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DOEX Network Set to Become Cardano’s First DEX

Cryptocurrency Nov 18, 2021 04:00AM ET
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DOEX Network Set to Become Cardano’s First DEX

  • DOEX aims to become the first Cardano Blockchain-based DEX.
  • Cardano keeps developing its platform overtime.

Cardano (ADA) is one of the digital assets in the crypto space that never stops developing its network. As a result, the crypto is now considered one of the solid networks in the crypto world. Currently, DOEX, a platform that enables users to keep control of their assets, is now developing its system to become the first Cardano Blockchain-based DEX. In addition, the DOEX DEX, based on its road map, is scheduled to launch by the end of the year.

DOEX team further explained:

Our vision is to become the first Cardano-based DEX,ensuring interoperability across chains and allow for the seamless swap of tokens both on the Cardano blockchain and other ones like Ethereum via a fool-proof bridge or converter. This is part of our extended vision of laying a solid background for extended business and expansion opportunities. Our long-term objective is to be the one-stop-shop for DeFi services on the Cardano blockchain, including but not limited to, staking and asset management.

Furthermore, decentralized exchange (DEX) allows trustless parties to carry out financial transactions with the use of smart contracts. With this, users can be sure that all transactions are safe and decentralized. What’s more, participants that provide liquidity to perform various operations on DEX are rewarded in return.

On the other hand, Cardano is still on its way to running along with the biggest networks in terms of blockchain DEX wallet activity. Based on DappRadar data, the clear winner is Ethereum with 3447, TRON with 1665, and EOS with more than 750. Also, Ethereum is the dominant protocol, holding 64% of the total daily active unique wallet activity, with daily active unique wallets growing 48% from 2019 to 2020.

However, Cardano remains to be a very active crypto network in terms of platform enhancements. Through this, we can say that ADA can catch up with these networks sooner than expected.

Continue reading on CoinQuora

DOEX Network Set to Become Cardano’s First DEX
 

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