Charles Hoskinson’s Cardano (ADA) is one of the most popular and sought after projects in the entire cryptocurrency and blockchain sector. At the moment, Cardano is listed as the sixth biggest cryptocurrency by market capitalization and it has been a part of the top ten cryptocurrencies list for a long time now.
As part of its ongoing commitment toward offering the best services and products, Cardano’s blockchain has numerous aspects and protocols that can be observed, but one particular feature shall be discussed in detail within this article, namely the decentralized exchange (DEX) known as Cardax.
What is Cardax?
Cardax is promoting itself as the Cardano blockchain’s secure and dependable decentralised exchange. Cardax shall thus support the trading of ADA tokens for any Cardano native token, as well as the trading of one Cardano native token for another inside the same transaction, and providing liquidity-sensitive automatic pricing via the EAMM protocol. Moreover, Cardax has won ‘Project Catalyst’ not once, but twice. This is the Cardano innovation fund which involves the community voting for various projects.
It’s worth noting that Cardax’s team collaborates extensively with Duncan Coutts‘ renowned Well-Typed team. Coutts began working with IOHK back in 2016 and was one of the first people to be associated with Cardano itself. He and his team are thus put in charge of the project’s overall outline. Cardax also works with Mlabs. This dedicated team is working on many dApps (decentralised applications) for the Cardano network.
IOHK also provides Cardax assistance in a variety of ways. Charles Hoskinson created IOHK, one of the world’s leading blockchain infrastructure research and engineering firms, which offers Cardax with technical as well as strategic input on a frequent basis. In summary, the Cardax team possesses a wealth of technical experience and is supported by a plethora of blockchain, Haskell, Cardan and Plutus specialists to create a highly secure and simple to utilize decentralised exchange for Cardano’s respective ecosystem.
Apart from the aforementioned collaboration with Coutts, Cardax also works alongside MLabs. In the past, MLabs Haskell developers were routinely chosen to work on the private testnet with the IOHK Plutus delivery team. Moreover, MLabs Consulting has substantial experience in both the fintech as well payments industries. Its clients include but are not limited to Tillit and Juspay, which are B2B and B2C payment firms based in Europe and India. Additionally, these developers have agreed to teach various other Haskell developers and provide open source decentralised finance tools in order to make Cardano DeFi development accessible to a variety of non-Haskell developers.
There is also the partnership with Tweag, which is a software innovation lab focused on Haskell development for finance platforms and applications. They are well renowned for their efforts on Cardano’s Plutus platform’s design and architecture. They would hence almost certainly be responsible for auditing the code in order to ensure a safe DEX for all prospective users. Lastly, IOHK is a partner as well.
Accomplishments and future goals
In terms of previous accomplishments, Cardax was able to collaborate with the most capable and experienced Haskell and Cardano developers and advisors, as well as successfully list various projects and their currencies, such as Blockademia. Furthermore, Cardax was able to get $9 million in public investment in order to expand the platform on Cardano, and it has a large following on Discord as well as Twitter. It is also worth mentioning that Cardax has yet to receive any venture capitalist funds, as the money instead comes from the Cardano community. This helps set Cardax apart from its competitors and provides empowerment to the community which would hence play a more prominent role in the project.
Regarding its future objectives, Cardax is actively working toward the introduction of the DEX, as well as exploring the feasibility of its own stablecoin on the decentralised exchange. It will also begin work on DEX 2.0, which will provide a superior user experience.
CEO name: Ryan Morrison
Company: Cardax B.V.
Country: The Netherlands
Address: De Entree 232, 1101 EE Amsterdam