Cardano Launches New DEX Five Months After Smart Contract Activation

Cardano now has a new DEX (called ADAX) five months after enabling Smart contracts on the platform. Part of the official announcement from the Cardano team indicated that the new DEX is an integral part of the long-term development of the Cardano community. The Cardano team had previously launched a testnet for the ADAX platform last year and promised to launch the mainnet before the end of this month fully, a promise they have kept.

A Huge Accomplishment By The Network

Cardano’s Plutus smart contract is the basis of the ADAX, which enables complete decentralization. The network’s launch of the ADAX represents a considerable accomplishment to make a significant foray into the DeFi space. The new DEX’s concentrated liquidity orders and on-chain swap execution make its performance more efficient as it aims to be one of the top DEX’s globally.

ADAX splits each order into bits of unspent transaction outputs (UTXOs) to ensure smooth transactions and prevent concurrency-related problems. The DEX utilizes an order-book model to prevent custodial and censored trading as a decentralized platform. As of this writing, the only wallet that works with ADAX is the Nami wallet. But some days after the launch, the CCvault, Gerowallet, and other wallets would also become functional.

The ADAX team plans to develop and launch an offering that makes it the only option on the Cardano network with a unique feature offering as Uniswap and Pancakeswap. Besides having a DEX offering, ADAX also has a CEX offering where tokens’ projects can be traded. Some Cardano-built projects already have their tokens listed on ADAX’s CEX.

Competing With The Top Dogs In The DeFi Space

ADAX is also planning to launch an NFT marketplace and has already partnered with Vyfinance to launch digital collectibles where token rewards will be in ADAX or Vyfi. Following the launch of the Sundaeswap five months ago, Cardano’s TVL is now nearly $75m.

The launch of this new DEX will likely push this TVL higher. The ADAX developers are still seeking feedback from the Cardano ecosystem regarding areas of the new DEX where improvements are still required. The launch of this new DEX makes Cardano a top competitor for ETH, SOL, and BSC, which also have their DEX platforms.

ADA Price Action

The 4-hour timeframe indicates that ADA is consolidating as it shows a symmetrical triangle on the 4-hour timeframe. ADA price has remained range bound for some time as it cannot overcome its next crucial resistance. The $1.06 level represents ADA’s next critical resistance as it is the price that connects the 21-day SMA and 50-day SMA on the 4-hour timeframe.

ADA price action on the 4-hour chart. Source: TradingView

ADA’s next crucial resistances would be the 0.236 Fib retracement level at $1.07 and the 100-day SMA on the 4-hour chart at $1.18. ADA’s next critical support will be at the $0.99 and $0.93 levels if the selling pressure intensifies. As of this writing, ADA exchanges hands at $1.03, a decline of about 4.8% in the last 24 hours. 

Leave a Reply

Your email address will not be published.

Related

FINCI Helps Open New Market for Ripple

A New Partnership Ripple looks to expand its reach by teaming up with Lithuanian company FINCI. Ripple will make available RippleNet’s ODL services that use XRP to link two currencies, which reduces the cost of operations and speeds up transactions compared to traditional ways. The collaboration rests upon the use of RippleNet’s international payment network […]

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]