Barely five months after the activation of smart contracts on the Cardano network, there is another decentralized exchange (DEX) ADAX that was launched.
Details showed that the order-book-based DEX is a:
“Core piece of the long-term prosperity of the Cardano ecosystem.”
ADAX is the new decentralized exchange that went live on the Cardano network.
Cardano Guarantees Full Decentralization
ADAX is a custodial and order-book-based DEX that integrates Cardano’s Plutus smart contracts to guarantee full decentralization. The launch of ADAX on the Cardano mainnet has marked a considerable milestone for the network, as it continues to dive into the decentralized finance (DeFi) world.
The company spent six months delivering the first DEX on Cardano that will work in favor of the ecosystem in the future. ADAX enables on-chain swap execution and concentrated liquidity orders, enabling it to be a leading competitor in the DEX ecosystem in the terms of efficiency and performance.
The DEX avoids congestions and concurrency-related issues by splitting every order into smaller unspent transaction outputs (UTXOs). ADAX operates on the philosophy of decentralization and will leverage the order-book model to guarantee non-custodial and censorship-resistance trading.
For now, ADAX supports the Nami Wallet, but many other wallets including GeroWallet and CCVault will be supported several days after the launch. ADAX hopes to follow in the footsteps of PancakeSwap and UniSwap to become a go-to platform on ADA with its unique feature offering.
After the deployment of a competing DEX on Cardano, SundaeSwap, Cardano reached a total value locked of more than $70 million. This DEX uses Cardano’s Plutus smart contracts to guarantee full decentralization.Buy Crypto Now
ADA Struggles To Recover
The price of Cardano has formed a symmetrical triangle pattern on the 4-hour chart, indicating that ADA is sealed in a growing consolidation. Notably, the token has struggled to increase prices as it encounters a strong level of resistance.
The first hurdle for Cardano is at $1.05 where the 21 four-hour Simple Moving Average (SMA) and 50 four-hour SMA meet. More obstacles and hiccups for ADA may come up at the 23.6% Fibonacci retracement level at $1.08, then another one at the 100 four-hour SMA at $1.19.
Cardano may drop toward the lower boundary of the governing technical pattern at $1.00 next in case the selling pressure increases. Another major foothold might appear at the January 24 low at $0.94.