With the launch of ADAX, Cardano has welcomed a new decentralized exchange to its network. SundaeSwap Cardano has surpassed $70 million in total value, according to fxstreet.com, following the competitor DEX. To enable complete decentralization, the DEX uses Cardano’s Plutus smart contracts.
Only five months after the Cardano Network’s smart contracts were activated, another decentralized exchange (DEX), ADAX, was built. Further investigation indicated that the order-book-based DEX is a “core piece of the Cardano ecosystem’s long-term prosperity.”
Cardano allows for total decentralization via ADAX, a custodial and order-book-based decentralized exchange. To ensure complete decentralization, it uses Cardano’s Plutus intelligent contracts.
The addition of ADAX to the Cardano platform is a huge step forward for the network, which is continuing to carve itself a position in the decentralized finance space. The company spent six months perfecting the first Cardano DEX that will benefit the ecosystem in the future.
ADAX aids in the execution of on-chain swaps and focused liquidity orders. In terms of efficiency and performance, it is likewise regarded as a major competitor in the DEX ecosystem.
By separating every order into UTXOs, or smaller unspent transaction outputs, DEX eliminates congestion and currency-related concerns.
The benefit of ADAX is that it is based on the decentralization concept, which allows the order-book model to assure non-custodial and censorship-resistant trading.
Also, Nami Wallet is currently supporting ADAX. Still, a few days after the introduction, alternative wallets like as GeroWallet and CCVault will be have supports.
So, ADAX aspires to be a go-to platform on Cardano, competing with Uniswap and PancakeSwap. Following the launch of SundaeSwap, a competitive DEX on Cardano, Cardano reached a total value-locked of over $70 million.
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