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Cardaswap bets to be the Uniswap of Cardano

  • With the arrival of the Alonzo update, Cardano will welcome a DEX to Cardaswap that will create an automated marketplace (AMM), which seeks to follow in the footsteps of Ethereum’s Uniswap.
  • Cardaswap is slated for the third quarter of this year, so October or November seems like a likely date for this.

Cardano is undoubtedly the asset of the moment. Developed by Charles Hoskinson, former contributor to Ethereum, it broke its all-time high and growth is expected to continue on its way with big news for the blockchain that wants to compete big in the market.

Days before launching the update that will allow the network to support the famous Smart Contracts (smart contracts), the price of ADA has had an unbeatable escalation. Currently sitting near $ 2.80, Cardano hit a high of $ 2.95 on August 23.

Cardaswap comes hand in hand with Alonzo

Source: Cardano.

The update called Alonzo will welcome you to Cardaswap. This DEX (decentralized exchange) will be an automated market maker (AMM), there are already others on the market. Cardaswap’s wish is to imitate Uniswap, from Ethereum and compete with one one of the strongest of the Binance Smart Chain, PancakeSwap.

This ecosystem protocol managed and maintained by the Cardaswap Association, an entity based in the Cayman Islands, allows participants to provide liquidity and Cardano assets in the liquidity pool for others to exchange their native tokens. As a reward, those who invested receive a small commission paid by users.

EVERY Cardaswap token

The token that will be used will be EACH, which will be built first on the Ethereum blockchain, the most important on the market today. Then the process will begin to transfer it directly to the Cardano blockchain, once the Alonzo Hard Fork has arrived. The update is forecasted to be released on September 1, although the developers have not been able to specify at the moment when the official release will actually be.

“CADA holders can save money and pay less fees, stake their LP tokens to grow EACH and also stake EACH for exclusive airdrops, while also being a native token that allows users to transact on multiple assets such as ADA and others. custom tokens. It also provides the incentive of farming the governance token CADA”Describes the Coinspeaker site.

Farming is currently one of the most prominent points in the world of DeFi (decentralized finance) and Cardanoswap will have it. The so-called “yield cultivation” is a way of distributing tokens: it has a process similar to “mining”, in which the production of tokens is regulated through smart contracts to gradually increase the circulating supply.

Cardaswap could arrive in the third quarter 2021

While it is unclear when the Cardano blockchain upgrade will take place, the launch of Cardaswap is scheduled for the third quarter of this year, so October or November seems to be a likely date for this.

As Coinspeaker commented, “Cardaswap is also working on its NFT Marketplace, of which, in December, users will be able to mint and trade NFTs on the Cardaswap NFT Marketplace. Users who want to test Cardaswap Exchange before its launch can visit their website cardaswap.finance and sign up for the TGE. ”

Cardaswap is approaching and the entire Cardano ecosystem already enjoys and palpitates what its arrival will be. There will be revolutionary changes in the short term.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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