AdaSwap, one of the first decentralized protocols on Cardano, the largest proof-of-stake (PoS) blockchain, is on the verge of releasing its token on an IDO launchpad.
As reported by U.Today, AdaSwap, a non-custodial crypto exchange on the Cardano blockchain, has announced its first token sale.
According to the report, ASW, AdaSwap’s core native utility token, will be released to the public on CardStarter, a Cardano-based decentralized accelerator and swapping platform.
For the token sale, AdaSwap is allocating 80 million tokens, with the initial token sale price set at $0.005, making the hard-cap for the initial decentralized exchange offering (IDO) stand at $400,000.
Reacting to the notable height attained, CEO of AdaSwap, Itay Levy, said:
“A launchpad is a very important starting point for the lifecycle of any project, it establishes the base for which strong beams must be built upon. At AdaSwap, we have chosen the best launchpad for the strongest of bases. We are really excited to be working with CardStarter in order to bring AdaSwap to the world!”
COO of Cardstarter, Brandon Kazakoff, is also optimistic of the importance of AdaSwap’s IDO for the Cardano’s DeFi ecosystem:
“In order for the potential of the Cardano ecosystem to be realized, concrete realities must be brought into alignment with the Cardano ethos. It is incumbent on all those who share this ethos to extend our support to the builders, creators, and projects working to lay down the infrastructure of decentralized finance on Cardano.
“I believe that ADAswap has an important role to play in this regard. The ecosystem is rapidly taking shape, and I am more confident than ever that the future of DeFi is bright, close at hand, and built on Cardano.”