Cardano ($ADA) has surpassed Ethereum (ETH) in transaction volume ahead of the launch of a highly-anticipated decentralized exchange (DEX) on Cardano network called SundaeSwap.
Messari data show that Cardano’s daily transaction volume was above the $7 billion level, surpassing the daily transactions volume of that of the Ethereum blockchain seen around $5.4 billion.
Although the total combination of the two networks is above $12 billion, both remain below Bitcoin’s $16.8 billion.
The surge in Cardano’s transaction volumes comes after SundawSwap, a scalable DEX and automated liquidity provision protocol revealed it was preparing to launch on mainnet on January 20. The platform is backed by cFund, Alameda Research, and Double Peak Group.
The DEX will launch with an Initial Stake Offering (ISO), which will allow users to delegate their ADA tokens to staking pools.
Aside from Cardano's transition volume explosion, the public blockchain also saw a significant jump in its price rise, with ADA bouncing by around 16% in the last 24-hour period.
Also, note that SundaeSwap isn’t Cardano’s first decentralized application (DApp). The blockchain's first DeFi platform, MuesliSwap, launched an offering and saw its total value locked (TVL) explode to over $1 million a few days after launch. It now has nearly $4 million in TVL.
MuesliSwap is a decentralized exchange with launchpad functionalities that has also been launched on top of the Bitcoin Cash blockchain.
The platform is not available on either Ethereum or the Binance Smart Chain, two of the largest DeFi platforms by total value locked.