Dozens of VCs and angel investors are putting their money into the developing DEX of AdaSwap. It will have a DeFi integration and an NFT market.
First DeFi protocol, AdaSwap has just received $2.6 million to build a new decentralised exchange (DEX) for Cardano. It was led by iAngels, a female-led Venture Capital group that comprises Shima Capital, Pluto Digital, and Coti, among other famous VCs.
Gal Gadot, an actress, model, and producer, took part in the round, as did Jaron Varsano, another producer.
It is possible to trade Cardano tokens and stablecoins without relying on centralised trading platforms like Coinbase or Bitfinex. According to Ethereum’s most popular decentralised trading platform, Uniswap, the goal of this new platform would be similar.
A proposed NFT marketplace will “operate hand in glove” with the platform and other AdaSwap protocols. There are claims that the DEX will include some of the Defi features, such as coin staking and interest from liquidity pools with long-term and high-yield interest rates.
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Many of the functions of the DEX ecosystem will be made possible by the use of a local crypto currency. On the DEX, this token may be freely exchanged for other tokens and no fees apply while using it in transactions.
Because they believe DeFi would give “financial freedom and democratization to the masses” the iAngels team declared that they invested in the platform.
AdaSwap Co-Founder Itay Levy in a statement:
“This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world. The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds.”
According to market monitors like CoinMarketCap and CoinGecko, AdaSwap does not currently have a price. If you look at the market value of Cardano’s native token (ADA), it now sits at $30 billion.
Cardano introduced smart contracts to its platform in September. Although the price of ADA has not fared well since its activation, they significantly extend the possibilities of Cardano and allow for DeFi applications like those given by AdaSwap to be implemented.
As per AdaSwap, that’s the first marketplace of its kind that will provide handpicked collections from well-known artists for sale on Cardano. AdaSwap plans to establish a Cardano ecosystem around these Defi services and make it possible for others to build on top of it.