Smart contracting was activated on the network in September 2021. It has been almost five months, and ADAX v1 is already a part of the ecosystem. Cardano’s DeFi ecosystem is constantly growing. ADAX DEX ensures long-term prosperity to the ecosystem.
Out of all the players in the ecosystem, not limited to just Cardano, ADAX commits to stand out through its unique offering of features and better trading capabilities.
ADAX’s DEX Is Now On Cardano
Details regarding the launch of ADAX’s DEX on Cardano were revealed on January 30, 2022. ADAX, a custodial and order book-based decentralized exchange, incorporates smart contracts that have been built using Plutus.
Plutus is a bridge between traditional fiat currencies and Cryptocurrencies. It offers an intuitive app that resembles the concept of banking along with a debit card that carries fiat currency and Cryptocurrency.
ADAX deploys Plutus to enhance the transacting experience of the users. It is only through Plutus that ADAX offers instant and smooth transactions.
Cardano is a perfect platform for ADAX. The exchange relies on the expertise of Cardano’s team to derive security for its codes and avail of its decentralized nature.
Cardano has more than 3.3k staking pools, making it the most decentralized Proof-of-Stake consensus algorithm blockchain.
However, Ethereum steals the show. It has a Total Value Locked of $109 billion, making it the most dominant network for deploying DeFi dApps. Cardano, on the other hand, has a Total Value Locked of $70 million only.
Uniswap is the largest DEX on Ethereum in terms of Assets Under Management. ADAX on Cardano aims to follow the path of Uniswap but with different features.
The first unique feature is that it has made public measures to contain high congestions. This will facilitate trading in the ecosystem. Another unique feature that is now in the public eye is its intention to avert concurrency issues by adding technical capabilities that are common only in Cardano.
Concurrency issues are common in Cardano as it adopts a different accounting model. Its accounting model collaborates with a mixer where transaction confirmation depends on the Gas that a trader is willing to pay instead of being deterministic.
Cardano’s concurrency issue hinders and affects the number of operations that can be performed on the network. Traders ignore the issue as it does not directly affect throughput, performance, or responsiveness.
ADAX is constantly partnering with others to grow the DeFi of Cardano by creating a cyclic ecosystem. It supports the Nami browser wallet and has expanded its base to include Charlie3.
Nami browser wallet is the most used browser wallet that supports multi-currency storage and transfer. More wallets like CCVault and GeroWallet are expected to be integrated in the future.
Charlie3 is an Oracle prover. It tags along with World Mobile and VyFinance to the network. World Mobile offers a telecommunication infrastructure that is based on blockchain, and VyFinance is a yield auto-harvester in the ecosystem of Cardano.
Cardano is currently trading at $1.02, a decrease of 4.22% but still higher than its lowest value of $0.01735. The price is estimated to rise in the range of $1.9 and $2.4 during 2022.
Click to know more about the future of Cardano and why it matters.