BTC $37705.28 (0.85%)
ETH $2536.89 (3.14%)
USDT $1.00 (0.00%)
BCH $294.88 (0.26%)
BSV $90.64 (0.77%)
LTC $109.08 (0.74%)
BNB $389.20 (-0.5%)
ADA $1.05 (0.31%)
DOGE $0.14 (0.15%)
BTC $37705.28 (0.85%)
ETH $2536.89 (3.14%)
USDT $1.00 (0.00%)
BCH $294.88 (0.26%)
BSV $90.64 (0.77%)
LTC $109.08 (0.74%)
BNB $389.20 (-0.5%)
ADA $1.05 (0.31%)
DOGE $0.14 (0.15%)

Cardax Establishes Itself as the DEX for Cardano, Intends To Transform DeFi

Cardax News
  • Cardax is one of the fastest-growing DeFi platforms on the Cardano blockchain.
  • Its users can trade ADA, exchange one ADA for another within the same transaction.
  • Cardax secured $9M in public funding to grow the platform on Cardano.

Cardano Blockchain’s decentralized exchange (DEX) Cardax presents itself as a safe and reliable option for investors. By using Cardax, users can trade any Cardano Native Token for any ADA, exchange one Cardano Native Token for another within a single transaction, and implement liquidity-aware automatic pricing using the Automated Market Maker (AMM) protocol.

Anyone can join Cardax as a liquidity provider and begin earning CDX tokens. Not to mention, Cardax developed an innovative general-purpose algorithm that solves the problem of concurrency on the Cardano blockchain called ‘Streaming Merge.’

This implies that users will be able to communicate with Cardax’s protocol without interruption or interference thanks to this general-purpose algorithm. Streaming merge extends beyond Cardax DEX and will be used in the future by other Cardax-hosted services.

A key collaboration between Cardax and Duncan Coutts’ Well-Typed team, a premier Haskell consultancy, is led by Duncan Coutts who has extensive Cardano experience as a senior technical architect at IOHK.

The team has extensive experience with Haskell tools, libraries, and development techniques, and their consultants will work alongside the Cardax core development team to evaluate code and advise on tools, best practices, and development processes that the Cardax team should adopt during development.

Cardax also works with Mlabs, Haskell, Rust, Blockchain & AI consultancy. MLabs Haskell developers have been chosen as one of the software businesses working on the private testnet with the IOHK Plutus delivery team. These developers have also pledged to train other Haskell developers and create open-source DeFi tools in order to make Cardano DeFi development accessible to non-Haskell programmers.

Tweag, best known for its work on the architecture and design of Cardano’s Plutus platform, is part of Cardax strategic partners. Cardax is also supported by IOHK in several ways. Cardax receives regular technical and strategic feedback from IOHK, one of the world’s preeminent blockchain infrastructure research and engineering organizations created by Charles Hoskinson.

In brief, the Cardax team has a lot of technical knowledge in-house and is surrounded by a lot of blockchain, Plutus, Haskell, and Cardan specialists, so it will be more than capable of creating an extremely secure and easy-to-use decentralized exchange for the Cardano ecosystem.

For the past year, Cardax has achieved Partnering with the best developers and consultants out there when it comes to Haskell and Cardano. As well as listing several projects and their coins such as Blockademia. In addition, it secured $9M in public funding to grow the platform on Cardano and with its great community on Discord and Twitter, Cardax is geared to deliver on its plans.

In the next 12 months, Cardax plans to Launch its DEX, research the possibility of its own stablecoin on the DEX, and commence the development of the DEX 2.0 for an even better user experience.

Recommended News

Juliet is an ardent reader and a devoted writer who talks behind her keypads. She relishes her thoughts through writing articles, creative writings, and press releases.