With IOHK announcing the release of Smart Contracts on Cardano, a great future of the fast growing Cardano ecosystem is in sight. ADA made a huge run above the 2$ mark. New projects are shooting up like mushrooms on wet sunny days. The MELD Initial Stake Pool Offering (ISPO), for example, has 270,697,034 ADA staked so far!
What is ADAX about? What is special?
ADAX is treat like the Uniswap for Cardano's blockchain. If so the project will have a great impact on the ecosystem - and not only Cardano's. Cardano is now launching an ERC20 converter to ensure future interoperability and lay the foundations for various business opportunities within the world of crypto. This ERC20-Cardano bridge brings huge opportunities for projects to migrate on Cardano. Ethereum's ERC20 is well supported and pretty much the standard for everyday business transactions. But Ethereum's networks lacks on transaction speed and has unpleasant high transaction fees. The bridge offers to solve such problems by migrating ERC20 tokens to Cardano's network. Users transferring tokens will get a token with the same value on the other chain while the "original" token is burnt. This process offers two-way convertibility.
ADAX main purpose is DeFi. While most DEXes are order-book based on Ethereum and use off-chain matching and on-chain settlement on transactions due to transaction speed and fees, ADAX is like Uniswap a contract-based DEX, in other words an AMM (Automated Market Maker).
ADAX fee model is something new to DeFi protocols. Every swap has a 0.3% fee, consisting of 0.175 taker and 0.125 maker fees. Those 0.3% will go directly into the Liquidity Pool to solve the problem of Liquidity Stress.
"An issue with LPs as they exist currently is if ratios
dynamically change regularly. Liquidity providers have incentive to provide
liquidity to low volume assets for higher rewards, as they get a share
directly proportional to the volume they provide to the pool. Unfortunately,
this is not enough reward in most cases as impermanent loss is rampant in
lower volume assets like described above. In summary, it is not worth the
risk/reward for liquidity providers." - https://adax.pro/
ADAX has already launched and is currently only available on Exmarkets. I've bought some ADAX yesterday and everything went without any incidents. You don't even need a KYC for doing so. Immediately after swapping some ADA for ADAX I've withdrawn everything to my Yoroi wallet.
ADAX has recently released it's new look, which is in my eyes awesome! Here is the official Youtube video.
With the launch of Smart Contracts the future of Cardano has great potential, and with it ADAX as "Uniswap of Cardano".
if you have any questions, feel free to ask me, regards ntz
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