After the success of the Cardano Summit last month,
Charles Hoskinson is enjoying some hard-earned R&R,
tending to the cabbage patch,
building his butterfly collection,
and knitting some sexy new ponchos for the year ahead.
Some things you just can't unsee.
But innovation never sleeps,
and meanwhile, development on the Cardano network
continues to grow at an incredible rate,
leaving the ADA bears nothing to do but go back into the woods and lick their wounds.
So with Cardano smart contracts now finally up and running,
the race to launch the No. 1 DEX on the network is truly underway.
In this video, we'll be taking a look at one of the leading contenders,
ADAX,
a DEX and liquidity protocol that could raise the bar for DeFi
on one of the most impressive blockchains around.
Let's get it!
Welcome to BitBoy Crypto!
Home of the BitSquad
The largest and greatest crypto community in all the Interwebs
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, be sure to hit that subscribe button.
In this sponsored video, we take a look at the hottest new DEX on Cardano, ADAX.
With as many as 15 DEXs gearing up to launch on Cardano,
the race isn't just about being the first one to go live.
After all, Cardano was a case in point,
giving up all hopes of first mover advantage in favor of rigorous development.
So, even more important is launching a product that not only works
but offers a fully functional suite of DeFi solutions.
ADAX is a state of the art next gen DEX and liquidity protocol
offering seamless trades within the Cardano ecosystem and beyond
all in a completely decentralized non-custodial way.
Before deciding to build on the Cardano blockchain,
the team's vision was a fully optimized cross-chain exchange.
That's where it's at, folks.
Cross-chain interoperability is the name of the game.
So when Cardano entered the smart contracts race,
or, in its case, ultramarathon,
it became the logical home for a project with its sight fixed on the future.
And so far, so good.
So, what makes ADAX stand apart?
Well, to answer that question,
you've got to consider some of the problems that they're aiming to solve.
No. 1, compatibility with Ethereum-based ERC-20s,
the de facto industry standard so far.
By harnessing IOHK's Cardano-Ethereum bridge on ADAX,
issuers and token holders can migrate their tokens to and from the Cardano network.
And it couldn't be easier.
With just a few simple clicks,
they're instantly translated into a native token of the same value
that works in the exact same way.
Best of all, this isn't a one-way street.
It's a two-way solution.
Meaning users can move their tokens back to the source
by simply burning them on the network.
ADAX is also making full benefit of some new and innovative models
to address dynamically fluctuating ratios in liquidity pools,
aka liquidity stress.
Plus, it's taking fees to all-time lows.
I'm talking 0.3%.
That's a 0.175% for the taker and 0.125% for the maker
and a big fat zero going to the platform.
They're all going straight back to the pools.
Now, that's all well and good, but let's face it.
To compete for top DEX status in this day and age,
having a good personality isn't enough.
You've also got to be pretty on the outside.
A killer combination.
Kind of like me.
I know. I know.
It's just the way it is.
Well, luckily for ADAX, their UI looks as good as any Lambo.
Just check out their latest demo video.
But that's not all.
Because ADAX doesn't just promise a super, and I mean super sleek interface,
but also an array of pretty amazing features to boot.
For example,
users can benefit from invaluable data like TVL,
easily add liquidity to available pools,
and thanks to ADAX's partnership with StockGeist.ai,
they've integrated a built-in social sentiment feature,
providing real time data from social media
to show which tokens and pairs are gaining traction or losing steam.
I mean, if the aim was to become the DEX of choice on Cardano,
then this is to Uniswap what Netflix was to Blockbuster,
The end.
Just kidding.
UNI's not going anywhere, at least not anytime soon,
but by comparison, it's beginning to look like an antique.
For example, thanks to the eUTXO model you get with Cardano,
ADAX can go way beyond your everyday AMM and implement an orderbook-based model
which won't affect the price feeds and slippage isn't a problem.
If the launch can live up to these early glimpses of what we know so far,
it's going to make the interfaces of old look about as clunky as an 80s cellphone.
Hey, look!
That's Peter Schiff trying to secretly buy Bitcoin.
Anyway, I mentioned they teamed up with social sentiment firm StockGeist,
but as far as partnerships go,
that's just the tip of the iceberg.
The ADAX team has been striking deals left, right and center.
I'm talking about the likes of Cardano's oracle in chief, Charli3,
NetVRk,
yes, that's how you pronounce it,
Vy Finance,
fundraising platform Kick.io,
as well as GeroWallet.
Though, of course, integrations with other options like Yoroi and CardWallet are also included.
So, what about the team itself?
After all, a project is only as good as the people steering the ship.
Well, ADAX has a perfect blend of both super nerds and savvy business types on board,
which now include Rolling Cryptos founder Dave Widmann
and none other than Bitcoin.com co-founder and crypto OG Mate Tokay.
Not bad, mate.
He must get so sick of hearing that.
It's all great news though as rollout fast approaches.
Speaking of which,
when can we expect to take ADAX out for a spin?
Well, smart contract security is the main development focus at this point.
They want to make sure the decentralized side of the platform is safe for everyone.
That's why auditing will be carried out imminently by the folks at BTblock.
Pretty much the last and final step before the DEX goes live.
If all that's got you stoked about the potential of DeFi on Cardano,
you might be wondering where you can pick up some ADAX tokens ahead of the game.
The initial exchange offering took place back in June on ExMarkets,
one of the first exchanges to support Cardano native tokens.
As of this recording,
ADAX is priced at 87¢
and is still falling off of its all-time high of over $2.
But more listings are expected in the weeks ahead,
with gem specialist KuCoin and Bitrue most likely to be the next.
Keep in mind how well the Ethereum DEX coins have done,
and you can see the potential for the ADAX token's price.
In case you hadn't noticed, I'm pretty hyped about what's coming on Cardano.
I mean, I've been hyped up about it for years,
so it feels pretty great to see everything falling into place.
Even better to see the amount of sheer innovation coming to the ecosystem.
ADAX is set to deliver an incredible product,
an incredible user experience.
If all goes well,
here's to hoping a launch later this month could be in the "card-dano-s".
That's all I got.
Be blessed.
BitBoy out.