TL;DR Breakdown
- Cardano`s first DEX, AdaSwap, raises $2.6 million in funding from investors including Wonder Woman Gal Gadot.
- The DEX intends to create an entire ecosystem, including an NFT marketplace and staking pools.
On March 2nd, 2022, the first-ever Decentralized exchange on Cardano‘s blockchain, AdaSwap, announced its latest fundraising round in a press release. The DEX project raised $2.6 million through several angel investors.
AdaSwap’s decentralized exchange (DEX)
Cardano was founded in 2017 and named after Gerolamo Cardano, the 16th-century Italian polymath. The ADA cryptocurrency, named after 19th-century mathematician Ada Lovelace, is often considered the world’s first computer programmer. Cardano is a proof-of-stake blockchain that aims to enable change-makers, innovators, and visionaries to bring about positive global development.
According to CoinMarketCap, Cardano’s price is currently $0.962493, with a 24-hour trading volume of $1,456,887,436 USD. Its market capitalization is 9th, with a live market cap of USD 32,398,793,575.
AdaSwap has been working on its protocol for more than a year. Since the first quarter of 2021, it has gone through seed rounds, stablecoin partnerships, and more. The protocol has just completed a seed round worth USD 2.6 million, led by several investment firms and angel investors such as iAngels, Pluto Digital, GBV, and Efficient Frontier. Meanwhile, other notable investors include Wonder Woman herself – actress and producer Gal Gadot and producer Jason Varsano.
Cardano is a decentralized blockchain that aims to serve individuals and businesses for financial transactions. Cardano’s native cryptocurrency, ADA, is the 9th most valuable cryptocurrency by market capitalization. Despite this, the Cardano platform is still in its early stages. Users frequently rely on centralized exchanges to trade ADA tokens.
Cardano still aims to provide a better trading experience for its users, which is why they are working on a DEX. AdaSwap is developing a native Cardano DEX that allows traders to exchange Cardano-based assets with ease.
Cardano’s plans include the development of a Cardano-native NFT marketplace and decentralized finance capabilities such as staking and fixed, long-term, and high-yield liquidity pools.
Cardano’s future
With only six DeFi protocols on the chain, Cardano has already amassed $134.86 million in total value locked. Developers have been turning to decentralized exchanges as a superior option.
Cardano has six protocols, of which four are decentralized exchanges. SundaeSwap leads the DEXs with $120.4 million in TVL. The protocol will use this round of funding to develop a planned roadmap, beginning with the NFT marketplace. AdaSwap focuses on what matters most: users to build a better financial system.
The project’s next goal is to have the $ASW token available on exchanges by March and introduce a staking mechanism and the NFT marketplace. Additionally, $ASW will also be used to power various features in the ecosystem.
Finally, the group anticipates the completion of Cardano bridges with Ethereum, BSC, and Casper by March 2023. The AdaSwap DEX will work hand in hand with other protocols within the Cardano ecosystem.
