Cardano DEX Trailblazer AXO Makes Public Debut

AXO prepares to mark a new era for Decentralized Exchanges and DeFi on Cardano.

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  • Cardano’s long-awaited decentralized exchange has made its debut on the public testnet. 
  • Users can gain hands-on experience with AXO’s extensive list of innovative features. 
  • AXO’s launch triggered an overwhelmingly positive response from the community. 

Decentralized exchanges (DEX) have emerged as the platform of choice for crypto enthusiasts, particularly in light of the increased regulatory scrutiny leading centralized exchanges have faced this year.

While DEXs like UniSwap and Aave lead Ethereum, Polygon, Solana, and other EVM-based chains, the Cardano ecosystem has remained somewhat siloed in its offerings until now. 

Joining Cardano’s limited cohort of DeFi platforms is AXO, a highly anticipated DEX, poised to usher in a new era for Cardano DeFi. 

AXO Ushers in a New Era for Cardano DEXs

After a long two-year wait, AXO, Cardano’s latest DEX, has unfurled its sails on the public testnet, inviting users to test its innovative trading features, gain a more hands-on experience, and provide valuable feedback before the platform charts its course towards the mainnet. 

Starting October 19, Cardano users can delve into a treasure trove of freely minted tokens, devoid of intrinsic value, to trade and manifest how the platform will work. 

Here’s a brief rundown of the features AXO has released for testing: 

  • AXO Basic: a user-friendly trading interface for beginners. 
  • AXO Pro: a complex trading interface for novice users equipped with trading strategies, indicators, algorithms, bots, and more.
  • Composer: a drag-and-drop interface allowing users to craft complex trading strategies. 
  • On-chain Programmable swaps.
  • Customizable and bespoke trading dashboards tailored to users’ unique needs.

AXO stands as one of Cardano’s most sophisticated DeFi platforms, leaving users in awe of its complexity and contrasting starkly with competitors like MinSwap and Indigo. 

Community Abuzz with Excitement for Cardano DeFi

AXO’s launch triggered an overwhelmingly positive response from the community to the extent that its platform struggled to cope with the surging traffic. Members were excited about the new era the DEX ushered in, as it pioneered on-chain trading built on top of UTxOs and other complex mechanisms. 

Many users heralded AXO as the epitome of sophistication in the DEX industry, asserting that it could pave the way for other platforms and Cardano itself. However, amidst the hype, some testers raised questions concerning the underlying infrastructure of the trading platform.

Ilya Oskin, the co-founder of Cardano DEX Spectrum Labs, voiced criticism of AXO, particularly for its UTxO-based Order Matching Engine. The developer shared that the infrastructure allegedly hindered users from conducting other transactions until their orders were executed on the blockchain because of how it was programmed.

Besides the barrage of feedback and queries pertaining to the trading platform, some users reported encountering issues with its front end. However, AXO swiftly addressed the problem as a minor issue with UTxO selection on the website, sharing that they were actively working on a fix. 

On the Flipside

  • AXO was previously known as Maladex. 
  • Users must complete KYC processes to claim AXO tokens from the platform’s ISPO. However, this requirement will be lifted once the platform goes live on the mainnet.
  • Cardano’s largest decentralized exchange, MinSwap, currently boasts a Total Value Locked (TVL) of over $40 million, representing a 26% share of the network’s overall TVL.
  • According to DeFiLlama, Cardano currently hosts only 23 DeFi platforms on its network. 

Why This Matters

Cardano DeFi, though filled with promise, is still playing catch-up with competitors like Solana, Ethereum, and Polygon, which have enjoyed a head start spanning several years. However, as platforms like AXO enter, Cardano could narrow the gap and emerge as a formidable contender in the DeFi space.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.