Cardano’s DEX activity has accelerated sharply over the past week, with trading volume posting a triple-digit increase alongside broader growth in network activity and stablecoin liquidity.
DeFiLlama data shows that Cardano’s decentralized exchange volume reached $37.14 million over the past seven days, representing a 112% increase during the period. The network recorded its strongest daily activity on October 1, when DEX volume climbed to $11.74 million.
Trading activity remained elevated over the following 24 hours, with Cardano recording another $7.08 million in DEX volume.
SundaeSwap Leads Cardano DEX Activity
Top decentralized exchange SundaeSwap accounted for most of Cardano’s DEX trading activity during the seven days.
DeFiLlama data shows that SundaeSwap processed $23.51 million in spot volume, putting it well ahead of other DEXes operating on the network. Minswap followed with $6.59 million in trading volume.
Other protocols also contributed to the increase. Dano Finance recorded around $5.17 million, while WingRiders processed $1.8 million. Splash Protocol, Saturn Swap, and MeuliSwap recorded about $31,351, $25,855, and $8,349, respectively.
The distribution indicates that while a few established platforms account for most of Cardano’s DEX activity, trading is also taking place across several smaller protocols.
Cardano Blockchain Activity Also Picks Up
The increase in DEX activity coincides with stronger on-chain activity across the Cardano network.
According to data from Chainspect, Cardano processed 222,000 transactions over the past seven days, representing a 5.7% increase from the previous period. Transaction activity also reached its weekly peak on October 1.
On that day, Cardano processed 43,181 transactions, coinciding with the network’s highest DEX volume of the week at $11.74 million.
Activity has since moderated slightly. Over the past 24 hours, the network processed 37,300 transactions, down 13.52% from the previous day. Despite the short-term decline, Cardano has now processed 124 million transactions since its inception.
Stablecoin Liquidity Strengthens
Cardano’s stablecoin market has also expanded alongside the increase in decentralized trading.
The network’s stablecoin market cap has risen by more than 24% over the past seven days to $67.03 million. USDCx represents roughly 69% of that total, making it the dominant stablecoin by market cap on the network.
Meanwhile, Cardano’s total value locked (TVL) across its decentralized finance ecosystem stands at $65.44 million, according to DeFiLlama data. The figure has increased by about 0.15% over the past 24 hours.
The combination of higher DEX volume, increased transaction activity, and growing stablecoin liquidity points to a broader increase in activity across Cardano’s DeFi ecosystem.