- Cardano welcomes a new DEX on its ecosystem, ADAX.
- The DEX ensures complete decentralization through Cardano’s Plutus ‘smart’ contracts.
- Cardano TVL hit $70 million after SundaeSwap deployment.
Cardano network launched another decentralized exchange, ADAX, five months since activating ‘smart’ contracts capabilities. Details show this order-book-based exchange is among the core elements of the Cardano ecosystem’s long-term success.
Cardano to Ensure Full Decentralization
ADAX is an order-book-based and custodial DEX that uses Cardano’s Plutus ‘smart’ contracts to guarantee complete decentralization. The DEX’s launch on the Cardano platform means a significant step for the platform as it dips its feet further into the DeFi ecosystem. The company took six months to deliver the first decentralized exchange on Cardano, to support the network in the future.
ADAX supports concentrated liquidity orders and on-chain swap execution, making it a top competition within the decentralized exchange space as far as performance and efficiency are concerned. The DEX alleviated concurrent and congestion-related problems by splitting every order into UTXOs (unspent transaction outputs).
ADAX utilizes a decentralization philosophy with its operations. Moreover, it will use an order-book approach to ensure censorship resistance and non-custodial trading. For now, ADAX is compatible with Nami Wallet. However, the exchange will introduce the likes of CCVault and GeroWallet some days after the official launch.
ADAX targets to compete with PancakeSwap and Uniswap as a leading network on the Cardano ecosystem, promising unique offerings. Cardano saw its total value locked rising past $70 million after SundaeSwap deployment.
$ADA Struggles to Surge
ADA price printed a symmetrical triangle setup on its 4hr chart, showing ADA confined within a consolidation. The altcoin had struggled to surge higher amid a crucial resistance level. For now, Cardano’s first hurdle stands at $1.05, where 21 4hr SMA meets the 50 4hr Simple Moving Average. ADA might encounter an additional obstacle at 23.6% FIB retracement at $1.08, then the 100 4hr Simple Moving Average around $1.19.
ADA might drop towards the primary technical setup’s lower border at $1.0. However, that will emerge with increased selling pressure. Another footing might showcase around 24 January low of $0.94.
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