One of the largest cryptocurrency exchanges, FTX, went bankrupt, signalling a new era in decentralized finance. Users are panicking and moving their money from centralized exchanges to wallets and decentralized exchanges (DEXs).
In the last 30 days, two DeFi projects in the Cardano ecosystem have seen an increase of at least 20% in their user base.
Minswap
According to DappRadar, the platform’s total number of UAWs (unique active wallets) increased by 22% to 16,791. Similarly, trading activities Trade on Minswap increased to 101.67 million ADA ($78.5 million).
Concurrently, the volume of trades executed on the decentralized market rose by 30.3%. As a result, about 415,000 transactions occurred on the platform.
SundaeSwap
SundaeSwap is another project built on Cardano that is experiencing renewed interest and development due to the DeFi movement. This DEX is also increasing at double-digit rates. There are 7,360 UAW on the platform, and 12 million ADA (about $9.5 million) changes hands in 65,350 transactions every day. Over the past 30 days, each of these numbers has increased by an average of 20%.
Given the magnitude of the collapse a week ago, its repercussions will likely be felt for some time. This will allow the DeFi industry to grow.
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