The testnet launch of AdaSwap, a platform for building decentralized finance applications on Cardano (ADA), is poised to unlock new opportunities for Web3 businesses on the largest Proof-of-Stake (PoS) network.
AdaSwap platform goes live in public testnet
According to the official announcement shared by the AdaSwap team, its instruments are now available in public testnet. The protocol backs one of the first decentralized cryptocurrency exchanges (DEXes) of the Cardano (ADA) ecosystem.
Hey AdaSwap Fam!!!— AdaSwap - The next-gen Cardano DEX! (@adaswapapp) June 29, 2022
We are live! Go check out our testnet and have fun! We can not wait to get your feedback on what we have built. Enjoy and let's take this to the moon!🚀#blockchain #Cryptocurency #Cardano #ADA #Bitcoin #ETH pic.twitter.com/JmCH984C55
AdaSwap is also the first decentralized application ecosystem built on the top of Milkomeda, a second-layer solution for Cardano (ADA) blockchain.
As such, it leverages a fully EVM-compatible Cardano-based environment. With this release, the total value locked (TVL) on the Milkomeda platform exceeds $36 million.
AdaSwap CEO Itai Levi is excited by the latest accomplishment of his team and highlights its importance for Cardano's entire ecosystem:
Deploying on Milkomeda has allowed Adaswap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can't wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We're also looking forward to the blockchain interoperability benefits that Milkomeda will offer.
Building next generation of Cardano's DeFi
Endorsed by award-winning actress Gal Gadot and backed by VC heavyweights from Shima Capital, AdaSwap is set to change the narrative in noncustodial exchange of Cardano-based assets.
As covered by U.Today previously, AdaSwap made headlines in March 2022 as it released a cutting-edge digital collectibles marketplace on Cardano (ADA).
The protocol's ecosystem leverages ASW as its core native utility and governance asset.