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CanonX.Finance launches incubator platform for DeFi projects launching on Cardano


www.cryptoninjas.net 11 November 2021 23:41, UTC
Reading time: ~2 m

CanonX.Finance, a Cardano blockchain project accelerator & fundraising platform is now launching.

The Cardano Alonzo Hard Fork is ushering in the age of DeFi and smart contracts for the Cardano blockchain. For the first time, developers can use Cardano to build dApps, DeFi platforms, and non-fungible tokens.

Some of the main areas of support that CanonX provides will include DEX development, a borrowing/ lending platform, and oracle integration. The new era of DeFi is coming, and CanonX is at the ground level supporting those projects on Cardano.

Early-stage companies launching on Cardano are choosing the blockchain over others for many reasons, those include:

  • Security: Cardano’s Proof-of-Stake is known for security with over 70% of all ADA tokens staked.
  • Multiple Layers: Scalability is limitless on Cardano with quick settlement for transactions.

4-part Ecosystem

Geared to upport DeFi projects launching on Cardano, CanonX is comprised of a four-part ecosystem that includes creating value behind IDO projects, DEX development, a lending/borrowing platform, and oracle integration for reliable off-chain data feeds to execute on-chain transactions.

Some of the main features of CanonX include:

  • Launchpad: Tapping into the millions of Cardano token holders worldwide, the Launchpad will help early-stage companies receive the capital they need.
  • CanonDEX: This decentralized DEX will support ADA through price feed transactions, market displays, and decentralized lending.
  • Money Market: A borrowing and lending platform on which decentralized assets can be used as collateral for loans.
  • Tech Services: CanonX oracles offer a unified general data protocol across transactions so that there is consistency in the way off-chain data is being fed on-chain.

$Canon Token

The CANON token is the utility asset that will power the CanonX IDO protocol platform and also allow holders to support their favorite projects by giving liquidity while receiving rewards. That will allow you, as a token holder to actively engage in the shaping of the DeFi landscape.

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