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- Cardano is now getting its own uniswap as the ecosystem mature and compete with rival Ethereum
- The founder of the $ 10 billion deVere Group also predicted that Cardanos ADA will soar at record highs
Ethereum is the king of decentralized finance (DeFi), that much is beyond question. One of the main drivers of this growth is a single platform: Uniswap. Cardano has the ambitious goal of overthrowing Ethereum, and in a significant move it will get its own uniswap.
2020 was the year of DeFi, because this innovative sector is revolutionizing the entire financial world. Uniswap was the main driver and, at one point, larger than all of the other DeFi platforms combined, with $ 2 billion in blocked (TVL). Since launching in November 2018, it has now generated over $ 1 billion in fees.
Therefore, every so-called Ethereum killer must first have his own version of Uniswap. Cardaswap DEX started with the ambitious goal of doing this for Cardano.
The platform announced today will serve as an automated market maker for Cardano. It wants to enable all customers to provide liquidity in the liquidity pool for others to exchange their native tokens.
A Cardano utility token, but on Ethereum
As per the announcement, Cardaswap will have its own utility token, $ CADA. And while Cardano wants to compete with Ethereum, $ CADA will be built on top of Ethereum, as Cardano has not yet integrated all of the functions required for such a token. $ CADA “will later be bridged to the Cardano blockchain after the successful completion of the Alonzo hard fork”.
The announcement states, “Holders of $ CADA can save money and pay less fees, use their LP tokens to farm $ CADA, and also use $ CADA for exclusive airdrops, while it is also a native token that does enables customers to trade in multi-assets such as ADA and other custom tokens. “
Cardaswap plans to launch its AMM exchange by the end of the third quarter of this year and immediately begin its listing process on exchanges such as Huobi and GATE. The platform is also working on an NFT marketplace through December, which will allow customers to coin and trade NFTs. As the Cardano network continues to add functionalities to its blockchain, customers can expect further innovative functions on the Cardaswap protocol in addition to fluidity in operation.
Cardano’s ADA token has soared in recent weeks, repeating the surge that made it the hottest coin earlier in the year. ADA is getting closer to the $ 3 milestone and is up 9.5% in the past few days.
Nigel Green, the founder of the multinational investment and finance firm deVere Group, is one of those who is convinced that ADA will be the driving force in the fight for the supremacy of cryptocurrencies. Speaking to Forbes, Green, whose company manages $ 10 billion for over 80,000 customers, said:
“Cardano is now just behind the big pikes Bitcoin and Ethereum. I believe the Cardano price will hit an all-time high of more than $ 3 next month. “