It is certainly a good time to be a fan of Cardax right now. This is because during the internal testnet, the Cardax development team hit a significant milestone as they were successful in completing the first full user round-trip. Put simply, the user creates a pool, registers for the pool, submits an action, the action is merged, and lastly, all merged actions are executed.
As if that weren’t enough, Cardax has plenty of more developments and noteworthy events to look forward to.
What is Cardax?
Naturally, it is important to know about a project before investing in it. Cardax is proactively trying to assert itself as one of the best DEXs on Cardano and is a leading influence behind decentralized finance development in the alternative to Ethereum. As such, Cardax is widely recognized as a top DeFi project on Cardano, which is the brainchild of Charles Hoskinson and one of the most successful initiatives in the entire industry today.
Audit scheduled for March 28th
Cardax is currently focusing on the audit which will begin on March 28th by Tweag. “We are really thrilled to have Tweag audit our DEX. Their crew produces high-quality work and is knowledgeable about programming languages “, says Ryan Morrison, Cardax’s creator and CEO.
So far, all indicators for the audit date are still green. This implies that the work done till now has been largely based on refining the standards so that the auditors have a solid entrance and understanding before continuing to examine the on-chain code.
Cardax was the first DEX initiative to receive financing from Project Catalyst for the development of its decentralized exchange on Cardano. Eventually, the team was able to get even more money for the same endeavour. Since they were elected twice by the Cardano community, the team also wants to give back to the community by providing a free course to assist others in being financed on Project Catalyst.
The ‘Project Catalyst Course‘ was launched on March 15th and is specifically designed to assist individuals learn how to engage in Project Catalyst so that they may achieve comparable success as Cardax. The course is completely free and includes several components such as participation instructions, how the voting system functions, and what occurs when donations are received, as well as other important information.
Partnership with COTI
Cardax is excited to announce its collaboration with COTI, which shall be the official issuer of Djed, Cardano’s algorithmic stablecoin. Cardax DEX will accept Djed and provide trading pairs using Djed and its reserve coin, Shen, to everyone. It is common knowledge that stablecoins are a critical component of DeFi, providing customers with a seamless on-and-off ramp for their cryptocurrency assets. Djed will hence implement this natively on the Cardano blockchain.
Moreover, its introduction will open up new trading and investment options within the Cardano ecosystem. Djed is a decentralized, crypto-backed algorithmic stable currency that offers security and openness to the Cardano Defi ecosystem.
“We are extremely thrilled to cooperate with COTI for the integration of Djed into our DEX,” stated Ryan Morrison. He further stated that “stablecoins are a vital part of this sector, so we are delighted to create a platform where Djed may find liquidity and consumers can trade a reliable currency local to the Cardano ecosystem.”
It goes without saying that Cardax has a lot going on right now. It is therefore advisable to take note of the important dates so that nothing of significance is missed.
On 12th April, Cardax will launch the public testnet. The team will additionally be testing for about a month prior to launching on the mainnet on May 16th. Apart from that, the other important date is the 28th of March which is when Tweag will start the abovementioned audit (it will take about 3 to 5 weeks to complete).
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