A new Cardano-powered decentralized exchange ADAX went live on the mainnet and announced that it is now set to roll out the ADAX DEX v1.0. As per the announcement, the launch is a huge milestone for the whole team behind it as it took six months of work and manpower to deliver what it claims as one of the first decentralized exchange solutions to Cardano that will work in favor of the ecosystem in the long term.’
“Based on the philosophy of decentralization, ADAX DEX is going to utilize the order-book model that brings noncustodial and censorship-resistant trading. Users will be able to execute smart contract-based trades on the platform instantly by paying significantly less compared to Ethereum network fees.”
But what are its features?
The exchange is featuring on-chain swap execution and concentrated liquidity orders that it claims allow it to surpass its closest competitors in terms of efficiency and performance.
Developers of the exchange have also created a custom PAB solution with the help of Plutus smart contracts that ensure full decentralization. In order to avoid congestion and concurrency-related issues, ADAX is splitting each order into smaller UTXOs.
According to the press release, ADAX is launched in a partnership with Stockgeist.AI market sentiment monitoring platform that allows the DEX to offer a trading tool that tracks early signs of trader sentiment changes.
The tool collected data from various social media channels such as Twitter, Facebook, Reddit, and Discord. Each token will have its own metric that will allow traders to determine the “hottest” assets on the market. Having said that, it needs to be seen how the new DEX fares amongst its popular peers like SundaeSwap.
Cardano SundaeSwap rocky launch
As per data from pool.pm, the Cardano network has maintained record capacity for nearly two weeks after the launch of DEX, SundaeSwap, the first of its kind to go live on Cardano. However, not all went smoothly during SundaeSwap’s launch.
Soon, there were reports of failed transactions that began circulating widely on social media. Users then allege that their DEX orders couldn’t be processed, despite submitting them a few days ago. In the midst of these, the platform was also locked in a bitter commercial dispute regarding allegations of failed investor promises with the Cardano accelerator program CardStarter.