thenewscrypto.com
AdaSwap, a Cardano ecosystem builder supporting Cardano’s first decentralized exchange sponsored by Gal Gadot and Shima Capital, is preparing to deploy its testnet on June 29, the day of its official debut. Using the Ethereum Virtual Machine capabilities makes AdaSwap the first to debut on the Milkomeda Network.
Over the last several months, the AdaSwap team has been working hard to create the first decentralized exchange for the Cardano ecosystem. AdaSwap’s testnet debut is a significant moment for the Cardano ecosystem.
The Milkomedia Network is also one of AdaSwap’s initial targets. In this layer-2 protocol, Ethereum Virtual Machine (EVM) functionalities may be delivered to blockchains that are not EVM-compatible. Building complicated and more prominent goods and services are made more accessible by this expansion of Cardano’s capability.
AdaSwap’s exploration into Milkomeda makes sense since the Layer-2 solution currently represents approximately $36 million in TVL. Cardano’s first functional sidechain piqued developers’ curiosity, who wanted to use it to enhance their projects.
AdaSwap CEO Itai Levi stated:
“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, the eighth-largest cryptocurrency by market value, is still in the early stages of development for its DeFi and DEX ecosystem. In the wake of AdaSwap’s introduction, Cardano and Milkomeda’s potential in these industries will be brought to light.
AdaSwap is a high-throughput decentralized exchange (DEX) designed specifically for the Cardano ecosystem and its native tokens. In order to assist more people in developing on and utilizing the Cardano blockchain, the project has a considerable first-mover advantage.