Cardano的分散金融（DEFI）生态系统迅速发展

Cardano的分散金融（DEFI）生态系统已经到2025年迅速发展，从慢速起动器转变为强大的网络

Cardano’s decentralized finance (DeFi) ecosystem has evolved rapidly, transforming from a slow starter into a robust network of exchanges, lending platforms, and stablecoins.

Cardano的分散金融（DEFI）生态系统已经迅速发展，从慢速起动器转变为强大的交流网络，贷款平台和Stablecoins。

Since the Alonzo upgrade enabled smart contracts, Cardano DeFi has witnessed surging activity – average daily DEX trading volumes jumped 271% quarter-over-quarter to roughly $8.9 million in late 2024, reflecting a dramatic rise in user participation.

由于Alonzo升级启用了智能合约，Cardano Defi就目睹了活动的激增 - 平均每日DEX交易量跃升了271％的四分之一季度，至2024年末的890万美元，这反映了用户参与的急剧上升。

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This development stands in stark contrast to the bleakest predictions from earlier in 2023, when some analysts anticipated that ADA’s price would plummet to $0.20 by Q4 2023 due to a lack of DeFi activity.

这一发展与2023年前早些时候最黯淡的预测形成了鲜明的对比，当时一些分析师预计，由于缺乏Defi活动，ADA的价格将在第4季度2023年下降到0.20美元。

Instead, by the final quarter of 2024, ADA’s price had actually increased from $0.30 to $0.80, potentially in response to the booming DeFi ecosystem. This positivity stands in stark contrast to the bleakest predictions from earlier in 2023, when some analysts anticipated that ADA’s price would plummet to $0.20 by Q4 2023 due to a lack of DeFi activity.

取而代之的是，到2024年的最后一个季度，ADA的价格实际上已从0.30美元上涨到0.80美元，这可能是对蓬勃发展的Defi生态系统的响应。这种积极性与2023年前早些时候最黯淡的预测形成鲜明对比，当时一些分析师预计，由于缺乏Defi活动，ADA的价格将在第4季度2023年$ 0.20。

This positivity stands in stark contrast to the bleakest predictions from earlier in 2023, when some analysts anticipated that ADA’s price would plummet to $0.20 by Q4 2024 due to a lack of DeFi activity.

这种积极性与2023年前早些时候最黯淡的预测形成鲜明对比，当时一些分析师预计，由于缺乏Defi活动，ADA的价格将在第4季度2024年$ 0.20。

As of 2025, several key decentralized exchanges (DEXs) facilitate most on-chain trading of Cardano native tokens. These top DEX platforms are:

截至2025年，几项关键的分散交易所（DEX）促进了大多数Cardano本地令牌的链贸易。这些顶级DEX平台是：

These top DEX platforms – selected for their trading volume, liquidity, user experience, security, and impact – form the backbone of Cardano’s DeFi and collectively foster a vibrant ecosystem. In this article, we review the top 3 Cardano DEXs in 2025 and explore emerging trends shaping Cardano’s DeFi future.

这些顶级DEX平台（用于其交易量，流动性，用户体验，安全性和影响力）构成了Cardano Defi的骨干，并统称促进了充满活力的生态系统。在本文中，我们回顾了2025年的前三名Cardano Dexs，并探索了塑造Cardano Defi Future的新兴趋势。

The Cardano blockchain now hosts a variety of DEXs leveraging its eUTxO model and Plutus and Aiken smart contracts. Here are the three leading Cardano DEX platforms in 2025 and what makes each stand out:

现在，Cardano区块链拥有各种DEX，利用其EUTXO型号和Plutus和Aiken智能合约。这是2025年的三个领先的Cardano Dex平台，是什么使每个平台脱颖而出：

1. Minswap – Community-centric liquidity powerhouse

1。Minswap - 以社区为中心的流动性发电厂

Minswap has established itself as the largest decentralized exchange on Cardano by trading volume and liquidity.

Minswap通过交易量和流动性确立了自己在Cardano上最大的分散交易所。

Launched in 2022 as a multi-pool automated market maker (AMM), Minswap quickly gained popularity for its low fees, yield farming incentives, and community-first approach. The platform was built without venture capital, doing a fair token distribution, which endeared it to ADA enthusiasts.

