- Cardano’s largest DEX Minswap has launched its updated platform dubbed V2, which offers cheaper, more scalable, sustainable, and highly secure transactions.
- Aside from the redesigned UI, the platform has cut batcher fees by half for the next three months and introduced new features such as stableswap and auto-routing.
Cardano’s leading decentralized exchange Minswap is shaking things up with the launch of a revamped platform that offers cheaper, more scalable, and highly secure transactions.
Minswap V2 was announced this week, with the DEX also promising composable and sustainable transactions.
Minswap V2 is now LIVE! 🎉
Cheaper ✦ Scalable ✦ Sustainable ✦ Composable ✦ Secure
➜ https://t.co/75dkdLNN1d pic.twitter.com/oGkM2dNsRw
— Minswap Labs (@MinswapDEX) July 10, 2024
The upgrade is an essential part of Cardano’s journey to competing with Ethereum in the DeFi space as it offers features previously unavailable in the entire ecosystem.
One key upgrade is on the throughput front. In a recent interview, Minswap’s growth manager noted, “The main highlight is the throughput improvement. We’re leveraging Plutus V2 and Aiken to get up to ten times more throughput than Minswap V1 which [suffered from]congestion.”
Plutus V2 is the second version of Cardano’s Turing-complete native smart contract language, introduced in the 2022 Vasil hard fork. Aiken offers developers similar features but with an easier toolkit, lowering the barrier to entry, especially for those unfamiliar with blockchain development. The two complement each other, with the latter plugging some of the gaps of the former, as we recently reported.
Minswap V2’s New Features Elevate Cardano’s DeFi
While the increased throughput steals the show, Minswap V2 is loaded with new features. For starters, it comes with a complete redesign of the user interface and a sleek new design that’s intuitive and easy to use.
Digging deeper, one new cool feature that traders will love in V2 is auto-routing. As Adrian, the growth manager explains, “It’s like having an aggregator within the DEX.”
Currently, the Cardano network limits traders to one liquidity pool, and if it lacks liquidity, there’s no alternative. However, sometimes, the best prices can be available in other pools. With auto-routing, Minswap V2 now offers users the best paths to the most optimum prices, sometimes using multiple pools for a trade.
For instance, if a trader is swapping from one token to another, but this pair has very low liquidity, the auto-routing feature automatically maps out a path that involves swapping to ADA first and then from ADA to the new token, ensuring the trade settles with minimum involvement from the trader, as shown below.
(Image courtesy of Decypher on Twitter).
Auto-routing is also flexible depending on what the trader is most focused on, as explained by one trader on Twitter:
[Auto-routing] will also allow users to choose the path they wish to trade on. While the “best price” is always recommended, users are free to harness the power of this routing mechanism and choose the “most liquidity” or “best return” paths.
Minswap V2 also comes with other advanced order types that allow traders more control. For instance, they can execute multiple trading orders simultaneously, and even set conditions like ‘stop loss’ and ‘take profit’ on all of them.
Stableswap, dynamic fees, advanced staking, and the all-new MinWallet are among the other features.
ADA trades at $0.4, gaining 4.5% in the past day for a $14.36 billion market cap.
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