London, Aug. 28, 2021 (GLOBE NEWSWIRE) — The Cardano blockchain ecosystem and its associated Utility token $ADA has gained so much popularity in the past few months, breaking it’s ATH in the past few days. This comes after successful rollout of Alonzo Purple and the upcoming Alonzo hard fork which will usher in the arrival of smart contracts for Cardano in September.
What is Cardaswap?
Cardaswap DEX will be an automated market maker on the Cardano Network. Its transaction and monetization features are based on the AMM protocol. The protocol allows blockchain participants to provide liquidity and Cardano Blockchain Assets in the Liquidity pool for others to exchange their native tokens. In return, subscribers pay a small fee for liquidity, and the vendors earn their deposit back.
Native Token Of Cardaswap
Cardaswap utility token $CADA is a native token that will be built initially on the Ethereum blockchain but will later get bridged to the Cardano Blockchain after the successful completion of the Alonzo Hard Fork.
Holders of $CADA can save money & pay less fees, stake their LP tokens to farm $CADA and also Stake $CADA for exclusive Airdrops while also being a native token that enables users to transact in multi-assets like ADA & other custom tokens.
It also gives the incentive of yield-farming of the Cardaswap governance token $CADA.
Yield Farming Program
“Yield farming” is a reward program introduced during the last year in the DeFi crypto world.
At its core, yield-farming is a new way of distributing tokens that have been minted for a DEFI project, even though all tokens are minted to the market, the distribution of the token is done through yield-farming which is more similar to “mining”, meaning that he output of tokens is regulated by smart contracts to gradually increase the circulating supply with time.
The vision and goals ahead
Cardaswap plans to launch their AMM exchange by the end of Q3 2021, making them the first Decentralized Exchange on the Cardano Blockchain after which it will start its listing process on exchanges like MXC, GATE, and Huobi.
Cardaswap is also working on their NFT Marketplace of which by December, users will be able to mint and trade NFTs on Cardaswap NFT marketplace. Users who would want to test Cardaswap Exchange before its launch can visit their website cardaswap.finance and enroll for the TGE.
When launched, Cardaswap will allow users to trade tokens on the Cardano blockchain, earn swap fees, stake LP tokens to farm and earn $CADA, as well as access to the world’s first public NFT marketplace on Cardano Blockchain and Cardapad the first IDO launchpad on Cardano blockchain.
As the Cardano network continues to add functionalities to its blockchain, users can expect more innovative features on the Cardaswap protocol in addition to the fluidity in operation. This is something the average user will find quite helpful as they move away from the obsolete order-book arrangement that has kept centralized exchanges in the backseat.
CardaSwap is a decentralized exchange that is similar to Ethereum’s Uniswap, but the difference is that it will run on Cardano BlockChain instead. The cardaswap.finance ecosystem is managed and maintained by the Cardaswap Association, a Cayman Island-based entity.
When the cardaswap ecosystem grows sufficiently, the protocol will be governed and steered by a carefully designed decentralized autonomous organization (DAO). Cardaswap is one of the first decentralized Launchpad designed for the Cardano ecosystem.