$ADA: A Closer Look at Minswap, the #1 Cardano-Powered DEX by TVL

This article provides an overview of Cardano DApp Minswap, which is “a multi-pool decentralized exchange on Cardano.”

Minswap claims that it is “a community-centric decentralized exchange on Cardano” since “it has no venture capital funding or private investment, making their tokens fairly distributed, and ensuring it’s the community of users that are maximally rewarded, not speculators and insiders.”

According to its white paper, Minswap is “an automated market-maker (AMM) decentralized exchange (DEX) on Cardano which supports multiple pricing functions for a single liquidity pool.”

Source: Minswap

MInswap went live on the Cardano mainnet on March 9:

? The time has finally come!?
Minswap Mainnet is now live! ?
You can now deposit liquidity, swap and more ?https://t.co/PO0CV9HvXo pic.twitter.com/iftHLYMCzV

— Minswap Labs (@MinswapDEX) March 9, 2022

Then, on March 19, Minswap announced that it had open-sourced its code:

Just to clarify ? Key messages here
1. I love Minswap, in fact not easily replicated (community, liquidity, backend etc)
2. Cardano DeFi going open source
3. Haskell was never a problem
4. A lot of the dev activity elsewhere are just copy paste efforts of existing dapps anyway

— ADA whale (@cardano_whale) March 20, 2022

On August 23, Minswap Labs announced via a blog post that it had formed a strategic partnership with Aada Finance. They called this “a big step for Cardano DeFi, constituting the first instance where two protocols build on top and with each other directly on-chain, harnessing one the key features of DeFi: Composability.”

Aada Finance and Minswap will “collaborate on three fronts: a Liquidation Oracle solution, the Collateral Swap function and $AADA Liquidity Incentives on Minswap.”

We are thrilled to announce our partnership with @AadaFinance ?

✅Minswap Liquidity will be used by liquidation oracle nodes.
✅Users can choose Minswap to swap their collateral.
✅$AADA incentives would give the $AADA/$ADA Pair 4x Yields.

Learn more ??https://t.co/9yGIlIGDsD pic.twitter.com/LEcMMzROoG

— Minswap Labs (@MinswapDEX) August 23, 2022

On August 29, Minswap Labs tweeted that they were ready for the Vasil upgrade since they had “successfully upgraded Minswap nodes to 1.35.3.”

We have successfully upgraded Minswap nodes to 1.35.3.? ?

We are still performing regression testing to ensure the changes didn’t break any existing features on Testnet.#VasilHardFork

— Minswap Labs (@MinswapDEX) August 29, 2022

According to data by DeFi Llama, currently (as of 3:00 p.m. UTC on September 6), Minswap is the #1 DEX on Cardano with a TVL of roughly $43.3 million, far ahead of WingRiders (which has a TVL of $16.87 million), and SundaeSwap (which has a TVL of $16.54 million).

Source: DeFi Llama

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