Cardano Largest DEX Minswap Eyes Bitcoin’s $2.2T Liquidity Pool

Minswap is positioning itself to become the first decentralized exchange (DEX) to support BTC trading if Cardano achieves interoperability with the flagship cryptocurrency. Cardano has made significant strides toward integrating Bitcoin DeFi, with Minswap poised to reap the early rewards ahead of other projects.

Minswap Sets Its Sights on Bitcoin as Cardano Inches Closer to BTC Integration

Minswap, Cardano’s largest DEX, stands to benefit from the potential windfall stemming from the network’s upcoming Bitcoin integration. In a post on X, Andrew Throuvalas, senior content manager at BitcoinOS, stated that Minswap has several factors working in its favor to become the first Bitcoin-enabled DEX on Cardano.

Specifically, Throuvalas noted that Minswap is currently the largest DEX on Cardano, the first and most prominent UTXO-based smart contract platform aiming for Bitcoin integration. This positions Minswap to gain a significant first-mover advantage as a fully functional BTC-enabled DEX.

Minswap is the largest DEX on Cardano – the first and largest UTXO smart contract chain that will plug into Bitcoin. 🟠🤝🔵

That means Minswap will have a first-mover advantage as a proper BTC DEX. It's hard to underestimate the opportunity. @MinswapDEX thread anyone? pic.twitter.com/OZipNkCQ1N

— Andrew | BitcoinOS (@AThrouvalas) June 11, 2025

According to data from DeFiLlama, Minswap boasts a total value locked (TVL) of $83.43 million, representing over 25% of Cardano’s entire DeFi ecosystem. This gives it a strong head start in the emerging Bitcoin DeFi landscape.

Notably, Cardano has been steadily advancing toward Bitcoin integration. Earlier this month, founder Charles Hoskinson unveiled the network’s first Bitcoin DeFi solution, known as the Cardinal Protocol.

This initiative brings DeFi functionalities to the world’s largest cryptocurrency, which currently holds a market valuation of approximately $2.2 trillion. Under this vision, BTC holders will be able to engage in DeFi activities such as swaps, lending, and yield farming.

Hoskinson has repeatedly emphasized that Bitcoin DeFi on Cardano could unlock a trillion-dollar opportunity. While the Cardinal Protocol marks a major milestone, Minswap’s established infrastructure may allow it to maintain a competitive lead as the ecosystem evolves.

Network Is a Beehive of Activity

Meanwhile, the price of ADA is riding a wave of network activity, trading at $0.70 as traders watch a potential rally to $1. In addition to rising transaction metrics on Minswap and the main network, Cardano boasts a slew of positive fundamentals fueling optimism among token holders.

Kraken has launched Cardano options, potentially attracting institutional investors to the cryptocurrency. Meanwhile, Bitstamp has listed ADA after months of speculation, adding momentum to the prospects of a price rally.

Last week, Cardano Foundation CEO Frederick Gregaard met with Franklin Templeton CEO Jenny Johnson to discuss corporate blockchain adoption strategies and performance metrics.