Liquidity protocol ADAX launched on Cardano mainnet, several dApps in pipeline
Blockchain network Cardano is hitting back at criticism for its lack of development activity since smart contract integration was first launched last year. This is not through words, but an acceleration in decentralized application (dApp) development on the platform.
The latest to join Cardano’s DeFi ecosystem is ADAX, as the decentralized exchange announced its mainnet launch on Sunday.
ADAX is a Cardano-based automated liquidity protocol that facilitates non-custodial and censorship-resistant trades within the network’s ecosystem. ADAX has joined SundaeSwap and MueseliSwap as being one of the first DEXs to launch on Cardano.
These developments have come merely a month after criticism against the network for being a “ghost chain” had begun to mount up severely. This is due to its continued delays in beginning the dApp roll-out, even months after the highly anticipated Alonzo hardfork had brought smart contracts to the platform.
Cardano founder Charles Hoskinson had also addressed the FUD on multiple occasions, urging users to sit tight while a detailed testing and auditing process for the same is carried out. For instance, in a personal blog he had argued:
“We’ve always chosen a systematic, patient, and refined process that moves publication by publication, release by release instead of chasing hype and the latest cycle.”
His jibes on haters have not always been this subtle, however, as highlighted by this dated tweet:
Nevertheless, Cardano’s ecosystem has grown exponentially since then, with a number of promising protocols currently at various stages of development. Cardano’s development arm IOHK highlighted the same in a recent tweet thread, and it was evident that DEXes are at the forefront of this expansion.
For instance, Cardano’s first multi-pool DEX MinSwap went live on the testnet just last week. It has been accompanied by similar protocols such as CardaxDEX and GeniusYield, both of which are at varying stages of development. MueseliSwap on the other hand, being the first DEX to be launched on the platform, has begun to gain enough traction to be listed on CoinMarketCap.
Both GeniusYield and MuseliSwap have even entered a partnership in order to facilitate interoperability and understanding between various protocols. Apart from DEXes, those contributing to the ecosystem’s growth include Flint and Typhon wallets, both of which are now available for use.
This is not to say that the rollout has been free of hurdles. It is quite the opposite in fact.
For starters, DEXes CardStarter and SundaeSwap are both engaged in a long-drawn and very public feud at the moment, which could play against the network’s credibility.
SundaeSwap’s own troubles have also been of interest. Its much-anticipated rollout last month turned embarrassing when it was marred with severe congestion issues and failed transactions due to unexpectedly high demand.
This brought Cardano’s own ability to increase its throughput and accommodate the growing ecosystem into question. However, the network has responded to this by focusing its efforts on increasing scalability in the ongoing Bashon phase. Scaling operations will include an increase in block size and Plutus script enhancements among other developments.