Cardano DEX aggregator DexHunter has dismissed claims that Cardano is losing relevance, arguing instead that activity across the network’s DeFi ecosystem paints a very different picture.
In a recent commentary, DexHunter responded to the increasingly common criticism that “Cardano is dead.” The platform pushed back against that narrative, insisting that Cardano is “more alive than ever” and pointing to growing ecosystem activity as evidence.
Cardano Ecosystem is Exploding
To support its position, DexHunter shared TradingView charts highlighting the performance of several Cardano-native assets against $ADA. Notably, ATLAS led the gains with an 18.55% surge in a single day, while STRIKE climbed 3.13%, and ASCEND advanced 1.22%.
Although SURF declined 2.67% during the same period, DexHunter argued that the broader trend remains positive, declaring that the ecosystem is exploding. Specifically, the charts reflected rising trading activity and renewed interest across multiple Cardano-based projects.
Trading Activity Spikes
Furthermore, the aggregator highlighted this momentum in an X post last week. According to the data, Cardano’s daily DEX trading volume surged sharply over four days, producing one of the largest volume spikes in recent months. Daily trading volume jumped from roughly 6 million $ADA to 25 million $ADA during that stretch.
DexHunter attributed the surge primarily to increased trading activity in NIGHT, STRIKE, SNEK, and stablecoins like USDCx. The data suggests that users continue to engage actively with Cardano’s ecosystem despite the weakness in $ADA’s market performance.
DexHunter Remains Resilient Despite Rising Ecosystem Woes
The commentary comes at a critical time for the network. In recent months, critics have increasingly questioned Cardano’s relevance following $ADA’s steep decline. The cryptocurrency fell below $0.20 for the first time in years, dropping to a low of $0.1492.
At the same time, governance disputes, the shutdown of major analytics platform TapTools, Input Output CEO Charles Hoskinson’s temporary break from public engagement, and the departure of a major ecosystem contributor have fueled speculation that Cardano’s investment story has reached its end.
Nonetheless, DexHunter maintains that Cardano remains vibrant. The platform highlights rising ecosystem token prices and the recent surge in DEX trading volume as signs of continued activity and investor participation.
However, recent data suggests that some of that momentum has cooled. Cardano’s DEX trading volume has fallen from the recent peak of 25 million $ADA to approximately 7.45 million $ADA. Moreover, daily volume has declined by 11.3% over the past 24 hours.
Cardano’s TVL Suffers Double-Digit Losses
Meanwhile, Cardano’s DeFi sector has also contracted since the beginning of June amid $ADA’s sharp price decline. Total value locked (TVL) on the network stood at approximately $129.07 million on June 1, but has since dropped to $92.29 million at press time, representing a decline of 28.49%.
Notably, the drop in TVL closely mirrors $ADA’s price performance. Over the same period, $ADA fell 28.52%, sliding from roughly $0.23 to $0.1644 at the time of writing.