performance for several crucial parameters.
Minswap, which is the largest crypto DEX on the Cardano blockchain, has shown remarkable growth in its unique active wallets (UAW). These increased by 89.85% over the past week.
The trend is similar for the data relating to the total operations carried out over this period. The latter thus recorded an increase of 63.05%. A figure that represents a modest increase of 16% for typical transaction volume.
Basically, these weekly results of Minswap indicators are more than satisfactory. For good reason, we have to go back to May 2023 to see the last significant increase in the platform’s metrics.
A justified dynamic?
There are several reasons for the bullish momentum in Minswap metrics. According to analysts, this would be linked to a resurgence of activity which occurred on Sunday September 24. On that day, DEX trading volume rose to $6.86 million.
On the same day, the number of unique active crypto wallets exceeded 5.4 thousand, while the number of transactions reached an impressive 35.96 thousand. This increase in activity coincided with the introduction of the ADA/JPG trading pair.
This made it possible to offer more trading options to users of the decentralized crypto exchange. A development that could significantly impact the price of MIN, Minswap’s native crypto. The latter derives its value from the use of the platform while serving as a governance asset.
Ultimately, the renewed activity of the Minswap crypto DEX expresses the growing interest and engagement within the Cardano ecosystem. A craze also promising for the growth potential of Minswap metrics. This, as users continue to explore and use the features of the crypto exchange platform.
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