AdaSwap, the ecosystem builder behind one of the first decentralized exchanges (DEX) on the Cardano network, has gone live on the mainnet after more than two years in development.
AdaSwap Launches DEX on Mainnet
Ecosystem builder AdaSwap became popular in March. It raised $2.6 million in a private round with participation from Shima Capital and GBV, as well as Wonder Woman star Gal Gadot.
On Monday, November 28th, the AdaSwap team announced the mainnet launch of its decentralized exchange on the Cardano network. The project has previously launched ADANFT, an NFT marketplace.
Hey AdaSwap!— AdaSwap - The next-gen Cardano DEX! (@adaswapapp) November 28, 2022
After an intense 2 years of growth and building AdaSwap is happy to announce the launch of our DEX in mainnet! This is not the 1st big accomplishment of ours but it is definitely the most exciting! #Crypto #Cardano #blockchain #Bitcoin pic.twitter.com/S8YvJlELo8
Along with the mainnet launch of its DEX, AdaSwap announced a $10k giveaway for $ASW (its native ecosystem token) for all users using the DEX and providing liquidity.
The AdaSwap DEX
AdaSwap will work alongside the NFT marketplace and other tools in development. Their intention is to bring users and creators high-yield staking pools and NFT content through launchpads and marketplaces.
Unlike most others, AdaSwap’s DEX integrates fixed, long-term, high-yield liquidity pools. In addition, users can stake tokens, buy and sell NFTS, and earn interest on their Cardano tokens via the DEX platform.
In the first quarter of 2023, AdaSwap will look to bridge Cardano-based token bridges with Ethereum, Casper, and Binance Smart Chain (BSC) based tokens.
On the Flipside
- The Cardano ecosystem has been facing difficulties in building and raising funds. Its stablecoin, Ardana, was forced to halt development last week.
Why You Should Care
The launch of a DEX would be a boost for Cardano’s nascent decentralized finance (DeFi) ecosystem. It has struggled in the crypto winter.
Read about a recent Cardano milestone in:
Cardano (ADA) Daily Active Addresses Surges by 90% Amidst New Delegated Wallet Milestone
The halt of Ardana is covered below:
Ardana, a Decentralized Stablecoin Building on Cardano, Abruptly Halts Development