As Cardashift is growing, so is its presence on Decentralized Exchanges 💪
During the past months, the CLAP token has been gaining exposure thanks to several listings on exchange platforms (SundaeSwap, MinSwap, WingRiders, and else). In parallel, incentive programs such as yield farming were set to add value and utility to the token.
Ultimately, if we want to #DebugTheWorld, we need to spread CLAP availability in as many places as possible 🚀
Wait, quickly, what’s a DEX again ??
For the newcomers, don’t be afraid of this jargon as this will soon be familiar to you! As a reminder, …
👉 “a decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders. DEXes fulfill one of crypto’s core possibilities: fostering financial transactions that aren’t officiated by banks, brokers, or any other intermediary.” (Coinbase, 2022)
Think about it like Binance or Coinbase, but decentralized, self-service, and less user-friendly. The most popular DEXs are PancakeSwap, Uniswap, Osmosis, TraderJoe, and many others.
As we’ll use this article to deep dive into the Cardano Ecosystem, let’s first review the criteria used for comparing 7 Cardano-based DEXs and their relevance: MinSwap, SundaeSwap, WingRiders, MuesliSwap, MeowSwap, Adax Pro and AstroSwap.
Methodology
We’ll use the following criteria to develop an objective opinion of the Cardano DEXes
Information about the DEX
Basic information: name, symbol, address, description, audited (yes/no), website, native blockchain, date of launch, team, investors / backed by, community
Trading data
Total value locked, daily volume, functionalities available, number of tokens and options available, fees
{DEX} and Cardashift
Cardashift partners / $CLAP available, total CLAP value locked, etc
The Writer’s point of view
Some subjective comments
Let’s go 🚀
Minswap DEX
Information about the DEX
Name, symbol, and native blockchain: Minswap, $MIN, Cardano
Adress: cardano:asset1d9v7aptfvpx7we2la8f25kwprkj2ma5rp6uwzv
Description: Minswap aims to be the best liquidity provider on the market by integrating the best asset pool models from across the DEX ecosystem into one protocol.
Audited: Yes, by Tweag
Date of launch: 2021
Team: “Our team consists of 4 engineers with experience in big companies like Amazon, GHTK and large open-source projects, one marketing manager and 2 designers. You can check our profiles (Linkedin, Github, etc) on Minswap.org. The project started around Feb/Mar 2021 when we were researching cryptocurrencies and Cardano, we found that there wasn’t any DEX built on Cardano yet and decided to conceive one. There are many L1 platforms but we found that Cardano has a good community that really cares about its ecosystem and decentralization, good technology and researching approach and we thought that if we choose Cardano as L1 platform to build a DEX it will definitely last.” (Minswap GitHub Documentation, 2022)
Investors / backed by: VyFinance, Strica, Aneta, and more here
Community: 28,000 members on Discord
Trading data
Total Value Locked: $91.65M
Daily volume: $1.5M on average
Functionalities available: Exchange, yield farming, launch pools, stake pools
Number of tokens available: 107
Number of liquidity pools available: 157
LP fees: 0.3%
Number of farming pools available: 12
MinSwap and Cardashift
$CLAP listed: Yes
Locked $CLAP Liquidity: $94M
APR liquidity providing: 4.39%
APR farming: 93.8%
The Writer’s point of view
The largest DEX on Cardano with a broad range of tokens and earning options. Compatible with a lot of portfolios and good user-friendliness.
SundaeSwap
Information about the DEX
Name, symbol, and native blockchain: SundaeSwap, $SUNDAE, Cardano
Adress: cardano:asset1m4u92ke6820pkk07m8qmmguye02ewr8g6tezr0
Description: The first native AMM-based decentralized exchange and liquidity provision protocol on Cardano.
Audited: Yes, by Runtime Verification (RV)
Date of launch: 2022
Team: Mateen Motavaf (CEO), Artem Wright (COO), Matt Ho (CTO), and more here
Investors / backed by: cFund, Alameda, DoublePeak, and more here.
