Cardano’s DEXes Making Waves: SundaeSwap Hits Milestone as ADA Sees Growth Despite Price Decline

  • Cardano is reported to have recorded an incredible surge of network activities as decentralized exchanges hit milestones. 
  • The price is, however, struggling in the last 24 hours as ADA falls by 4 percent to trade at $0.28.

Cardano (ADA) has seen increased activity on its network over the past few months with its decentralized exchanges (DEXes) hitting milestones. According to reports, one of the most popular DEX on the Cardano network SundaeSwap has gone past 600,000 ADA, demonstrating the increasing adoption and usage of the exchange. In the past 24 hours, there has been a 4.05 percent increase in unique active addresses.

This has contributed to a 30.83 percent growth in trading volume. The report observed that these activities indicate improved participation from users. The improved volume of these exchanges has led to a substantial increase in n Total Value Locked (TVL) on the network. According to data from Artemis, the TVL has increased from $130 million to $156 million in a few days.

This indicates that there has been an impressive capital inflow and overall improved activities. Protocol stakers also recorded a 0.97 percent increase in the past month. Generally, there was a 25.80 percent surge in generated revenue. In addition to this, the team is tirelessly working as they recently updated the Cardano wallet application according to a weekly report released on 23 June 2023.

This week, the Lace team released the wallet’s latest version, Lace v.1.2, which brings new browser support, new ways to organize your NFTs, a new privacy feature, increased speed, and more. The Lace product design team also published a blog post on the design differences between Web3 and the traditional web.

Other Cardano Updates and Price Expectations

The Project Catalyst team also started the Fund10 launch, with the Voltaire team continuing the conversation on CIP-1694 as they seek to establish an initial Minimum Viable Governance (MVG) framework.

Regardless of these, the price of ADA has failed to rise to meet the increasing demand as it falls by 4 percent in the last 24 hours to trade at $0.288168. Interestingly, the asset is still 10 percent up in the last seven days. Over the past weeks, the volume of the asset traded has declined from 1.29 billion to 208 million according to data.

Analysts have also observed that price volatility has hindered risk-averse traders from engaging in transactions. In addition to the price, open interest in Cardano has declined. This indicates a reduced market interest and participation.

However, long positions for the asset have increased to 51.75 percent, showing the massive confidence of investors in the long-term performance of ADA. ADA is still 90 percent down from its all-time high of $3 and has a market capitalization of $10,044,101,204. Analysts expect the price to go as high as $0.517184 before the end of the year. On average, the price is expected to trade around $0.430986, and $0.344789 at its worst.