AdaSwap, the ecosystem builder enabling Cardano’s first Decentralized Exchange (DEX) and supported by Gal Gadot and Shima Capital, is planning to deploy its testnet on June 29. It places AdaSwap in the position of being one of the first applications to debut on the Milkomeda Network to utilize Ethereum Virtual Machine (EVM) features.
The team at AdaSwap has been hard at work over the past few months developing the first decentralized exchange for the Cardano ecosystem. The launch of the project’s testnet is an important achievement for AdaSwap and the greater Cardano ecosystem.
According to AdaSwap CEO Itai Levi, “Deploying on Milkomeda has allowed AdaSwap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can’t wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We’re also looking forward to the blockchain interoperability benefits that Milkomeda will offer.”
Exploring The Milkomedia Network With Layer-2 Protocol
AdaSwap is among the first platforms to evaluate the Milkomedia Network. Using this layer-2 protocol, developers can add EVM features to non-EVM-compatible blockchains. It expands the capabilities of the Cardano ecosystem and enables the development of more notable and intricate products and services.
Adawap will consider Milkomeda since the Layer-2 solution now represents over $36 million in Total Value Locked (TVL). Developers have expressed a strong interest in Cardano’s first functional sidechain and in the prospect of introducing additional functionality to their respective communities.
AdaSwap To Boost Cardano’s DeFi And DEX Ecosystem
Despite the fact that Cardano’s Decentralized Finance (DeFi) and DEX ecosystem are still in the early stages of development, the coin’s market cap ranks it as the seventh-largest cryptocurrency overall. This paradigm will be transformed for the better as a result of the implementation of AdaSwap, which will also demonstrate the potential of Cardano and Milkomeda in the respective industry verticals.
AdaSwap is an up-and-coming high-throughput DEX that has been specifically designed to accommodate the Cardano ecosystem as well as native currencies that have been launched on this network. The project has a major first-mover advantage in order to generate a micro-ecosystem that will assist additional individuals in building on top of the Cardano blockchain and utilizing it.
AdaSwap Streamlining The Cardano Infrastructure
Cardano is a blockchain that has attracted the attention of many project developers due to its intriguing features and ease of use. It is a blockchain platform for changemakers, innovators, and visionaries, equipped with the skills and technologies required to create opportunities for the many, as well as the few, and to facilitate positive global change. However, despite the enticing characteristics that the Cardano blockchain provides, Cardano lacks a comparable Decentralized Exchange.
This means that Cardano-based tokens lack a native exchange launchpad and must rely on centralized exchanges for trading. This is where AdaSwap benefits Cardano. AdaSwap is an ecosystem builder that is working toward the goal of establishing the Cardano network’s first decentralized exchange. On the Cardano blockchain, the AdaSwap DEX will make it simple to swap cryptocurrency tokens, create, purchase, and sell NFTs, establish new projects, and stake assets in liquidity pools to collect fees.
