Minswap, a decentralized exchange launched by the community built on Cardano, has grown into the dominant Defi protocol of the network. Without a VC support, no presale and a reasonably tokend distribution model, Minswap now processes the majority of the daily DEX activity of Cardano and it continues to expand its role in the network.
No private capital, full community control
Launched in 2021 without institutional financing, Minswap introduced his native min -token via a fair Initial Stake offer (Fiso), which means that ownership is distributed to the Cardano community. Since then, the protocol has been scaled through public development and governance, which gives minus holders full voting rights about protocol parameters, upgrades and treasury strategy.
As recognition for the continuing performance and the focus of the community, Minswap has been named Cardano’s Top Defi project three times.
Important protocolupgrades deliver 10 × transit
In 2024 Minswap rebuilt core contracts with the help of Plutus V2 and the Aiken Development Framework. This upgrade increased the transit by 10 ×, which means that a maximum of 36 swaps are possible (previously covered at 3) and considerably reduce the transaction costs and congestion.
The exchange also introduced smart order routering, limit/stop-loss orders and liquidity instruments with one click. Shortly thereafter, Minswap launched his Stableswap-Pools, optimized for trade with linked asset, which handle more than 90% of all Stablecoin volume on Cardano. A targeted 30,000 ADA stimulation program quadrupled use within a few weeks. These Pools are currently processing 8 to 13 swaps per block.
Minswap also expanded his offer with the launch of Launch Bowl, a fixed, pro-rata token launch platform. The tool supports new projects to attract capital directly on the chain and has become a core unit of the wider product suite of Minswap.
Defi market share and growth of the treasury
To date, Minswap has processed more than $ 7 billion over 5.9 million transactions and continues to manage more than 70% of the daily DEX volume on Cardano. The current TVL is approaching $ 54 million and represents a large part of the Defi activity of the network.
Support for Native Stablecoins, including Djed, IUSD and USDA, has deepened the liquidity. Proceeds of agriculture and incentives keep capital locked, with currently more than 599 million minutes.
Behind the scenes, Dao Treasury of Minswap has grown to more than $ 13.53 million, including liquidity positions owned by protocol used to stabilize core trade savings and to reduce exposure to mercenary capital.
Governance in practice
Governance on Minswap is active and impactful. In April 2025, the MIP-01 community spent with 98% support and formalized the formalizing of a DAO LLC on the Marshall Islands. This offered a framework for treasury and contract management.
Since then, minus holders have voted to reduce the token emissions, to form a Treasury working group and to approve the proposals of liquidity management. Recent management initiatives include a Tokenomics revision by Aqube and a diversification strategy introduced by contribution Big BLYMP. The turnout remains strong, with the most votes with hundreds of million minutes.
Strategic integrations and ecosystem role
Minswap plays a key role in the Cardano Stack through multiple integrations:
- Cardano place: Partner in 2023 to launch a Stablecoin Education Initiative.
- Atrium laboratories: Working on social functions, the preparation of tools and integrated trade in a uniform dashboard experience.
- Singularitynet: Collaborate on AI-driven trade tools, liquidity analysis and governance improvements. Minswap is currently organizing the majority of the Agix -Liquidity on Cardano and supports Snapshotting for DAO votes.
These collaborations reinforce the position of Minswap as a liquidity and trade back for cardano-based applications.
Bitcoin -Integration on the Horizon
The upcoming Cardinal Protocol of Cardano, announced in June 2025, will bring Native Bitcoin into its Defi stack without wrapping custody or centralized. Minswap is expected to be the first Dex to support BTC-ADA and related pairs.
With nearly $ 54 million in TVL and a leading share in the trade volume, Minswap is positioned to rug the first wave of Bitcoin -Liquidity. Projections suggest that BTC support could increase the General Defi TVL from Cardano by a maximum of 50%, where Minswap serves as a standard gateway.
A stable presence in a growing network
Minswap has never trusted on hype -cycles or aggressive token lancs. Its growth is stable, led and rooted in user participation. While Cardano is spreading to Bitcoin, cross-chain functionality and on-chain governance under Voltaire, Minswap is deeply connected to how the ecosystem functions.
For now, the protocol continues to work quietly in the center of Cardano Defi, which is stable, active and is owned in the community.
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