Share this article
Cardano Price Surges on SundaeSwap DEX Catalyst
The price is up to $1.55 in European morning hours on Monday from Sunday’s low of $1.28.
Updated May 11, 2023, 5:29 p.m. Published Jan 17, 2022, 10:58 a.m.
Cardano's (ADA) price jumped 13% in 24 hours before Thursday's planned launch of SundaeSwap, the first decentralized finance (DeFi) exchange on the Cardano blockchain.
“SundaeSwap will launch as a fully functional beta decentralized exchange (DEX),” the project's developers confirmed in a blog post on Sunday. Projects will be allowed to create trading pools for their tokens after Tuesday, the team added.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
📢The moment we've all been waiting for has finally come!
— SundaeSwap Labs 🍨 (@SundaeSwap) January 15, 2022
We're excited and proud to share that SundaeSwap and the ISO will be launching on the evening of Thursday, January 20th (EST)! 🍨
Check out the article below! 👇https://t.co/8oDYU6i3k9 pic.twitter.com/upgNZx2xH2
Cardano surged to $1.55 in European morning hours on Monday, up from Sunday’s low of $1.28. Charts show $1.55 is a historic resistance level, suggesting some profit taking could occur and potentially push prices downward.
SundaeSwap (SUNDAE), like other decentralized exchanges, uses smart contracts to match token trades between users and distributes a portion of trading fees back to the investors who provide liquidity to the platform, a process broadly known as "yield farming."
Advertisement
Exchange users can earn SUNDAE rewards in the first six months following SundaeSwap’s launch. However, the launch remains a beta rollout with limited features and expected trade matching times of “hours to days” initially.
“While the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain,” the team explained in the post.
Top DEXs built on other blockchains are some of the most valuable products in the crypto market. Ethereum-based Uniswap has a market capitalization of about $7.7 billion, while Binance Smart Chain-based PancakeSwap has a market capitalization of $3.2 billion, according to data on analytics tool CoinGecko.
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
