ADAX is a decentralized and non-custodial automated liquidity protocol that supports trading within the Cardano ecosystem. ADAX does not have an order book; the cryptocurrency aims to eliminate all intermediaries, complexity, and time-consuming procedures from the equation.
It gives users complete freedom to trade without censorship or losing ownership over their assets. Users maintain complete ownership over their tokens and are not obliged to give up their private keys for their orders to be registered on a centralized exchange.
ERC20 converter is a tool that Token issuers (organizations that want to migrate their tokens to Cardano) and their users (token holders) can utilize to migrate their ERC20 tokens to the Cardano network. The network allows users to convert their Ethereum tokens with a few clicks. Once transferred, these tokens will be ‘translated’ into a unique native token on Cardano with the same value and functionality as an ERC20.
Cardano supports two-way convertibility, so users may burn their Cardano to move their tokens back to the source network if they wish to do so later. Cryptocurrency burning occurs when a fraction of tokens are transmitted to a wallet with no private key.
Cardano is widely expected to become the next standard-setter in the world of cryptocurrencies. Traders realize the network’s ability to threaten the crypto world’s embedded status quo of monopolistic and bureaucratic power structures.
The ADAX protocol is meant to be light and quick, with a decentralized pricing mechanism that smoothes out the depth of the order book. ADAX has a staff with a proven track record of success in numerous cryptocurrency businesses. ADAX enhances the Cardano network’s benefits by bringing in-depth knowledge, know-how, and best industry practices.
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Cardano was founded in 2017 by Charles Hoskinson, co-founder of Ethereum, and Jeremy Wood. The network is developed by Input Output Hong Kong (IOHK). The native coin of the blockchain, ADA, powers network transactions and is equivalent to ether on the Ethereum network. It is well-known for its steady and methodical development approach.
Cardano has thrived in recent development updates, allowing decentralized applications (DApps) and the expansion of decentralized finance (DeFi) on its network. The network’s advantages — high throughput and cheap costs — suggest that it may be a perfect testing ground for DeFi.
Timo Trippler founded ADAX and has served as CEO since its inception in June 2021. Trippler is a skilled entrepreneur with a background in FinTech and InsurTech. He is an ICO Advisor with an amazing track record of successful ICO ventures. He is also a financial market and risk management specialist. He has been working in the blockchain business since 2015, providing strategic and marketing advice.
The rest of the ADAX team consists of experienced crypto industry experts that have opted to apply their ETH knowledge to the Cardano ecosystem. Dovydas Petkeviius (CMO), Murad Sharifli (Head of Post Sales), Muhammad Furqan (CTO), Domas Dilnas (Growth Specialist), David Widmann & Mate Tokay (Strategic Advisors), and Arturas Svirskis (Business Advisor) are among the members of this cohort.
ADAX Core features and Partnerships
ADAX has multiple features that set it apart from its competitors on other cryptocurrency networks. These features include an ERC-20 token converter, a distinct type of liquidity pool architecture, and social sentiment analysis. Here’s an overview of the features:
- Social Sentiment Trading Tool
- ERC20 token converter
- Seamless Wallet Integrations
- Deep Liquidity Pools
ADAX is a fully decentralized service that provides customers with a Cardano ERC-20 converter and the native ADAX currency. This provides a seamless cross-chain experience.
ADAX has partnered with stockgeist.AI to allow traders to evaluate their investments based on shifting social sentiment indicators. Using data from social media analytics, traders will be able to discover which tokens are popular.
The liquidity pools on ADAX are unique in that they do not suffer from the all-too-common problem of low liquidity compared to many competitors. Liquidity pools on several DEXs are based on fluctuating ratios. This might result in temporary losses in low-volume assets, often undermining the rewards gained by liquidity providers.
The Cardano community reacted enthusiastically to the ADAX liquidity protocol. The ADAX DEX had an extremely successful initial exchange offering (IEO) on ExMarkets and an oversubscribed private selling round. 14 million ADAX tokens were sold for 0.30 USDT apiece at the IEO.
Since ADAX follows the AMM concept, it does not require order books. According to the team, its liquidity pool concept lowers temporary loss. Another significant feature of the ADAX exchange is that all ADAX exchange fees are directed directly to liquidity pools. There are no network charges.
The ADAX team also formed alliances with Charli3 and BlackDragon. It also got backing from some of the most prominent crypto players, like Roger Ver and Mate Tokey (a co-founder of Bitcoin.com).
ADAX aspires to be the ultimate unified swap on the Cardano network, integrating numerous crypto wallets. The DEX will fully support Yoroi and GeroWallet, and numerous API-based interfaces will be added in the future.
How does it work?
The ADAX employs an AMM concept similar to that of Uniswap. Instead of utilizing order books to match buyers and sellers, dealers use smart contracts to execute trades. Stable liquidity pools provide liquidity for these smart contracts. These pools use decentralized pricing algorithms to balance the order book depth.
ADAX is comparable to other AMMs in most ways, but its richness stems from the supplementary functions it provides. This includes, as previously stated, the social sentiment analysis and the ERC-20 token converter. Not to mention the fact that it runs on Cardano, a more performant blockchain network.
Why Should You Use Cardano?
Because the ADAX DEX is based on Cardano, it promises to offer cheaper costs than Ethereum exchanges. Furthermore, the platform will benefit from faster transaction speeds and better throughput.
Ethereum-based decentralized apps (dApps) use ETH as the currency for transaction fees. Despite being the second-largest cryptocurrency by market capitalization, ETH is still volatile, with prices fluctuating more than gold or traditional stocks, as is the characteristic of the crypto market. However, ETH’s price is rather steady when compared to low-cap cryptocurrencies. As a result, ETH is in great demand because most dApps host their platforms on Ethereum and require ETH to engage with.
Cardano (ADA), the third-largest cryptocurrency by market cap, is now firmly established as a top-five cryptocurrency. The developing Cardano community is large, diversified, and enthusiastic about the project. The price performance of ADA in recent months appears to reflect this.
How Can I Buy ADAX?
Since ADAX is based on the Cardano blockchain, there aren’t many exchanges currently to purchase the ADAX token. At the moment, ADAX is exclusively accessible on the ExMarkets market. However, it is expected to be listed on more exchanges shortly.
Many other DEXs experienced exponential growth in their early months. However, the market is no longer what it was a few months ago. DEX will be as profitable as they have been in the past. However, the acceptance of the ADAX platform is highly dependent on the success of Cardano.