Cardano DEX Volume Jumps 14% Despite ADA’s 22% Decline

SundaeSwap published its first Float Monthly report on November 10, presenting a detailed overview of decentralized finance activity across Cardano during October. According to the report, decentralized exchange (DEX) trading volume increased 14%, while the number of executed trades climbed 29%.

The increase came during a month when ADA lost approximately 22% of its value, creating a divergence between the cryptocurrency’s market performance and trading activity across Cardano’s decentralized exchanges.

Cardano DEX Trading Reaches $65.7 Million

Float Monthly recorded $65.7 million in DEX trading volume during October, marking the second consecutive month of growth. The number of executed trades reached 190,748, the highest monthly total since June.

The number of trades increased considerably faster than their combined dollar value. This indicates that the average transaction was smaller than in September, with more individual swaps contributing to the overall volume.

However, higher transaction counts do not necessarily indicate an equivalent increase in active users. The report does not distinguish between retail participants, arbitrage activity, and automated trading strategies.

The figures also reflect activity measured in US dollars during a period of declining ADA prices. According to CoinGecko data cited in the analysis, ADA traded near $0.25 at the beginning of October and approximately $0.19 by November 1.

DefiLlama also recorded an increase in Cardano DEX volume, although its totals differ. Data retrieved on November 11 placed October trading volume at approximately $41.1 million, compared with $33.9 million in September. The platforms use different tracking methodologies and exchange coverage, so their totals are not directly interchangeable.

Liquidity Remains Stable as Lending Utilization Climbs

While trading volume increased, the dollar value of liquidity held across Cardano DEX pools remained relatively stable. Float reported $25.4 million in exchange liquidity at the end of October, representing a decline of just 1% from September.

The combination of higher trading volume and nearly unchanged liquidity indicates that more trading activity occurred relative to the capital available in decentralized exchange pools.

The report also recorded an increase in lending utilization, which rose by 4.9 percentage points to 56%. This metric measures the proportion of deposited assets currently borrowed through lending protocols.

Higher utilization can influence borrowing costs, lending yields, and the amount of liquidity available for withdrawals. The effects depend on the interest-rate mechanisms and risk parameters of individual protocols. Float Monthly does not specify which lending platforms contribute to the aggregated utilization figure.

[NEWSBREAK]

Float Monthly Introduces a Broader View of Cardano DeFi

Float is an analytics platform developed by the SundaeSwap team to track token prices, decentralized exchange activity, liquidity pools, wallet portfolios, and transaction histories across Cardano. Its first monthly report expands that functionality into a recurring overview of market activity, bringing together trading volume, transaction counts, exchange liquidity, and lending indicators.

The report follows several recent additions to the platform, including improved pricing for concentrated-liquidity pools, lending data from Danogo, and Signals, a monitoring feature that identifies large trades, sudden price movements, and stablecoin deviations.

In October, Float also introduced access to SundaeSwap V4 swaps, including the yield-bearing stablecoin sUSDrf.

The monthly report arrived one day after SundaeSwap launched a redesigned exchange interface with profit-and-loss tracking for individual liquidity positions. While that update focuses on managing positions, Float Monthly examines activity across the wider Cardano DeFi market.

October's figures establish a starting point for future comparisons. The report records increased trading activity and lending utilization during a period of declining ADA prices, while leaving the number of distinct active traders and the contribution of automated strategies unresolved.