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Cardano Ecosystem Builder AdaSwap Launches Its Public Testnet
NEWS RELEASE BY AdaSwap
Tel Aviv, Israel | June 29, 2022 09:00 AM, Eastern
Adaswap, the ecosystem builder facilitating one of Cardano's first decentralized exchange backed by Gal Gadot and Shima Capital, prepares to launch its testnet on June 29. It makes AdaSwap one of the first to launch on the Milkomeda Network to tap into Ethereum Virtual Machine capabilities.
AdaSwap's team has been building the first decentralized exchange for the Cardano ecosystem over the past few months. The project's testnet launch marks a crucial milestone for AdaSwap and the broader Cardano ecosystem.
Moreover, AdaSwap is one of the first movers to explore the Milkomedia Network. With the help of this layer-2 protocol, builders can deliver Ethereum Virtual Machine (EVM) capabilities to blockchains that are not EVM-compatible. It extends the functionality of the Cardano ecosystem and allows for building more prominent and more complex products and services.
Exploring Milkomeda makes sense for Adawap, as the Layer-2 solution represents over $36 million in Total Value Locked (TVL) today. Developers have shown a keen interest in Cardano's first functional sidechain and bringing more functionality to their communities.
AdaSwap CEO Itai Levi comments:
"Deploying on Milkomeda has allowed Adaswap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can't wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem. We're also looking forward to the blockchain interoperability benefits that Milkomeda will offer."
Cardano is the eighth-largest cryptocurrency by market cap, yet its DeFi and DEX ecosystem are still in the early development stage. The launch of AdaSwap will change that narrative for the better and illustrate the potential of Cardano and Milkomeda in these industry verticals.
AdaSwap is the up-and-coming high-throughput decentralized exchange (DEX) tailor-made for the Cardano ecosystem and native tokens issued on this network. The project holds a significant firstmover advantage to create a micro-ecosystem to help more people build on and use the Cardano blockchain.
AdaSwap is an ecosystem builder aiming to create the first decentralized exchange on the Cardano network. The AdaSwap DEX will make it easy to swap cryptocurrency tokens, create, buy and sell NFTs, launch new projects and stake funds in liquidity pools to earn fees on the Cardano blockchain.
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