Canto Dex Becomes No.1: Why?

The Canto Dex trading volume recently surged past $10 billion.

According to data from CoinGecko, the Canto Dex ranked first among decentralized exchanges, reporting a staggering $13.1 billion in trading volume. By contrast, the Uniswap V3 on Ethereum, often seen as the leader, saw just $938.3 million in volume.

The Canto Dex now holds a dominant 68.1% of DEX volume, while Uniswap V3 (Ethereum) claims a mere 4.9%.

Adding to the intrigue, DEX volumes overall jumped by 302.2% in just 24 hours.

DEX Ranking by Trading Volume in the Last 24 Hours. Source: CoinGecko

Canto Dex Sees a 594% Daily Volume Surge

According to GeckoTerminal, the Canto Dex became the top decentralized exchange by daily trading volume, recording a 594.15% increase within a single day. The trading pair driving this surge is wCanto (WCANTO) with Note (NOTE), which saw $10.71 billion in volume and over 203,541 transactions within the last 24 hours.

Interestingly, the price of this trading pair remained relatively stable, showing a modest increase of 3.54%.

Trading Volume of Canto Dex Over the Last 24 Hours. Source: GeckoTerminal

Although GeckoTerminal reports a slightly lower daily volume ($11.36 billion) compared to CoinGecko’s figures ($13.1 billion), the volume remains enormous for what was previously considered a lesser-known exchange.

To put this into perspective, the Solana (SOL) pool on other DEXs reported $1.3 billion in trading volume during the same period, even though it features popular meme coins like Popcat (POPCAT) and Pump.Fun.

What is Canto DEX?

The Canto is a Layer 1 (L1) blockchain, which appears to be undergoing a rebranding, as hinted in its latest post on X (formerly Twitter). The platform’s native token, CANTO, has struggled in recent times, with its price dropping 86% over the past year. Until recently, liquidity was also notably low. For example, on Aug. 19, 2023, CANTO’s trading volume was just $440,113.

Chart of CANTO Price and Liquidity. Source: CoinGecko

However, the Canto Dex has been making waves, breaking into the top 10 crypto exchanges in decentralised finance (DeFi). As of Jan. 25, 2023, DeFiLama recorded Canto Dex’s trading volume at $63.2 million—a 201.15% increase within 24 hours.

Canto DEX has had $63.2 million in trading volume over the past 24 hours, a 201.15% increase from the previous day and it is now the 6th most popular DEX by trading volume on our Volume Dashboard pic.twitter.com/XSMAeSqOtC

— DefiLlama.com (@DefiLlama) January 25, 2023

Despite its rapid rise, the Canto’s recent activity, low liquidity, and the sudden surge in trading volume have raised questions in the crypto community. Some traders are closely watching CANTO’s price movements and the exchange’s liquidity for signs of sustainability.

$CANTO is officially one of the WORST charts I have EVER seen in crypto

0 Bounce, just full stack after full stack down only

Who is going to prison for this? pic.twitter.com/PQQzzir19Q

— Wazz (@WazzCrypto) February 6, 2024