The Best DEX on Cardano: Exploring the Top Decentralized Exchanges

Are you looking for the best way to trade Cardano assets? The blockchain is home to some great decentralized exchanges (DEXs) for beginners or experienced crypto traders. But what are the top DeFi dapps to use, and why is Cardano the ideal place to be? Keep reading to get to know more about the best DEX on Cardano.

The Best DEX on Cardano

With scalability and interoperability in mind, Cardano has become one of the best blockchains to build decentralized finance (DeFi) projects such as decentralized exchanges (DEX). While NFT marketplaces and games are also popular dapps on Cardano, recent industry reports point out that there is a rise in DeFi once again. 

Since Cardano has one of the biggest presences in the area, if you want to delve deeper into the future of finance, you’ll want to know more about it all. Here are the best decentralized exchanges on Cardano that you should know:

1. Minswap

The biggest DEX on Cardano is called Minswap and had a TVL of $38,05 million at the time of writing.

Its user-friendly interface makes permissionless trading of token pairs easier than it first appears. With multiple Liquidity Pools that anyone can join, Minswap facilitates swapping, liquidity providing, and yield farming on Cardano.

In addition to the dapp being community-centric and available in more than 30 languages, tokens received from multiple pool fees are redistributed to liquidity providers – all without private or VC investment. Also, anyone that owns MIN tokens gets a voice in the DEX discussions as a part of its governance policies.

The dapp has registered more than 13,000 visitors in the last 30 days – corresponding to crypto winter. Even so, it is the most used DeFi app of the Cardano protocol, according to data on DappRadar.

2. SundaeSwap

The SundaeSwap decentralized exchange is also committed to democratizing ownership and profits in the Cardano community.

It is an automated market maker (AMM) DEX with multiple liquidity pools in a permissionless, decentralized system of excellence. The DEX has its own native token called SUNDAE, representing voting power within the SundaeSwap DAO.

SundaeSwap ranks second in the DeFi dapps on Cardano, with around 6 thousand users in the last 30 days. Its Twitter account, however, shows the DEX has a strong community – showing more followers than any other Cardano Defi project at the time of writing.

3. Wingriders

Wingriders is another DEX in Cardano that has been drawing attention – the Seed round ended in March of this year, but the dapp is already in third place in our rankings.

It’s an AMM DEX that used the eUTxO model on the main chain. As it is native to Cardano, the dapp is also very fast and secure.

In the last month, around 3,000 people used this DEX for staking and yield farming in its liquidity pools. Like the other dapps mentioned above, Wingriders also has a utility token, WRT, that gives holders governance power on the project’s future.

4. MuesliSwap

MuesliSwap was the very first decentralized exchange to be built on the Cardano protocol, and it reached one of the top positions of the most used Cardano DeFi dapps.

It is a leading DeFi ecosystem featuring orderbook trading, liquidity pools, staking, and a DEX aggregator where you can earn passive income.

Their utility token is called MILK and grants holders priority trading and early access to new projects in the ecosystem, apart from voting on community proposals.

Definitely one project worth exploring if you are interested in decentralized finance on Cardano.

DeFi dapps on Cardano

Speaking of DeFi, there are other dapps built on the Cardano protocol that deserve your attention. If you’re curious about DEXs, maybe you’ll also want to know about Cardano dapps that allow you to discover other decentralized passive income providers.

Aada Finance

Backed with non-fungible tokens (NFTs), Aada Finance is a decentralized lending and borrowing protocol on Cardano.

The peer-to-peer protocol allows you to borrow and lend Cardano native cryptocurrencies in an orderbook style.

It’s a community-centric protocol where you can easily lend assets, giving you interest, or submit loan requests using Cardano NFTs as collateral.

The protocol’s native token, AADA, also grants its holders participation in the decision-making of the future of one of the most promising DeFi projects on Cardano.

Why choose Cardano for DeFi?

Although many important and popular DeFi apps exist on the Ethereum blockchain, building a DEX on Cardano brings them other benefits. The experience becomes faster, cheaper, and more reliable for anyone using a Cardano DEX. ADA, the native coin of the Cardano ecosystem, is seen by many as a long-term cryptocurrency investment. Furthermore, Cardano is known to be one of the most popular blockchains out there, with a loud and supportive community. These and many other reasons make Cardano a solid option for developers and users looking for opportunities.

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.