After rival DEX, SundaeSwap Cardano has reached over $ 70 million in total value, fxstreet.com reports. The DEX employs Cardano's Plutus smart contracts to ensure complete decentralization.
The long-term prosperity of the Cardano ecosystem
Only five months have passed since the activation of smart contracts on the Cardano network, another decentralized exchange (DEX) ADAX was launched. Digging deeper, it was revealed that the order book-based DEX is a "central piece of the long-term prosperity of the Cardano ecosystem."
Cardano allows for complete decentralization, which is done via ADAX, a DEX based on an order book and custody. It incorporates Cardano's Plutus smart contracts to ensure complete decentralization.
The launch of ADAX on the Cardano platform is a significant milestone for the network, which continues to carve a niche in the field of decentralized finance. It took the company six months to perfect the first DEX on Cardano that will work for the ecosystem in the future.
ADAX helps conduct on-chain swap execution and concentrated liquidity orders. It is also touted as a leading competitor in the DEX ecosystem when it comes to efficiency and performance.
DEX also negates congestion and currency related issues by splitting each order into UTXOs or smaller unspent transaction outputs
The advantage of ADAX is that it operates on the principle of decentralization and allows the order-book model to guarantee non-custodial and censorship-resistant trading.
Currently, ADAX is supported by Nami Wallet. However, other wallets, including GeroWallet and CCVault, will be supported a few days after launch.
ADAX hopes to rub shoulders with Uniswap and PancakeSwap to be a go-to platform on Cardano. Cardano reached a total locked-in value of over $ 70 million following the distribution of a competing DEX on Cardano, SundaeSwap.
Cardano's price resists recovery
Cardano's values are forming a symmetrical triangle pattern on the 4-hour chart. This suggests a consolidating ADA. The token faces stiff resistance as it struggles to raise its prices.
The most significant resistance of the quotation of Cardano is $ 1,05 where the Simple Moving Average (SMA) at 21 four hours and the SMA at 50 at four hours meet. Further hurdles for the ADA could emerge at the 23,6% Fibonacci retracement level at $ 1,08, then at the 100 four-hour SMA at $ 1,19.
