Here's how Cardax is set to become a top DEX on the Cardano ecosystem

Cardano and its ecosystem have been implementing major improvements since the fourth quarter of 2020. Its users, stake pool delegates and the company behind its Input-Output Global (IOG) development, under the leadership of Charles Hoskinson, have been particularly focused on expanding Cardano's smart contract capabilities.

What is Cardax

Thus, the success of three Hard Fork Combinators (HFCs), nicknamed “Allegra”, “Mary”, and “Alonzo” opened up an infinite field of possibilities for Cardano. Cardax, a decentralized exchange and automated market maker (AMM), built for this network is one of many projects seeking to leverage Cardano's new capabilities as the ecosystem moves to realize a vision of decentralization, financial inclusion and sustainability.

Backed by the Cardano community through the Project Catalyst ecosystem crowdfunding program, Cardax is one of the AMMs on this network that aims to provide its users with a safe and reliable product. On Ethereum, hackers took millions from users by exploiting security holes.

The AMM on this network will fully support Cardano's native token capabilities by allowing its users to trade in these digital assets, trade with several native tokens in a single transaction, and become liquidity providers with the Extended Automated Market Maker protocol ( EAMM).

These features make Cardax a more efficient, affordable, and secure product to compete with Uniswap, SushiSwap, PancakeSwap, and other AMMs in the industry as it will offer users unique features. This will include the ability to trade via Cardano's Yoroi wallet, and liquidity provides the ability to earn commission collected on the platform.

Because Cardax is a one-of-a-kind platform for the DeFi industry

Another unique feature of this platform is its hybrid model which will combine the benefits of an AMM and an order book, such as that used in traditional exchanges, to enable trading. The end user will be able to benefit from these dual models by leveraging efficient slippage and minimizing the risk of impermanent losses.

In this way Cardax will provide a practical solution to the most common problems found in almost all AMMs currently operating in the DeFi sector. At the same time, projects that rely on the Cardano ecosystem will be able to access a native market for their tokens and increase their adoption levels.

The DEX was created in partnership with Well-Typed, a top Haskell consulting firm led by Duncan Coutts, and Mlabs, a Haskell, Rust, Blockchain & AI consulting firm. He has also partnered with Tweag, a software innovation lab that focuses on Haskell development for financial platforms and applications.

Cardax currency ready

In 2022, Cardax will attempt to distribute its native stablecoin to facilitate trading. After launch, the developers of this AMM will focus on working on its second iteration with even more features and functionality.

As Cardano aims to become a fully decentralized and self-governing ecosystem, Cardax will be managed by its community. All owners of CDX, the native token of this platform, will have a voice and a say in the future development of the project.

The Cardano network and its developments have a strong community and persistent detractors. The latter argued that blockchain took "too long" to deploy smart contracts, but loyal users remained due to its clear vision, roadmap, security, and projects like Cardax that could support the digital economy. of the future.