Cardano has welcomed a new decentralized exchange on its network as ADAX goes live. Following the rival DEX, SundaeSwap Cardano has reached over $70 million in total value, reports fxstreet.com. The DEX employs Cardano’s Plutus smart contracts to ensure complete decentralization.
The long-term prosperity of the Cardano ecosystem
Only five months have elapsed since the activation of smart contracts on the Cardano Network another decentralized exchange (DEX) ADAX has been launched. Delving deeper, it was revealed that the order-book-based DEX is a “core piece of the long-term prosperity of the Cardano ecosystem.”
Cardano enables complete decentralization, which is effected via ADAX, a custodial and order-book-based DEX. It incorporates Cardano’s Plutus intelligent contracts to ensure complete decentralization.
ADAX #DEX v1.0 is now LIVE on the MAIN-NET!
— ADAX PRO (@adax_pro) January 30, 2022
The launch of ADAX on the Cardano platform is a significant milestone for the network, which continues to carve a niche for itself in the decentralized finance field. The firm took six months to perfect the first DEX on Cardano that will work in favor of the ecosystem in the future.
ADAX helps to conduct on-chain swap execution and concentrated liquidity orders. It is also touted as a leading competitor in the DEX ecosystem regarding efficiency and performance.
DEX also negates congestion and currency-related issues by splitting every order into UTXOs or smaller unspent transaction outputs
The advantage of ADAX is that it operates on the principle of decentralization and enables the order-book model to ensure non-custodial and censorship-resistant trading.
At present, ADAX is supported by Nami Wallet. Still, other wallets, including GeroWallet and CCVault, will be supported a few days after the launch.
ADAX hopes to rub shoulders with Uniswap and PancakeSwap to be a go-to platform on Cardano. Cardano reached a total value-locked of over $70 million following the deployment of a competing DEX on Cardano, SundaeSwap.
Cardano’s price resists recovery.
The values of Cardano are forming a symmetrical triangle pattern on the 4-hour chart. It suggests an ADA in consolidation. The token faces stiff resistance as it struggles to lift its prices.
The most significant resistance Cardano price is $1.05, where the 21 four-hour Simple Moving Average (SMA) and 50 four-hour SMA meet. Additional obstacles for ADA may emerge at the 23.6% Fibonacci retracement level at $1.08, then at the 100 four-hour SMA at $1.19.