Cardax, Cardano’s decentralized exchange, has offered new news about its development. They even announced a possible release date, thanks to a good fundraiser. Here we tell you all the details about it.
What we know about Cardax, Cardano’s decentralized exchange
In a statement, Cardax said that the financing will support the exchange to operate on the Cardano Network starting in September this year. Cardax operates with the EAMM protocol and will serve as a trading platform for the Cardano ecosystem.
In particular, Cardax has a six-phase development roadmap. These phases involve creating the user interface, user experience, system logic, and security “must haves”, backend, protocol, and a final phase for testing and development.
The exchange allows investors to become liquidity providers and start earning CDX tokens. In April, the Cardax project announced that it was seeking $ 50,000 to facilitate platform development.
Back then they said that «The budget requested in Fund 4 ($ 50,000) will cover the implementation costs of Phase 1 of the project. As described above, this phase will focus on the Cardax UI / UX and system architecture».
It is worth mentioning that since the Mary protocol updates were implemented on the Cardano mainnet, there has been an increase in the need for native exchanges on the network.
Some additional benefits
The Cardax team plans to close some of the existing challenges and gaps in the Cardano ecosystem. The platform also seeks to increase Cardano’s corporate use cases and increase adoption in the DeFi sector.
The project will develop key features, including support for any native Cardano token, single transaction trading, and single transaction transfers. Cardax also plans to leverage a model with an order book in conjunction with an automated market maker (AMM) compared to centralized exchanges.
Amid the growing adoption of Cardano, the Cardax launch will serve as a powerful driver of ecosystem growth. Overall, Cardax’s proposal to provide a means to connect stakeholders while promoting equitable governance in the Cardano community. Therefore, we must keep an eye on everything that arises from now on Cardax or Cardano, as it could be innovative and interesting.