Cardano Prepares for Next Major DEX Launch After SundaeSwap• February 19, 2022 1:41 pm • Comments
The Cardano network has recently displayed incredible growth with the previous SundaeSwap launch indicating high demand from users and the number of Cardano wallet addresses reaching record high levels.
To keep this momentum going, the Cardano development team has laid out a roadmap on upcoming projects that are being worked on now and a few that will be launched soon.
The projects are of a wide variety which involve things like having multiple smart contract protocols, multiple DEXs, and lending or borrowing protocols.
IOHK, the company behind Cardano, has stated that they believe the progress that is being made now will allow Cardano to truly take advantage of a number of growing use cases and allow the network to truly scale.
For Cardano fans and investors, one of the projects that was shared which caught the most attention was the launch other DEXs.
— |POWER| Stake Pool (@Power_cardano) February 14, 2022
The project which grabbed eyeballs was OccamX, a decentralized exchange (DEX) that has been prepared for a launch this month.
Along with the DEX, a native token called OCX will also be launched which is going to serve as the incentive unit powering in-ecosystem agent interaction.
However, of the 100 million OCX in circulation only 30% will be released to the community with 50% set aside for future use, and the remaining 20% is planned to remain with the Occam team.
Finally another AMM – DEX built on the Cardano network called the DOEX announced that they were getting closer to launching their testnet within a few days.
The growth of DEXes on the blockchain will certainly serve as healthy competition to the blockchain’s most successful DEX SundaeSwap.
Since its launch last month, the protocol has managed to rise by 185% currently holding $124.5 million in total value.
Besides DEXs, other things that are happening include the release of Cardano’s first ever stable coin called Djed.
The stable coin is issued by Coti and is possible through a collaboration with a decentralized lending and borrowing protocol called Paribus.
New wallet applications are also being made and developed in a way where they can easily integrated with the decentralized applications that are being built on the blockchain network today.
The founder of Cardano has not made any recent comments about the ongoing developments so far, but it seems that the direction that the Cardano network is taking is just as the founders had hoped for.
Waking up to this super exciting annoucement! 😍 Coti's ADA Pay will be offered for African retailers & merchants connected to the World Mobile network. They are also working on ways to integrate DJED stablecoin into the #WorldMobile Ecosystem 🙌$WMT #Coti #Cardano $ADA $DJED https://t.co/yZP4s5iLkN
— Outback Earth Nodes (@outbackwmt) February 17, 2022
Although the creator of Cardano Charles Hoskinson had nothing to say about the myriad of developments, his ideals certainly sit in line with the direction the development team has taken.
Just today the Cardano Foundation onboarded the current CEO of SBI Digital Asset Holdings, Fernando Luis Vázquez Cao to its Board of Directors.
Fernando is set to help and guide the team towards their goal of de-risking decentralization for the regulators and organizations to provide opportunities for those who plan at bringing positive global impact.
So far, investor sentiment in Cardano has continued to be positive as the blockchain shows promising network and fundamental growth even in the midst of a market slump which started earlier this year.
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