WingRiders Becomes Cardano’s Most Valuable Decentralized Exchange After Claiming Nearly 42% of Total Value Locked on the Network.
— WingRiders (@wingriderscom) June 28, 2022
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.