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Cardano Dex, ADAX, Releases Latest Testnet Version

Wed, 06/01/2022 - 13:14
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Tomiwabold Olajide
ADAX is custodial and order-book-based decentralized exchange
Cardano Dex, ADAX, Releases Latest Testnet Version
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ADAX, a Cardano-based DEX, launches a new version on testnet as ADAX V2 goes live. ADAX is a custodial and order-book-based decentralized exchange that fits into Cardano's unique architecture. For decentralization and to assure rapid and seamless transactions for all users, the DEX includes smart contracts written with Plutus.

Currently, Cardano has a total value locked of over $144.42 million, ranking 31st among DeFi chains. Contributing to Cardano's TVL are dApps such as MinSwap, SundaeSwap, Wingriders, ADAX pro and MuesliSwap.

Now, for another announcement: Shortly after announcing support for USDC, the Iagon team says it hopes to add support for USDT, Wrapped Bitcoin and Ethereum. In the past week, the IAGON Ethereum-Cardano token, built to enable the conversion of ERC-20 IAG tokens to CNT IAG tokens, went live. The purpose-made bridge was created so that tokens on different blockchains (Ethereum and Cardano) could interact.

ADA price action and Vasil Hard Fork expectations

Expectations continue to be in place for the Vasil Hard Fork as June finally arrives. The mainnet hard fork proposal deadline has been set for June 29.

The upcoming Vasil update will introduce four different CIPs: CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts) and CIP-40 (Collateral Outputs).

At the time of publication, ADA was trading down nearly 7% at $0.60 as traders pulled in profits. ADA rose impressively after hitting a low of $0.44 on May 27. ADA subsequently rallied to highs of $0.689 on May 31 before it retreated.

Ahead of the much-anticipated hard fork event, the Cardano network has now seen the minting of over five million NFTs. According to pool.pm data, the number of native assets issued on the Cardano blockchain is presently 5,019,030, with 54,986 distinct minting policies.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.