ADAX v1 is now live on Cardano. It now forms part of the network’s burgeoning DeFi ecosystem less than five months after the activation of smart contracting in late September 2021.
ADAX Launches an Order Book DEX on Cardano
Details on January 30 reveal that ADAX is a “core piece of infrastructure that’s critical to the long-term prosperity of the Cardano ecosystem.” The ramp introduces new features that stand out from other live and upcoming DEXes.
ADAX is a custodial and order-book-based decentralized exchange designed to fit into Cardano’s unique architecture. The DEX incorporates smart contracts built using Plutus for decentralization and to ensure instant and smooth transactions for all users.
The DEX’s codes are secure, deriving its security from the developing team’s expertise and the decentralization of Cardano. The network is the most decentralized Proof-of-Stake consensus algorithm blockchain comprising over 3.3k staking pools. This follows the activation of the Shelley Phase in 2020, allowing the creation of staking pools following months of testing.
Cardano DeFi is Growing
Currently, Cardano has a total value locked of over $70 million and comes a few days after the deployment of a competing DEX, SundaeSwap. At this level, Cardano trails other networks that have been in operation for years.
The most dominant network for deploying DeFi dApps is Ethereum. It commands over $109 billion in total value locked, where Uniswap is one of the largest DEXes by assets under management. ADAX aims to follow Uniswap’s and PancakeSwap’s lead to be a go-to platform in Cardano, set apart by its feature offering.
Addressing Concurrency and Congestion
At the same time, ADAX will facilitate trading on-chain with measures to contain high congestions experienced in late January 2022. Transaction delays coincided with the launch of the first intensive DeFi dApp. Moreover, the ramp adds technical capabilities to avert concurrency issues common in the UTXO accounting system in Cardano.
While concurrency may or may not increase performance, throughput, or responsiveness, the frequency of concurrency may introduce limitations on the number of operations that can be simultaneously performed.
Concurrency can happen in Cardano because it is designed differently from the rest, like Ethereum. The pioneer smart contracting platform uses an accounting model with a mixer where transaction confirmation is not deterministic but depends on Gas a trader is willing to pay.
The ADAX graphics team also spent weeks designing a fitting user interface that’s intuitive and easier to navigate. This helps speed up DeFi adoption since complex user interfaces and operations in DeFi often keep out interested users.
ADAX also supports the Nami browser wallet. It is one of the most actively used browser wallets for accessing the growing Cardano ecosystem. It is a multicurrency and multisig hot wallet that allows users to securely store and transfer various native tokens, delegate to stake pools, and execute other operations. There are plans to integrate more wallets like CCVault and GeroWallet.
At the same time, they have expanded their partnerships to include Charlie3–an oracle prover, World Mobile–a solution offering blockchain-based telecommunication infrastructure, and VyFinance–a yield auto-harvester in Cardano.
The objective of collaborating with others is to create a cyclic ecosystem enhancing user experience and helping grow Cardano DeFi.