Community: 99,000 members on Discord
Trading data
Total Value Locked: $46.16M
Daily volume: N/A
Functionalities available: Exchange, yield farming, liquidity pools
Number of tokens available: 50
Number of liquidity pools available: 50
LP fees: 0.3%
Number of farming pools available: N/A
SundaeSwap and Cardashift
$CLAP listed: Yes
Total Locked CLAP: 11,647,732.26, = $9,3M as of 27/04/2022
Total Locked ADA: 410,506.4 ₳
Volume 24H: 15,944.04 ₳
APR liquidity providing: N/A
Farming: available
The Writer’s point of view
A fast-rising Cardano DEX with a solid community and manifold options for earning. Advanced user-friendly interface and many languages and wallets available.
Wingriders
Information about the DEX
Name, symbol, and native blockchain: WingRiders, $WRT, Cardano
Adress: cardano:asset18v68f0vgv2nc3at8cuuem7f3fztwqcq2usgjyp
Description: The first native AMM-based decentralized exchange and liquidity provision protocol on Cardano.
Audited: Yes, by Certik
Date of launch: 2022
Team: powered by VacuumLabs
Investors / backed by: cFund, Spartan, DoublePeak, and more here.
Community: 10,000 members on Discord
Trading data
Total Value Locked: $60.16M
Daily volume: N/A
Functionalities available: Exchange, yield farming, liquidity pools, stacking, NFTs
Number of tokens available: 99
Number of liquidity pools available: 115 — note: ADA in liquidity pools is automatically staked to stake pools.
LP fees: N/A
Number of farms available: 14
WingRiders and Cardashift
$CLAP listed: Yes
Total locked CLAP: $404,479.75 as of 27/04/2022
Volume 24H: $2,043.6 as of 27/04/2022
ADA delegated in ADA/CLAP liquidity pool: 242,458.3 ₳ as of 27/04/2022
APR liquidity providing: N/A
Stacking/Farming: available
Farm effective liquidity: $369,066 as of 27/04/2022
The Writer’s point of view
The Vacuumlabs/WingRiders Cardano development team is one of the most experienced in the ecosystem. WingRiders is a young DEX with an original user interface and an ambitious roadmap.
MuesliSwap
Information about the DEX
Name, symbol, and native blockchain: MuesliSwap, $MILK, BitcoinCash
Adress: cardano:8a1cfae21368b8bebbbed9800fec304e95cce39a2a57dc35e2e3ebaa
Description: MuesliSwap is a new decentralized exchange (DEX) operating on the Smart Bitcoin Cash and Cardano blockchains.
Audited: Yes, by MLabs
Date of launch: 10/2021
Team: “The MuesliSwap team currently consists of seven people and is based in Switzerland. Six of them form the core development team. All team members are highly skilled and educated computer scientists with a love for crypto. The team has several years of experience with Haskell development and design of advanced algorithms”. More here
Investors / backed by: N/A
Community: 4,500 members on Discord
Trading data
Total Value Locked: $11.47M — (Cardano: $1.11M; Milkomeda: $10.23M; smartBCH: $127.34K; staking: $8.99M)
Daily volume: N/A
Functionalities available: Exchange, yield farming, stacking, liquidity pools
note: swaps are available but MuesliSwap acts as a matchmaker/DEX aggregator (e.g., to swap ADA to CLAP they will use WingRider (mentioned above)
Number of tokens available: 62 featured; 300+ in total
Number of liquidity pools available: 19
LP fees: 0.3%
Number of farming pools available: N/A
MuesliSwap and Cardashift
$CLAP listed: Yes
note2: to swap ADA to CLAP, MuesliSwap uses WingRider (mentioned above)
The Writer’s point of view
An established DEXs in the blockchain field (considering the average timespan of projects in the ecosystem). Their ambition to become the leading multi-chain DEX is realistic and enterprising.
MeowSwapFi
Information about the DEX
Name, symbol, and native blockchain: MeowSwapFi, $MEOW, Cardano
Adress: cardano:asset1eqydf3sjj00nw9qqqn9qd75purj9y285ueq69c
Description: MeowSwap combines proprietary L2 scaling technology in conjunction with our DEX to finally offer the only working trading solution fully running on Cardano.
