Cardax, a novel decentralized crypto exchange with an automated market making (AMM) mechanism, is going to bring a Uniswap-style DEX and “yield farming” experience to the largest proof-of-stake (PoS) network, Cardano (ADA).
Cardano-based DEX by Haskell veterans: What is Cardax?
The activation of smart contracts functionality on Cardano (ADA) blockchain attracted plenty of decentralized applications interested in a high-performance and low-cost technical basis for their software designs.
Yesssssss Cardax has won Cardano's Project Catalyst - Fund6!!??— Cardax (@CardaxDEX) October 29, 2021
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
Introduced in June 2021, Cardax (CDX) is among the first decentralized crypto exchanges on the Cardano (ADA) blockchain. Its team has won twice in Project Catalyst, a decentralized innovation fund in the Cardano ecosystem. Cardax CEO Ryan Morrison works with a team of pioneers of the Haskell programming language and is one of the figureheads of Cardano’s public adoption.
The Cardax team consists of top league Plutus developers and works closely with Duncan Coutts of Well-Typed. This Haskell veteran stood at the cradle of the Cardano blockchain. He and his team take care of the outlines of the project. Further, Cardax recently partnered with Mlabs, a premier Haskell, Rust and blockchain consultancy for Cardano.
At its core, Cardax (CDX) works not unlike Uniswap and SushiSwap, the two most popular Ethereum-based DEXes. It allows users to exchange tokens in a peer-to-peer noncustodial manner and to earn passive income for providing liquidity.
Cardax (CDX) is going to build a wide array of liquidity pools to ensure a comfortable “yield farming” experience for the majority of Cardano-based tokens. Since Cardano’s fees are lower than those of Ethereum (ETH) blockchain, using Cardax will be cheaper than exchanging tokens on Uniswap and SushiSwap.
Novel exchange to go live in Q1 of 2022
Right now, Cardax (CDX) is undergoing closed stress tests designed to ensure 100% security and anonymity for all users and liquidity providers.
The tokenomics of Cardax will be built around its core native token, CDX. Simply put, it will work like Uniswap’s UNI and SushiSwap’s SUSHI. As Cardax has not launched in mainnet, CDX token cannot be bought in Q4, 2021. The team recommends that all Cardano (ADA) enthusiasts stay vigilant in order to avoid being scammed.
By the latest estimations of Cardax (CDX) developers, the exchange will go live in mainnet in Q1 of 2022. To be informed about the accurate date of the start of mainnet operations, all interested DeFi users should keep an eye on the official project website.
With negligible Cardano fees, a large and passionate ecosystem and a novel consensus model, Cardax (CDX) attempts to establish itself as the center of Cardano’s nascent DeFi ecosystem.