Gal Gadot-backed DEX platform on the Cardano network, has launched its public testnet
Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. Its main applications are in identity management and traceability. The former application can be used to streamline and simplify processes that require the collection of data from multiple sources. Cardano is also much faster at processing transactions than Bitcoin or Ethereum 1.0, which is sometimes referred to as Classic Ethereum.
The first decentralized exchange (DEX) tapping the Cardano blockchain has announced the launch date of its testnet project had previously released an NFT marketplace shortly after raising over $2 million in a funding round participated by Gal Gadot. Israeli actress Gal Gadot, who became an international superstar with Wonder Woman, is among angel investors who have put their money into the project. This will help AdaSwap to become one of the first protocols to launch on the Milkomeda Network and tap into the capabilities of the Ethereum Virtual Machine (EVM).
What is a decentralized exchange (DEX):
A decentralized exchange is a peer-to-peer marketplace where users can trade cryptocurrencies in a non-custodial manner without the need for an intermediary to facilitate the transfer and custody of funds. DEXs offer complete transparency into the movement of funds and the mechanisms facilitating exchange. DEXs are a cornerstone of decentralized finance and serve as a key money LEGO upon which more sophisticated financial products can be built as a result of permissionless composability.
What is AdaSwap:
AdaSwap is an ecosystem builder that will be launched on the Cardona network and will help launch the Cardano network. There will be 4 main use cases that will be launched on the AdaSwap platform within the near future followed by exciting RnD initiatives. It aims to solve this problem and take the Cardano ecosystem to new heights. It will create a DEX for the Cardano network allowing users to easily swap Cardano-based tokens. And also build a dedicated launchpad for Cardano projects and also their native NFT marketplace.
AdaSwap’s DEX Testnet:
Adaswap, a Gal Gadot-backed DEX platform on the Cardano network, has launched its public testnet, the testnet launch makes the project among the very first to tap into the capabilities of the Ethereum Virtual Machine. EVM is a computation engine that acts like a decentralized computer that has millions of executable projects. It acts as the virtual machine which is the bedrock of Ethereum’s entire operating structure.
The project went live on the Milkomeda Network. Milkomeda is a layer-2 solution with over $35 million in Total Value Locked (TVL), which is why developers have shown a growing interest in exploring it. The PR also touched upon Cardano’s network activity and market dominance, stating that Charles Hoskinson’s brainchild has massive room for growth. And they were focused on delivering this milestone despite the tough market conditions.