In this guide, we compare the three most popular decentralized exchanges (DEX) on the Cardano network, Sundaeswap, Minswap and Cardax. This overview is intended to help investors determine which DEX is the best investment for Cardano-based DeFi.

As a quick summary, Minswap is the best overall DEX on Cardano because it has the highest total value locked and the most on-chain volume compared to the other platforms.

Minswap Wins
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Sundaeswap is one of the most popular decentralized exchanges on the Cardano network. The platform is the equivalent of Uniswap, but on the ADA blockchain because it is an automated market maker which enables liquidity provision for DeFi users on the network.

The Sundaeswap DEX currently has two key features, the Swap and Liquidity applications. Sundaeswap Swap allows investors to swap between 50 different ADA tokens like World Mobile Token, Ardana, ADAX and many others. The Sundaeswap Liquidity app allows users to deposit tokens to pools which pays out rewards for providing liquidity to the network.


The key stats for Sundaeswap are:

  • Total Value Locked: $14 million
  • Market Capitalization: $20 million
  • Average 24hr Trade Volume: $150,000 USD


The Minswap App is another popular decentralized exchange on the Cardano network. It is currently the largest DEX on Cardano with over $38 million in total value locked on the platform.  Minswap also allows investors to swap between 65 different ADA-native tokens.

Minswap also offers more features than alternatives like Sundaeswap, with the three key applications being Trade, Liquidity & Farm and Launch Bowl. The Liquidity & Farm features allows users to earn booster yields to provide liquidity to ADA pools, which means you can earn higher rewards than Sundaeswap. Launch Bowl is an IDO platform that allows users to invest in new Cardano based DeFi projects.


The key stats for Minswap are:

  • Total Value Locked: $38 million
  • Market Capitalization: $26 million
  • Average 24hr Trade Volume: $2,500,000 USD


Cardax is a new entrant to the Cardano DEX space and it has not yet formally launched any products on mainnet. Cardax prides itself on being a non-custodial exchange that enables investors to perform fast and low-fee swaps between any token that is deployed on the Cardano network.

The Cardax DEX is still in private beta, which means  that it is not yet available to the general public. However, you can sign up for the waitlist on their website if you are interested in getting early access to the platform.

The key stats for Cardax are:

  • Total Value Locked: $0
  • Market Capitalization: $0
  • Average 24hr Trade Volume: $0

Final Thoughts

As you can see, there are three main decentralized exchanges that operate on the Cardano network. All three platforms have their own unique features and advantages. It is up to you as an investor to decide which platform is the best fit for your needs.

If you are looking for a platform with a large number of tokens available for swapping, then Minswap is a good option. If you are looking for a platform that offers more features and rewards for liquidity providers, then Minswap is also the best option.

For more Cardano guides, you can check out our Best Cardano NFT Platforms review to find the best exchange to buy and sell non-fungible tokens on ADA.