Saturday, August 13, 2022
Home Crypto News Exchanges WingRiders Becomes Most Valuable Dex, Claiming  42% of TVL On Cardano Leaving...

WingRiders Becomes Most Valuable Dex, Claiming  42% of TVL On Cardano Leaving Behind Minswap And SundaeSwap

- Advertisement -

WingRiders Becomes Cardano’s Most Valuable Decentralized Exchange After Claiming Nearly 42% of Total Value Locked on the Network.


Less than three months after launching on Cardano’s mainnet, WingRiders has become the most valuable and largest decentralized exchange (DEX) on the blockchain.

TheCryptoBasic Confirmed the Fresh data on DeFillama, showing that WingRiders has become the number one most valuable decentralized exchange on Cardano after claiming 41.78% of the total value locked (TVL) on the network. 

WingRiders TVL Surge

When writing this line, Cardano has a total of $123.86 million in TVL, with $51.74 million of this value locked on the Cardano blockchain, while Minswap is in second place with $41.06M TVL and Sundaswap at third with $25.61M TVL.

It is noteworthy that the feat came following a massive surge of WingRiders’ TVL over the last seven days. Data on DeFillama suggests that the amount of TVL on WingRiders has increased by 72.86% in the previous seven days.

However, the value dropped 1.58% in the past 24 hours due to the crash of global cryptocurrency prices, including ADA, the native crypto asset of Cardano.

WingRiders is closely followed by Minswap in the ranking, with a total value of $41.06 million.

WingRiders Outstanding Launch

Interestingly, WingRiders becoming the most valuable decentralized exchange may not shock many, given that the DEX has had a smooth journey before and after its launch.

The DEX, which deployed on Cardano mainnet in April of this year, recorded $44 million in TVL just 24 hours after its launch. WingRiders was able to make an outstanding debut because of the widespread anticipation for the launch of the platform among members of the Cardano community.

Unlike most DEX on Cardano, WingRiders made its official debut with two stablecoins, USDT and USDC. The decentralized trading platform also introduced the Cardano community to exciting features, such as swapping supported trading pairs and earning rewards via staking and “fly to the moon” features.

The massive growth in TVL recorded on WingRiders may be attributed to the DEX support of two of the biggest stable coins, USDC and USDT.

With these two stablecoins, the Cardano community will find it easy to swap them for other supported crypto assets on WingRiders.

Although WingRiders may be the largest decentralized exchange on Cardano, the massive growth of the decentralized exchange’s TVL is nothing compared to what was recorded on SundaeSwap earlier this year.

In March, SundaeSwap recorded $121.19 million worth of total value locked, representing approximately 90% of Cardano’s TVL at the time but currently, it losses its first place to WingRiders.

- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

IOG Says “Getting Things Right” Is The Priority After Cardano Investor Asked When Vasil Will Launch

  IOG has responded to ADA investors who are eager to know the exact date for the launch of the Vasil hard fork.  Input Output Global...

The Deputy Minister Of Digital Transformation Says Ukraine Should Launch A CBDC

Alex Bornyakov is in support of a digital hryvnia. In a four-tweet thread on Friday, Ukraine's Deputy Minister Of Digital Transformation, Alex Bornyakov, argues that...

Shiba Inu Lead Developer Gets A Harsh Response From “Can You Pet The Dog”

  "Can You Pet The Dog" Shuns Shiba Inu Game, Shiba Eternity As It Wants Nothing To Do With Crypto Projects. ...

Shiba Inu And BONE Becomes Top Trending Coins in Asia, USA, and Canada

Shiba Inu and Bone are trending worldwide. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

NOWNodes Adds Support for Shiba Inu Burn Portal Reward Token Ryoshi Vision (RYOSHI)

  The listing of RYOSHI will enable developers to build on Ryoshi Vision via NOWNode's platform. window.coinzilla_display =...

71,225 XRP Holders Now Stand With Ripple Against SEC, Deaton Says All XRP Investors Are Leaders Of XRPArmy

  The Amici attorney has commended XRP investors for their collaboration toward Ripple’s legal battle against the SEC.  ...

One Year After Burning Mechanism Launched, 2.5 Million Ethereum Worth $5B Burnt, Is ETH Becoming Deflationary?

  About 2.1% of Ethereum's circulating supply has been burned since the London hard fork. window.coinzilla_display = window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.