DOEX Dominates Headlines With Highly Anticipated Launch As Cardano’s First DEX

Things are about to change real quick in the now hyper Cardano ecosystem The DOEX core team will launch the first decentralized exchange tapping on the Automated Market Maker (AMM) model by the end of the year.

Presently, the DOEX team is doing some heavy leg work to ensure every aspect of the portal in development is working perfectly. According to details from the DOEX homepage, the core mission of the portal will be to maximize value for the end-user. That means being flexible and adaptable to the shifting needs of DeFi users. Central to their operations, for example, will be interoperability allowing for cheap transaction swaps between Cardano and other layer-1s like Ethereum via a fool-proof and certified secure bridge or converter. 

DOEX - Lowering the Crypto Barriers via Cardano

Adhering to the ethos of blockchain and decentralization, the DOEX platform will remain non-custodial depending on self-enforcing smart contracts that are secure and hackproof. With a solid base, the team will build on their extended vision of "laying a solid background for extended business and expansion opportunities" with eventual goals of being a preferred portal for DeFi services on the peer-reviewed Cardano blockchain.

Unlike a centralized portal, a decentralized exchange, as the name implies, is decentralized. The exchange depends on audited smart contracts for swapping and powering core activities like asset management or staking. At the same time, the ramp will tap on its broad and global community because of the incorporation of the AMM model. Users who choose to supply liquidity will be rewarded by the protocol from a portion of the revenue collected as swapping fees. 

This way, active participants providing liquidity or engagement towards the project's success have, in one way or another, a means of generating passive income due to the incentivization measures of the DEX. Additionally, the diffusion of power through decentralization means token holders often have a say in determining the development trajectory of the protocol through voting.

Cardano - An Easy Choice for a Scalable Future

The choice to launch on Cardano is strategic for DOEX. Although DeFi assets now manage over $256 billion, a majority is locked in Ethereum. Emerging protocols like Solana and Binance Smart Chain (BSC) also command a decent market share. However, considering their approach in blockchain architecture and emphasis on code quality, Cardano could soon leave a mark. It follows the activation of the Goguen Phase, which allowed for smart contracts deployment in the peer-reviewed, secure, and scalable layer-1.

Already, Cardano is aware of the shortfall. Subsequently, they launched Project Catalyst in September 2020 to spark activity and fund projects seeking to leverage the security of the Cardano without sacrificing decentralization, features that define true dApps. Project Catalyst is central to Cardano’s plan of on-chain governance by using their treasury funds to accelerate innovation. Projects seeking to receive funding submit their idea, propose collaboration before ADA holders vote on exciting projects.

Nonetheless, Cardano might have a long way to go catch up given the dominance of Ethereum. Even so, as the market cools down, capital might flow to DEXes, and therein, strategic, high potential DeFi projects like DOEX deploying in various platforms will benefit from the windfall.