Cardano’s Top DEX Minswap Gunning for Binance Listing

As Cardano fights to regain momentum, its leading DEX Minswap pursues Binance listing glory and preps for V2 launch.

Cute digital cat in a Binance space.
Created by Kornelija Poderskytė from DailyCoin
  • Rivals continue to outdo Cardano. 
  • Minswap seeks to redress the balance with a Binance listing application. 
  • Minswap V2 is close to public rollout.

The Cardano ecosystem has been grappling with a prolonged slump, which some have attributed to factors such as poor marketing, snubs from third-party infrastructure providers, and a perceived lack of widespread appeal. This situation has manifested in a slide down the market cap rankings, stagnant prices for Cardano Native Tokens (CNTs,) and even projects, such as the Ape Society migrating to alternative chains.

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Amidst these developments, however, Cardano decentralized exchange (DEX) platform Minswap has taken a proactive step by applying for a token listing on the world’s largest exchange, Binance, to potentially breath new life into the ecosystem, and provide much-needed exposure and liquidity. 

Cardano Native Tokens Underrepresented

Leading Cardano DEX Minswap revealed that it had recently applied for the Binance Listing program. Further signaling ambitions to expand its presence, the project also asked its followers which other centralized exchanges (CEXs) it should apply for.

Cardano Native Tokens have a distinct lack of representation on major CEXs. Notable exceptions include COTI and AGIX, which are available to trade on Binance. Yet other significant Cardano projects, such as World Mobile Token, SNEK, and Minswap itself, have yet to achieve this milestone, limiting their exposure and liquidity opportunities.

Binance recently issued a call for high-quality small to medium crypto projects to apply for a listing on its platform, stating its intention to “foster a healthy industry.” The exchange acknowledged that many promising projects often launch “with high valuations and low initial circulating supply,” creating an unfavorable market structure for retail participants and hampering long-term prospects.

Binance believes that a listing on its platform can help such projects achieve corresponding buy-side demand and capital inflows, countering the problem of high valuations and low initial circulating supply, which leaves “little sustainable upside for traders after the token generation event.”

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Regardless of Binance’s bid to promote wider crypto ecosystem sustainability, Minswap is seizing opportunities with an imminent upgrade.

Minswap Upgrade on the Way

The Minswap V2 upgrade is scheduled to launch shortly after the completion of its bug bounty phase, which is set to conclude on June 30. The highly anticipated upgrade aims to address the limitations of the previous version while introducing a suite of advanced features designed to enhance the user experience and overall functionality of the platform.

Among the new V2 features is auto-routing capability, which leverages a smart order routing algorithm to search multiple liquidity pools and identify the most advantageous prices for token swaps. Users will have the option to choose their preferred execution route, with the most cost-effective path being recommended. Additionally, V2 will introduce advanced order types, including limit orders, stop orders, and OCO (One Cancels the Other) orders, enabling traders to implement sophisticated strategies.

Minswap V2 also promises a significant throughput improvement, boasting the ability to process up to 36 token swap orders per batch. This tenfold increase compared to the previous version is achieved through a combination of optimizations, such as the utilization of the Aiken compiler and specialized techniques for efficient validation and indexing. Such enhancements are expected to alleviate congestion during periods of high traffic for a smoother trading experience.

The MIN token saw a 1.6% increase over the last 24 hours to trade at $0.02708, and up 6.4% over the past month, at the time of writing. 

On the Flipside

  • Minswap’s pursuit of a Binance listing could set a precedent for other Cardano projects.
  • Major dollar-backed stablecoins, such as USDT or USDC, are not on Cardano, further hampering liquidity inflows into the ecosystem.
  • The Minswap token had a 24-hour volume of $113k highlighting the gap between it and rivals such as Jupiter and Uniswap, which turned over $102.9 million and $429.4 million, respectively.

Why This Matters

A Binance listing for Minswap would be hugely beneficial for the project and the Cardano ecosystem, helping it catch up to rival projects.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.