VCs and angel investors have backed AdaSwap’s developing digital exchange. In addition to the DeFi integration, it will also include an NFT marketplace.
A new decentralized exchange (DEX) native to Cardano, AdaSwap – one of Cardano’s first decentralized finance (DeFi) protocols – has recently raised $2.6M to develop the protocol. iAngels – an equity funding firm led by a female executive – was joined by nine other top VCs, including Shima Capital, Pluto Digital, and Coti.
Gal Gadot, the actress and model, as well as Jaron Varsano, participated as well.
Explaining the AdaSwap DEX
Cardano native tokens and stablecoins can be traded on the AdaSwap DEX instead of centralized exchanges. It uses Uniswap’s functionality, which is the most popular decentralized exchange on Ethereum by trade volume at the moment.
CryptoPotato has been told that AdaSwap will be used in tandem with some of AdaSwap’s other protocols, including an upcoming NFT market. There are also reports that the DEX will offer Defi capabilities, such as staked coins and earning interest from liquidity pools that provide “long term” and “high yield” returns.
ASW, DEX’s native crypto token, will be used to power various functions in the ecosystem. In addition to being freely exchangeable for other tokens on the DEX, transactions made with this token will be fee-free.
According to an iAngels spokesperson, they invested in AdaSwap because of their belief that DeFi will be a cause of financial freedom and democratization to the masses. As of late, Gadot and Varsano decided to invest in the crypto space and called it an “exciting opportunity.”
“This is one of our first and most important achievements toward creating a new financial ecosystem, which will have a profound effect on our society,” said AdaSwap cofounder Itay Levy in a statement. We are excited to have the best investors supporting our project from both the technical and commercial sides.”
A price for AdaSwap is currently unavailable on price trackers like CoinMarketCap and CoinGecko. However, the native cryptocurrency of Cardano is currently the 9th largest crypto, with a market cap of $30 billion.
Cardano launched a smart contract platform in September. ADA has been at a loss since their activation, but their technology extends Cardano’s capabilities and allows for DeFi applications like those offered by AdaSwap.
Chainlink and IOHK have been working on the integration of Oracle data with Cardano’s smart contracts systems for months.