Audited: No
Date of launch: 2022
Team: Gleb Nikitin (founder), Issam Samara (software engineer), Eduard Gurinovich (Advisor)
Investors / backed by: incubated by Occam.fi
Community: 7,000 followers on Twitter
Trading data
Total Value Locked: $1.2M
Daily volume: $35,318.46
Functionalities available: Exchange, liquidity pools, yield farming
Number of tokens available: 9
Number of liquidity pools available: 8
LP fees: 0.3%
MeowSwap and Cardashift
$CLAP listed: Yes
Total Value Locked: $92.08K
Total Locked CLAP: 2M
Total Locked ADA: 50K ₳
Volume 24H: $3.04K
Volume 7D: $20.27K
APR liquidity providing: 233.93%
The Writer’s point of view
A promising yet very young DEX on Cardano. They will have to develop their TVL as well as the utility of their platform by adding token options and DeFi functionalities. Incubated by a strong name (Occam.fi).
ADAX Pro
Information about the DEX
Name, symbol, and native blockchain: ADAX Pro, $ADAX, Cardano
Adress: cardano:asset1k3zkpw8lk6009qr5zshxeuewe0n0c9we6gg9ed
Description: ADAX is an automated liquidity protocol that facilitates trades within the Cardano ecosystem in a completely decentralized and non-custodial way.
Audited: Yes, by BTblock
Date of launch: 04/2021
Team: “The team consists of seasoned crypto industry professionals, from development to marketing and financials, who have decided to bring their ETH experience to the Cardano ecosystem”. More here
Investors / backed by: N/A
Community: 57,000 followers on Twitter
Trading data
Total Value Locked: $6,500.0
Daily volume: N/A
Functionalities available: Exchange, stacking, liquidity pools, lottery
note: ADAX Pro exists both as a DEX and a CEX
note2: swaps are available but ADAX Pro acts as a matchmaker
Number of tokens available: 42
Number of liquidity pools available: 23 (on the CEX)
LP fees: N/A
Number of farming pools available: 7 (on the CEX)
Number of projects incubated on the launchpad: 4
ADAX Pro and Cardashift
$CLAP listed: Yes (on the DEX)
The Writer’s point of view
Low liquidity/trading volume for this promising and established DEX — slow to develop yet good options such as their Launchpad.
AstroSwap
Information about the DEX
Name, symbol, and native blockchain: AstroSwap, $ASTRO, Velas (Cardano)
Adress: 0x72eb7ca07399ec402c5b7aa6a65752b6a1dc0c27
Description: Trade all your Cardano tokens on AstroSwap, a layer 2 DEX built on the fastest network, Velas.
note: “Despite AstroSwap being on the Velas blockchain, AstroSwap will have your favorite Cardano tokens with an integrated bridge to maximize the user experience.”
Audited: Yes, by Solidity Finance.
Date of launch: 2021
Team: N/A
Investors / backed by: BlueZilla, Wagyu Swap, ADAPad, and more here.
Community: 114,000 followers on Twitter
Trading data
Total Value Locked: $8,83M
Daily volume: $2,5M
Functionalities available: Exchange, stacking, liquidity pools, lottery
Number of tokens available: 42
Number of liquidity pools available: 17
LP fees: 0.17%
Number of farming pools available: 7
AstroSwap and Cardashift
$CLAP listed: Yes
Pair: ADA/CLAP
The Writer’s point of view
Fresh DEX with an original user interface — global ambition as being multichain and really interesting options, especially their bridge and lottery system.
Do you want a small recap? Here is a graph summarizing all the information.
Do you see any additional DEX we forgot to talk about?
Follow us on Discord & share your opinion! 🔥
You can also follow us on Twitter and learn more about us on our Website.⚡️
About Cardashift
Cardashift is a community-run launchpad that raises funds, builds, and accelerates startups that are solving social and environmental issues.
Cardashift’s team is a collective of passionate entrepreneurs and experts in blockchain, innovation, and product management willing to leverage blockchain technology for a sustainable and prosperous future. Three highly skilled companies are behind the project: Matters, Smart Chain and Stim.
Website | Whitepaper | Discord | Medium | Telegram | LinkedIn | Twitter
Written by Maxence Laisné
All on-chain data were found thanks to DefiLama
