AdaSwap, a Cardano-based decentralized exchange backed by ‘Wonder Woman’ star Gal Gadot, has launched in mainnet after “an intense” two years of growth and development while on its testnet. It’s one of the first projects to launch on top of the Milkomedia Network.
The team behind AdaSwap has described the project in a white paper as an “ecosystem builder” that has four main use cases that will be launched within it. The white paper adds:
At the core, the platform will host an AMM (Automated Market Maker) utility that provides decentralized and noncustodial market-making for liquidity providers, built and utilized on top of the Cardano blockchain infrastructure. This will be revolutionary based on our own Free Finance Model that will change not only DeFi, but the world.
The document notes that the AdaSwap tokens are the “base and utility of the ecosystem,” which will allow for “more efficient swaps and do price arbitrages in real-time.” It adds users will be able to use AdaSwap tokens to “unlock the full potential of our platform.”
The team noted that the token will “have the utility of the Free Finance Model which will create large returns for holders while reducing costs dramatically. Users will be able to experience the hyper financial gain in real time while protecting the price of the AdaSwap token.“
At the time of writing, AdaSwap has around $32,600 worth of liquidity and has processed nearly $9,000 worth of transactions over the last 24-hour period. The project is backed by a number of investors including Shima Capital, Pluto Digital, COTI, Banter Capital, Finova, and iAngels.
As CryptoGlobe reported, the number of smart contracts deployed on the Cardano ($ADA) network has grown by more than 300% year-to-date as the cryptocurrency’s network keeps on growing, despite the ongoing bear market.
According to data from Cardano Blockchain Insights, there were 947 Plutus smart contracts on the Cardano network at the beginning of the year. That figure has now surged to surpass 3,790.
Plutus, it’s worth noting, is the “smart contract platform of the Cardano blockchain” that allows users to “write applications that interact with the Cardano blockchain.”
Cardano recently reached a new milestone with the launch of its first stablecoin. Other stablecoins are being created on the Cardano network. EMURGO, which is the commercial arm of Cardano, announced the planned launch of its new dollar-backed stablecoin USDA, which is “the first fully fiat-backed, regulatory compliant stablecoin in the Cardano ecosystem,” earlier this month.
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