Cryptocurrencies

Cardano’s Adaswap Announces Launch of Testnet

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Written By: Michael Abadha

Jun 29, 2022, 14:00 BST 14:00

Summary:

Cardano’s Adaswap is set to launch its testnet. We discuss its significance and the changes it brings to Cardano’s DeFi and DEXs.

Cardano’s DEX ecosystem builder, Adaswap, has announced that its testnet will go live on June 29. Testnet deployment of the project is an important milestone for AdaSwap and wider Cardano ecosystem. Also, AdaSwap is the first service on the Milkomeda Network to use the Ethereum Virtual Machine (EVM) capabilities. Over the last few months, the AdaSwap team has been hard at work creating the first DEX for the Cardano ecosystem.

Adaswap and Milkomeda’s EVM capabilities

In terms of Total Value Locked (TVL) today, Adaswap’s Layer-2 solution is worth about $36 million. This layer-2 protocol enables developers to add Ethereum Virtual Machine (EVM) functionality to blockchains that are not EVM-compatible. Following the launch, Cardano’s ecosystem will be able to support the development of more prominent and sophisticated products and services.

AdaSwap CEO Itai Levi comments: “We can’t wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We’re also looking forward to the blockchain interoperability benefits that Milkomeda will offer.”

Cardano’s first functional sidechain has piqued the curiosity of developers, who hope to use it to enhance their own projects. Fast deployment and lightning-fast usability are available to DEXs for Cardano native assets, thanks to Adaswap usage of Milkomeda. Designed specifically for the Cardano ecosystem and the native currencies released on this network, AdaSwap is the next-generation high-throughput decentralized exchange (DEX).

Since they were the first to market, Adaswap has a leg up on the competition when it comes to building an ecosystem around the Cardano blockchain. In the wake of its introduction, it could significantly impact DeFi and DEX narratives. Cardano and Milkomeda’s potential will be on display in these industries, enabling users to sample what they offer. Through the AdaSwap DEX, it will be easier to trade tokens, as well as to create, purchase, and sell NFTs. Cardano users will also be able to start new projects and invest in liquidity pools to earn fees.

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Written By: Michael Abadha

Michael is a self-taught financial markets analyst, who specializes in analysis of equities, forex and crypto markets. He draws his inspiration from the fact that markets provide an interface through which the world interacts in search of a better tomorrow.