Breaking: ADAX’s DEX has Just Launched on Cardano
January 30 2022 - 2:00PM
NEWSBTC
ADAX v1 is now live on Cardano. It now forms part of the network’s
burgeoning DeFi ecosystem less than five months after the
activation of smart contracting in late September 2021. ADAX
Launches an Order Book DEX on Cardano Details on January 30 reveal
that ADAX is a “core piece of infrastructure that’s critical to the
long-term prosperity of the Cardano ecosystem.” The ramp introduces
new features that stand out from other live and upcoming DEXes.
ADAX is a custodial and order-book-based decentralized exchange
designed to fit into Cardano’s unique architecture. The DEX
incorporates smart contracts built using Plutus for
decentralization and to ensure instant and smooth transactions for
all users. The DEX’s codes are secure, deriving its security from
the developing team’s expertise and the decentralization of
Cardano. The network is the most decentralized Proof-of-Stake
consensus algorithm blockchain comprising over 3.3k staking pools.
This follows the activation of the Shelley Phase in 2020, allowing
the creation of staking pools following months of testing. Cardano
DeFi is Growing Currently, Cardano has a total value locked of over
$70 million and comes a few days after the deployment of a
competing DEX, SundaeSwap. At this level, Cardano trails other
networks that have been in operation for years. The most dominant
network for deploying DeFi dApps is Ethereum. It commands over $109
billion in total value locked, where Uniswap is one of the largest
DEXes by assets under management. ADAX aims to follow Uniswap’s and
PancakeSwap’s lead to be a go-to platform in Cardano, set apart by
its feature offering. Addressing Concurrency and Congestion At the
same time, ADAX will facilitate trading on-chain with measures to
contain high congestions experienced in late January 2022.
Transaction delays coincided with the launch of the first intensive
DeFi dApp. Moreover, the ramp adds technical capabilities to avert
concurrency issues common in the UTXO accounting system in Cardano.
While concurrency may or may not increase performance, throughput,
or responsiveness, the frequency of concurrency may introduce
limitations on the number of operations that can be simultaneously
performed. Concurrency can happen in Cardano because it is designed
differently from the rest, like Ethereum. The pioneer smart
contracting platform uses an accounting model with a mixer where
transaction confirmation is not deterministic but depends on Gas a
trader is willing to pay. Expanding Partnerships The ADAX graphics
team also spent weeks designing a fitting user interface that’s
intuitive and easier to navigate. This helps speed up DeFi adoption
since complex user interfaces and operations in DeFi often keep out
interested users. ADAX also supports the Nami browser wallet. It is
one of the most actively used browser wallets for accessing the
growing Cardano ecosystem. It is a multicurrency and multisig hot
wallet that allows users to securely store and transfer various
native tokens, delegate to stake pools, and execute other
operations. There are plans to integrate more wallets like CCVault
and GeroWallet. At the same time, they have expanded their
partnerships to include Charlie3–an oracle prover, World Mobile–a
solution offering blockchain-based telecommunication
infrastructure, and VyFinance–a yield auto-harvester in Cardano.
The objective of collaborating with others is to create a cyclic
ecosystem enhancing user experience and helping grow Cardano DeFi.
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