Dozens of VCs and angel investors are supporting AdaSwap as it builds its decentralized exchange. Both Defi integration and an NFT marketplace will be included in the new version. Gal Gadot also takes interest in Adaswap’s $2.6 Million Funding Round.
A new decentralized exchange (DEX) for the emerging blockchain was recently funded with $2.6 million by AdaSwap, one of Cardano’s earliest decentralized finance (Defi) protocols. In addition to iAngels, nine other renowned VCs participated in the funding round, including Shima Capital, Pluto Digital, and Coti.
Even Gal Gadot, a producer, model, and actress, as well as producer Jaron Varsano, have participated in the round.
The AdaSwap DEX is explained
A decentralized exchange, the AdaSwap DEX, will allow users to swap Cardano native tokens and stable coins. According to Ethereum’s most popular decentralized exchange by volume, Uniswap, a new decentralized trading platform will function similarly.
As stated in an official press release, AdaSwap will be integrated with AdaSwap’s other protocols, including an NFT marketplace. Staking coins and collecting interest from “long-term” and “high-yield” liquidity pools are also rumored to be included in the DEX.
“This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world,” said AdaSwap co-founder Itay Levy in a statement. “The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds.”
Stable currencies and Cardano native tokens can be traded directly on the AdaSwap DEX, eliminating the need for third-party exchanges. As Ethereum’s most popular decentralized trading platform, Uniswap, it will serve a similar function.
The DEX ecosystem will be powered by its own native cryptocurrency, ASW, which will be used for various activities. Transactions with this token will be free of charge because it can be traded freely on the DEX.
For the iAngels team, Defi is about bringing “financial freedom and democracy to the public,” according to a statement. Gadot and Varsano, however, described their investment as an “interesting opportunity” in the cryptocurrency market.
CoinMarketCap and CoinGecko do not presently list AdaSwap’s current price. Although Cardano’s native cryptocurrency, called ADA, has a $30 billion market capitalization, it is now the ninth most valuable cryptocurrency in the world.
The Progress of Cardano
Smart contracts were added to Cardano’s network in September. Even though ADA’s pricing hasn’t fared well since they were activated, they considerably increase the capabilities of Cardano and allow for Defi applications like those that AdaSwap delivers.
IOHK and Chainlink have been working together for months, allowing Cardano’s smart contract systems to use oracle data.
For the AdaSwap DEX and Stake & Forget protocols, the DEX platform plans to include an AMM (Automated Market Maker) interface. By March 2023, the project also wants to build Cardano-to-Ethereum, BSC-to-Casper bridges. Using the $2.6 million raised in this round of funding, the company plans to implement this vision, beginning with the NFT market.
Most recent articles
This is the first marketplace of its sort, according to AdaSwap, that will offer curated collections from well-known artists for sale on Cardano. AdaSwap intends to create a Cardano ecosystem around these Defi services, allowing others to build on top of it.
This news is republished from another source. You can check the original article here
Be the first to comment