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.

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