Cardano Ecosystem Decentralized Exchange, AdaSwap Launches on the Mainnet

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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.

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.

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
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia