Top 3 DEXs on Cardano

Join us as we explore the top three decentralized exchanges (DEXs) in the Cardano ecosystem.

Minswap

Let's begin with Minswap, which is currently the leading DEX by volume on the Cardano blockchain. DefiLlama reports Minswap's impressive Total Value Locked (TVL) sitting at $50 million during the time of writing, and has reached an all-time high (ATH) of over $200 million back in March, 2022. This DEX employs its own governance token, known as $MIN. With Minswap, a small fee is charged for each transaction, and that fee goes to those who provide liquidity. Anyone, including regular traders, can contribute their funds to provide liquidity. For Liquidity Providers, they can deposit both assets of a pair and are rewarded with fees when swaps occur, allowing them to earn from their participation. By staking liquidity pool tokens, providers have the chance to earn $MIN tokens as rewards, giving them additional benefits through farming.

Here are some noteworthy features provided by Minswap:

1. Trade and Swap various assets.
2. Engage in Farming activities.
3. Contribute to Liquidity Pools, even if you possess only one of the paired assets. Minswap's “Zap-In” feature streamlines this process.
4. Utilize Launch Bowl, a dedicated Launchpad.
5. Governance
6. Variety of Liquidity Pools:

• Constant Product Pool
• Stable Pool
• Multi-Asset Pool
• Dynamic Pool

7. Additional features include order filtering, limit orders, and the Min Wallet for Farm V2, allowing you to consolidate your tokens.

Sundaeswap

Moving on to our next DEX, we have SundaeSwap, another prominent choice within the Cardano ecosystem. DefiLlama reports SundaeSwap's TVL at $7.8 million during the time of writing, with an ATH of over 125 million, back in February 2022. SundaeSwap's smart contracts are constructed using the Plutus programming language, widely employed for Cardano's smart contracts. Branded as the "Sweetest DEX on Cardano," SundaeSwap functions as an Automated Market Maker (AMM), enabling users to swap assets and utilize liquidity pools. It's important to note that connecting to SundaeSwap requires a Cardano-compatible wallet such as Daedalus, Nami, Lace, or Eternl Wallet. In recent news, SundaeSwap introduced governance voting on February 5th. To participate in voting, users must possess a minimum of 10,000 $SUNDAE tokens. SundaeSwap emphasizes the following features:

1. Non-Custodial: Grants users complete control over their digital assets.
2. Censorship Resistant: Ensuring the immutability of blockchain transactions.
3. Enhanced Security: Eliminating any intermediaries.
4. Permissionless Access: Anyone can use the protocol.

Wingriders

Last, we have Wingriders. Wingriders is gaining recognition as one of the more popular DEXs on Cardano. Total Value Locked (TVL) on Wingriders is roughly 17M, having reached an impressive 64M+ back in May, 2022. Wingriders operates with its native governance token, $WRT, which plays a vital role in platform governance and decision-making processes. WRT provides access to DAO voting and other DEX related functions.

Wingriders offers a range of features and functionalities, including:

1. Trading and Swapping: Users can easily trade and swap various assets on the platform, taking advantage of the liquidity provided by the Wingriders community.
2. Liquidity Pools: Wingriders allows users to contribute liquidity to pools, enabling others to trade and swap assets smoothly. Users can participate in liquidity provision even if they possess only one of the assets in a particular trading pair.
3. Yield Farming: Wingriders provides opportunities for yield farming, allowing users to earn additional rewards by staking their assets in specific farming pools. This incentivizes participation and liquidity provision.
4. Governance: The platform offers governance features, empowering $WRT token holders to participate in decision-making processes regarding the future development and direction of Wingriders. This ensures community involvement and decentralization.
5. Advanced Features: Wingriders is continuously innovating and introducing new features to enhance user experience and improve the overall functionality of the DEX. These may include features like advanced order types, market analytics tools, or integration with other blockchain networks for cross-chain compatibility.

As the Cardano ecosystem continues to evolve, Wingriders aims to position itself as a reliable and efficient decentralized exchange, catering to the needs of Cardano users who seek secure and seamless asset trading and swapping capabilities.

Minswap, SundaeSwap, and Wingriders are three prominent decentralized exchanges (DEXs) operating on the Cardano blockchain. Minswap stands out as the leading DEX by volume, with an impressive Total Value Locked (TVL) of $50 million. It utilizes its governance token $MIN, and offers a wide range of features such as trading, farming, liquidity provision, and launchpad capabilities. SundaeSwap, known as the "Sweetest DEX on Cardano," operates as an Automated Market Maker (AMM) with a TVL of $7.8 million. It emphasizes non-custodial, censorship-resistance, and secure trading, while also introducing governance voting for token holders. Wingriders is an emerging DEX gaining recognition with a TVL of $17.14 million. It operates with its native governance token, $WRT, and offers trading, liquidity provision, yield farming, governance features, and ongoing advancements. These DEXs contribute to the thriving Cardano DeFi ecosystem, providing users with diverse trading opportunities and decentralized financial services.

Be sure to visit our dApps page in order to take a look at all of the DEX’s on the Cardano blockchain. If we’re missing any that you’d like to see, please let us know as we are continuously improving our website and are open any feedback whatsoever!