Minswap于2022年以多池自动化做市商（AMM）的身份推出，以低收入，产量耕作激励措施和社区优先的方法而迅速获得了知名度。该平台是在没有风险投资的情况下建造的，进行了公平的代币发行，这对ADA爱好者来说是一个吸引人的。

It offers multiple liquidity pool types (constant-product pools and stablecoin pools) to optimize trading for different asset pairs, and it introduced features like yield farming and staking of its MIN token for governance.

它提供了多种流动性池类型（恒定产品池和Stablecoin池），以优化用于不同资产对的交易，并引入了诸如产量耕作和占用量的特征，以进行治理。

As a result of these innovations and reliable performance, Minswap leads the way in Cardano’s DeFi space, offering swaps, liquidity pools, yield farming, and governance with unique optimizations. By 2025, it dominates Cardano DEX activity—Minswap consistently handles the majority of Cardano’s DEX transactions—providing deep liquidity for ADA and dozens of native tokens. Its intuitive interface and integration with popular Cardano wallets make it the go-to venue for trading, cementing Minswap’s role as the liquidity hub of Cardano DeFi.

由于这些创新和可靠的表现，Minswap在Cardano的Defi空间中引领了道路，提供了掉期，流动性池，产生耕作和治理，并具有独特的优化。到2025年，它在Cardano Dex活动中占主导地位（Minswap）始终处理大多数Cardano Dex交易 - 为ADA和数十个天然令牌提供了深厚的流动性。它的直观界面和与受欢迎的Cardano钱包的集成使其成为交易的首选场所，巩固了Minswap作为Cardano Defi的流动性中心的作用。

One standout feature of Minswap is its playful aesthetic, which incorporates a cat and purr theme. This playful design choice has resonated with users not only within the Cardano community but also across other blockchain ecosystems. The engaging design contributes to a user-friendly experience, making DeFi interactions more approachable and enjoyable.

Minswap的一个杰出特征是它的嬉戏美学，其中包含了猫和purr主题。这种有趣的设计选择不仅引起了Cardano社区中的用户的共鸣，而且在其他区块链生态系统中也引起了人们的共鸣。引人入胜的设计有助于用户友好的体验，从而使Defi互动更加平易近人和愉悦。

Additionally, Minswap offers staking rewards derived from trading fees. Users can stake their MIN tokens through flexible or fixed-term contracts, earning ADA rewards sourced directly from the platform's trading activities. This mechanism aligns with Minswap's community-centric approach, ensuring that active participants are rewarded proportionally to their involvement.

此外，Minswap提供了从交易费用获得的积分奖励。用户可以通过灵活的或定期的合同来利用他们的最小令牌，从而直接从平台的交易活动中获得ADA奖励。这种机制与Minswap以社区为中心的方法保持一致，从而确保积极参与者的参与成比例地奖励。

2. SundaeSwap – Pioneering DEX continually improving scalability

2。sundaeswap - 开创性的DEX不断提高可伸缩性

One of the most famous names in Cardano DeFi, SundaeSwap is a core venue for ADA holders, known for its flavorful branding and as a symbol of Cardano’s DeFi maturation.

Sundaeswap是Cardano Defi中最著名的名字之一，是ADA持有人的核心场所，以其美味的品牌闻名，并且是Cardano Defi成熟的象征。

The first heavily-publicized DEX on Cardano, it was launched in early 2022 amid enormous community excitement and an Initial Stake Pool Offering for its SUNDAE token. Bringing the AMM model, popularized on Ethereum, to Cardano, it quickly drew attention. Many assumed SundaeSwap to be Cardano’s first DEX, though it was actually preceded by MuesliSwap’s quieter debut.

它是Cardano上首个广为广泛的DEX，它于2022年初推出，这是由于社区兴奋的巨大兴奋，并为其圣代代币提供了最初的利益池。将AMM模型带到以太坊中，迅速引起了人们的注意。许多人认为Sundaeswap是Cardano的第一个DEX，尽管实际上是Muesliswap安静的处女作之前。

Despite initial network congestion and “concurrency” challenges (transactions had to queue via a batching system), SundaeSwap proved Cardano’s smart contracts could support real DeFi activity. Over time, the SundaeSwap team has iterated on the protocol to address those early limitations.

尽管最初的网络拥堵和“并发”挑战（交易必须通过批处理系统排队），但Sundaeswap证明Cardano的智能合约可以支持真正的Defi活动。随着时间的流逝，Sundaeswap团队已经迭代了解决这些早期限制的协议。

Notably, in

值得注意的是