TeddySwap Launches on Cardano Mainnet
TeddySwap, an open-source Automated Market Maker (AMM) Decentralized Exchange on the Cardano blockchain, stands as a testament to innovation and transparency.
TeddySwap, an open-source Automated Market Maker (AMM) Decentralized Exchange on the Cardano blockchain, stands as a testament to innovation and transparency. Crafted with open-source smart contracts from Spectrum Finance, TeddySwap paves the way for a dynamic and inclusive decentralized finance experience. As a platform committed to evolving with the needs of its community, TeddySwap introduces a promising chapter in the landscape of decentralized exchanges.
What is TeddySwap?
TeddySwap is an open-source AMM (Automated Market Maker) Decentralized Exchange on the Cardano blockchain. Teddyswap was built using the open-source smart contracts from Spectrum Finance, previously known as ErgoDex. All of TeddySwaps components including it’s batchers, known as “honey badgers” are completely open source, meaning anyone can run a transaction batcher on the DEX and earn a share of fees generated.
DEX Launch
The TeddySwap Dex Launched on Thursday November 23rd, 2023, just hours after the protocols initial liquidity event ended. The DEX initially with just the TEDY/ADA Pair, and has since added support for multiple new tokens on the DEX, including CHRY, ENCS, LENFI, cBTC, CNETA, iUSD, SNEK, and iBTC. Currently TeddySwap has 1.69 Million ADA in TVL, with the highest liquidity on the DEX being the CHRY/ADA, TEDY/ADA, and CNETA/ADA Pairings. TeddySwap currently has 1.18% of the Marketshare of Decentralized Exchanges on the Cardano blockchain.
Future Features
Operating in its V1 iteration, TeddySwap is poised for further features and enhancements to the decentralized exchange (DEX). Among these features, StableSwaps and a “uADA” concept which will allow liquidity providers to retain control over their staking keys. In the future, TEDY holders will be able to stake their tokens, actively participating in the network while earning a share of the revenue generated from transaction fees on the protocol.
TEDY Token
At the core of TeddySwap’s ecosystem lies its native token, TEDY, capped at a maximum supply of 8 million tokens, currently yielding a fully diluted market cap of $3,221,182. TEDY’s significance extends to its diverse range of utilities within the platform. Serving as a governance token, TEDY empowers holders to actively participate in decision-making processes, contributing to the evolution of TeddySwap. Additionally, TEDY facilitates yield farming, providing users with incentives to contribute liquidity to the DEX. Beyond that, TEDY introduces a distinctive revenue-sharing mechanism, allowing token holders to partake in the fees generated on the TeddySwap protocol.
Conclusion
TeddySwap is an open-source AMM Decentralized Exchange on the Cardano blockchain, utilizing smart contracts from Spectrum Finance. With its DEX launch, planned future features, and the TEDY token’s utility, TeddySwap contributes to the evolving landscape of decentralized exchanges on the Cardano blockchain.
You can find out more about TeddySwap at the following link: https://app.teddyswap.org/cardano
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