Cardano Expands Its DeFi Ecosystem With The Launch Of ADAX DEX
Five months after smart contract functionality in the Cardano ecosystem, a decentralized exchange (DEX) called ADAX has been unveiled. Launched on January 30, ADAX v.1.0 is a platform similar to Ethereum’s Uniswap or Binance’s PancakeSwap. ADAX DEX launched on...
Five months after smart contract functionality in the Cardano ecosystem, a decentralized exchange (DEX) called ADAX has been unveiled. Launched on January 30, ADAX v.1.0 is a platform similar to Ethereum’s Uniswap or Binance’s PancakeSwap.
ADAX DEX launched on the network
Following the principles of decentralization, ADAX uses an order book model to enable non-custodial and censorship resistant trading. Full decentralization is also enabled by a PAB solution developed using Plutus smart contracts.
To stay ahead of the competition, the exchange involves on-chain swap execution and concentrated liquidity orders. Both significantly improve efficiency and performance. ADAX also splits orders into smaller UTXOs (unspent transaction outputs). This feature does away with congestion, which Cardano recently had to deal with. The platform’s user interface is user-friendly and meets the needs of investors and retailers.
According to the press release, one of DEX’s partners is Stockgeist.AI. It brings with it a revolutionary trading tool for tracking early signs of changes in trading sentiment. Stockgeist.AI does this by collecting data from social media channels such as Twitter, Facebook, Reddit and Discord.
ADAX also partners with Charlie3 Oracle Prover, World Mobile. This is a solution for blockchain based telecommunications infrastructure. Finally, it works together with VyFinance.
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Cardano versus the competition
ADAX derives its security not only from its code, but also from Cardano’s decentralization. Cardano is highly regarded as the most decentralized proof-of-stake network with over 3,300 staking pools. The pools were introduced with the 2020 activation of the Shelley stage.
In addition, Cardano’s ADAX differs from Ethereum DEXs because of its significantly lower cost.
Currently ADAX supports Nami Wallet, one of the most active browser wallets on Cardano. In the near future, the platform plans to integrate other network wallets, including GeroWallet and CCVault.
ADAX is touted as a “core infrastructure critical to the prosperity of the Cardano ecosystem.” Cardano keeps up well with competing networks. It has a total value of $70 million (TVL) just 10 days after the launch of competing DEX SundaeSwap. Ethereum still reigns supreme in DApps, with a TVL of $109 billion. Uniswap DEX leads in assets under management.
The team behind ADAX took six months to build the platform. Developers are now waiting for feedback from the Cardano community to inform future changes and developments to the platform.
Currently, ADA is trading at $1.02, down 4.7 percent in the past 24 hours.
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