The Cardano network has recorded significant growth levels over the past year. One week after the Sundaeswap decentralized exchange launched on the network, another DEX has been unveiled.
The launch of this second DEX on Cardano also comes as the network records its five months since launching smart contracts after the Alonzo hardfork upgrade was implemented.
ADAX DEX launches on Cardano
The ADAX DEX was launched on January 30 on Cardano. The DeFi platform will function similarly to PancakeSwap on Binance Smart Chain and Uniswap on Ethereum.
As it is a DEX, ADAX will be fully decentralized as it will use an order-book model that allows for the non-custodial trading of assets. It will also be resistant to censorship and integrate a PAB solution created using the Plutus smart contracts.
The DEX has also integrated competitive features to boost its offerings. one of these features is the on-chain swap and concentrated liquidity orders. These features will boost the efficiency of the DEX.
The Cardano network has faced issues of congestion. Therefore, the ADAX DEX seeks to solve this by splitting orders into unspent transaction outputs (UTXOs). It has also integrated user-friendly features that will make the platform easy to use for retail and institutional investors.
ADAX has already seen partnerships with notable players in the crypto market. These partnerships include World Mobile, Charlie3 oracle provider and VyFinance, a yield auto-harvester operating on Cardano. The DEX is already supporting the Nami wallet, with future plans to integrate GeroWallet and CCVault.
Sundaeswap did not have a smooth launch
The Sundaeswap DEX did not launch smoothly on Cardano. A few minutes into launch, users started lodging complaints of failed transactions. A few days later, some users reported that their transactions remained unprocessed.
Cardano blockchain has also raised concerns on whether it will support additional rollouts of decentralized applications. Following the launch of Sundaeswap, Cardano is almost at full capacity. Despite the low fees and promises of launching upgrades to scale the network, the crypto community has wondered whether Cardano will live up to be an Ethereum killer.
Your capital is at risk.