Reading time: ~ 2 m
A new decentralized cryptocurrency exchange with an automatic market creation mechanism, Cardax, will bring Uniswap-style DEX functionality to the Cardano network at PoS.
The activation of smart contract functionality on the Cardano blockchain (ADA) has attracted many decentralized applications interested in a high-performance and low-cost technical foundation for their software development.
Yesssssss Cardax has won Cardano’s Project Catalyst — Fund6!!🏆🙌
Thanks a lot to everyone in the #Cardano community who voted for #CardaxDEX.
Our team will continue working hard to bring you the best DEX on #Cardano.#ProjectCatalyst $ADA pic.twitter.com/NxU6K9GGSJ
— Cardax (@CardaxDEX) October 29, 2021
Introduced in June 2021, Cardax (CDX) is one of the first decentralized cryptocurrency exchanges on the Cardano blockchain (ADA). Her team has twice won the Cardano ecosystem’s Project Catalyst innovation fund.
The Cardax team is made up of high quality Plutus developers and works closely with Duncan Cutts of Well-Typed. Cardax recently partnered with leading Haskell, Rust and blockchain consultancy Cardano Mlabs.
At its core, Cardax (CDX) works in the same way as Uniswap and SushiSwap, two of the most popular Ethereum-based DEXs. The platform allows users to exchange tokens in P2P mode without a custodian network and receive passive income for providing liquidity.
Cardax (CDX) plans to create a wide range of liquidity pools to provide comfortable “profitable farming” for most Cardano-based tokens. Since Cardano’s fees are lower than the Ethereum (ETH) blockchain, using Cardax will be more economical than exchanging tokens for Uniswap and SushiSwap.
#Cardano #network #launches #Cardax #decentralized #exchange
