Cardano Collects Funds for its New DEX Project

Cardano blockchain project has been doing very well considering the competition in the marketplace. The development team of Cardano is now planning to introduce a new dedicated decentralized trading platform. The new project Cardax will also offer the investors to earn and stake the native token CDX. Cardano recently held a fundraising event to collect money for their new project.

It was the 4th attempt at collecting money from the investors who are showing an interest in the new DEX. As per the details shared by Cardano, the project has managed to get a lot of attention in the crypto community. At the end of the funding event, investors raised around $1.5 million for Cardax. As per Cardano executives, this money will be invested in making some new improvements in the said project.

Cardano’s New Decentralized Exchange Platform is Making Headlines in the Crypto Community

In the beginning, Cardano was planning to raise only $50,000. As per the development team, this money will go into the new project that will allow them to put the Cardax system go live on the Cardano network. The Cardax is using the upgraded protocol called the EAMM Extended Automated Market Maker. The EAMM is a relatively new technology that is a better version of AMM.

It allows the new trading platform to troubleshoot the issues of the relative-high barrier for entries. As per the development team, the DEX could go live in September in the current year. The investors who are already registered with Cardano will be able to earn CDX tokens by becoming liquidity providers. Cardano team commented that currently, they are working on the user interface and system navigation for Cardax.

The team that is supervising the Cardax development project wants to make it an improvement upon the original Cardano network. A DEX network like Cardax can be loaded with functions like corporate uses and DeFi sector expansion. All the key features of the Cardano native token ADA are added on the CDX coin, and it is vamped up with more functions like single transfer trading.

The investors who are using the Cardano network are already fairly excited about its launch. Rather than using conventional DEX models, developers are planning to add a model order book in Cardax. The development team has announced the development map for Cardax that is based on 6 phases.

Leave a Reply

Your email address will not be published. Required fields are marked *


YouTube Crypto Influencers Fall Victim Of Scam

 In 2021, the crypto community witnessed a tremendous rise that also led to crypto fraudsters coming out in their numbers to prey on the users of the platform. Of late, several YouTubers that capitalize on crypto content creation reported that their accounts were hacked and noticed that fraudulent videos had been put up on their […]

Binance Boss Loses $14B Overnight In A Bloody Crypto Market Correction

Even though the crypto market has been declining since the beginning of the week, it culminated in a massive decline on January 21, with BTC now trading at a 6-month low of $35.35K. Crypto Price Correction And Dwindling Wealth For CZ As widely reported in various media, the price of crypto-related stocks has not been […]

Robinhood Trials A New Crypto Wallet Transfer Feature 

Popular trading platform, Robinhood, has launched the trial version of its crypto wallet feature that allows its users to perform crypto transactions outside the platform. Feature Only Available For Select Users However, this feature (WenWallets) is only available to 1,000 selected users. Part of the press release issued by Robinhood states that the firm intends […]

Crypto.Com Issues Official Statement Regarding Security Breach

On January 20, issued an official statement to share details of its losses during a recent breach of its security network. Nearly $34m Worth Of Digital Assets Were Stolen – Crypto.Com Part of the statement revealed that hackers stole “444.94 BTC, 4,836.27 ETH and about $66.3K worth of other digital assets” from its platform. […]

Intelligent Contracts Can Reshape Business 

Unlike in ancient times, when merchants relied on clay tablets to keep their agreements, today’s equivalents increasingly rely on blockchain contracts. They want to employ intelligent contracts, which are decentralized apps (DApps) stored on the blockchain as executable code and can be activated by any network user. Smart contracts, which Ethereum first introduced, currently enable […]