Cardano-powered decentralized exchange (DEX), ADAX, an automated liquidity protocol that facilitates trades within the Cardano ecosystem in a completely decentralized and non-custodial manner, is now live on the mainnet.
The new development was announced by the team behind the project via Twitter on 30th January.
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ADAX team tweeted, “ADAX crossed the finish line. We’re making meaningful contributions to the Cardano ecosystem and delivering on long-held promises – ADAX DEX v1.0 is now LIVE on the MAIN-NET!”
Regarding the congestion on the Cardano network, the team says 90 nodes have been deployed so far to help reduce delays.
On the official website, the team wrote, “Cardano network is experiencing congestion. We have deployed 90 nodes so far to help reduce delays to best of our ability. Thank you for your patience and welcome to ADAX.”
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A few minutes into ADAX mainnet launch announcement, COTI and ADAX announced a partnership that will integrate Djed, an algorithmic stablecoin for Cardano that is issued by COTI, into the decentralized exchange ADAX and CEX platforms.
This development is expected to bring about a boost in liquidity. Djed stablecoin will also be able to participate in trading assets via liquidity pools, ADAX pairs, and lots more.
ADAX team tweeted, “We are pleased to announce a partnership with COTI. Integrating Djed into the ADAX DEX and CEX platforms will enable increased liquidity and Djed’s participation in trading assets through liquidity pools, ADAX pairs, and more.”
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In a blog post, it’s said that it would be “COTI’s responsibility to publish the smart contracts for the stablecoin as well as engage with funds, enterprises, developers, and others who wish to mint both the stablecoin and the reserve coin used as part of the pegging algorithm.”
Mr. Dovydas, ADAX.PRO CMO, also said:
“The partnership between ADAX and COTI, Djed’s issuer, was long overdue but is very well timed. Having a stable coin introduced for the Cardano ecosystem is a fundamental part of any blockchain. We are delighted to be part of this journey and to have the opportunity to implement DJED on our platforms, both the DEX and the CEX. Our collaboration will potentially go beyond these initial steps and we look forward to what lies ahead.”
It’s further stated in the blog post that the partnership is seen as a necessary step in ensuring that Djed stablecoin is adequately utilized once it goes live.
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