Cardano’s First DEX Cardax Has Raised $1.5M

Cardano (ADA) has been doing quite well for itself lately, as not only are we getting closer to the full launch of Alonzo, but the initial decentralized exchange (DEX), which is scheduled to be launched on Cardano’s network, has now generated $1.5 million via the first community sale. The DEX is known as ‘Cardax,’ and the launch of such an exchange is sure to increase Cardano’s value even more. Presently, ADA is trading at $1.38 after increasing in price by just over 5% since yesterday, with Bitcoin (BTC) and most of the other altcoins also managing to experience similar increases.

The launch is set to take place sometime during 2021’s third quarter, around the time when the smart contracts shall finally become available.

Cardax to run on EAMM

Cardax had issued a statement recently regarding its launch, according to which it was revealed that it should be operating on the EAMM (Extended Automated Market Maker) protocol. As such, its primary objective will be to function as the Cardano ecosystem’s native trading platform. The project is currently being spearheaded by Ryan Morrison along with his team. In conjunction with the aforementioned $1.5 million, Morrison’s team had managed to raise $50,000 earlier on in 2021 for the purposes of financing Cardax.

The team itself consists of numerous ‘cryptocurrency enthusiasts’ who all possess hands-on experience after working on many projects in the past. Cardano felt as if Cardax was needed due to native tokens being launched on Cardano’s network, which is going to happen in the foreseeable future. As such, Cardax’s goal is to offer liquidity to any and all projects which issue the native tokens. Charles Hoskinson himself had officially recognized the project when it won a proposal through Project Catalyst.

New key features

With the introduction of Cardax, some key features are going to be implemented which go beyond simply adding support for the abovementioned native tokens. Users will now be eligible to earn by becoming liquidity providers through the fees that will be collected by the DEX, trading in single transactions will be made possible, and ADA will be tradable with a variety of native tokens via Yorori.

Moreover, an AMM model along with a new centralized order book will be leveraged by Cardax. Through the exchange’s features, market makers can earn comfortably without the risk of any impermanent loss and with minimal slippage.