This Is How Cardax Is Set To Become A Top DEX On The Cardano Ecosystem
January 25 2022 - 5:57AM
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Cardano and its ecosystem have been implementing major improvements
since Q4, 2020, and across 2021. Its users, stake pool delegators,
and the company behind its development Input-Output Global (IOG),
under the leadership of Charles Hoskinson, have been particularly
focused on expanding Cardano’s smart contract capabilities. Thus,
the successful implementation of three Hard Fork Combinator (HFC)
events, dubbed “Allegra”, “Mary”, and “Alonzo” have opened an
endless field of possibilities for Cardano. Cardax, a decentralized
exchange and automated market maker (AMM), built for this network
is one of the many projects seeking to leverage Cardano’s new
capabilities as the ecosystem moves to fulfill a vision of
decentralization, financial inclusion, and sustainability.
Supported by the Cardano community via the ecosystem’s crowdfunding
program Project Catalyst, Cardax is one of the AMM on this network
aiming to provide its users with a secure and reliable product. On
Ethereum, hackers have taken millions from users by leveraging
security flaws. The AMM on this network will fully support
Cardano’s native token capabilities by allowing its users to trade
with these digital assets, to trade with different native tokens in
a single transaction and become liquidity providers with the
Extended Automated Market Maker (EAMM) protocol. These features
make Cardax a more efficient, cost-efficient, and secure product
set to compete with Uniswap, SushiSwap, PancakeSwap, and other AMMs
in the industry as it will offer users unique functionalities. This
will include the capacity to trade via Cardano’s Yoroi wallet, and
liquidity provides the ability to earn fees collected on the
platform. Why Cardax Is A One-Of-A-Kind Platform For The DeFi
Sector Another unique characteristic about this platform is its
hybrid model that will combine the benefits of an AMM and an order
book, such as the one used in traditional exchanges, to enable
trading. The end-user will be able to benefit from these dual
models by leveraging efficient slippage and minimizing the risk of
impermanent loss. This is how Cardax will provide a practical
solution to the most common issues present in almost every AMM
currently operating in the DeFi sector. At the same time, projects
building on the Cardano ecosystem will be able to access a native
market for their tokens and boost their adoptions levels. The DEX
is being created in collaboration with Well-Typed, a top Haskell
consultancy led by Duncan Coutts, and Mlabs, a Haskell, Rust,
Blockchain & AI consultancy firm. It has also partnered with
Tweag, a software innovation lab that concentrates on Haskell
development for finance platforms and applications. In 2022, Cardax
will attempt to deploy its own native stablecoin to facilitate
trading. Post-launch, the developers of this AMM will focus on
working on its second iteration with even more features and
functionalities. As Cardano aims to become a fully decentralized
and self-governor ecosystem, Cardax will be managed by its
community. All CDX holders, the native token for this platform,
will have a voice and say about the project’s future development.
The Cardano network and its developments have a strong community
and persistent detractors. The latter claimed the blockchain has
taken “too long” in deploying smart contracts, but loyal users have
stayed due to its clear vision, roadmap, its security, and projects
such as Cardax that could support the digital economy of the
future.
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