Cardano DEX – SundaeSwap Launches on public testnet, ADA yet to react.

  • Cardano-based AMM protocol SundaeSwap announces the launch of its public testnet.
  • The protocol is now open for users to try out and report bugs. 

SundaeSwap, an automated market maker (AMM) protocol on Cardano has launched its public testnet today. With the debut, the platform is now open for users to try out on an experimental basis, with test tokens.

Before the launch, the SundaeSwap team emphasized that the testnet would help the DeFi protocol in several ways. Most significantly, it would help to identify any bugs that will arise from being used by thousands of users at once. It will also help identify any unanticipated situations that may come up for the brand new platform. To collect information on bugs users encounter, a form has been provided for testers to fill.

Additionally, SundaeSwap highlights that the testnet will provide a safe playground for the would-be users of the platform to learn the ins and outs of using the new protocol. The testnet will also let the protocol bring on stake pool operators gradually as well as allow the platform to tweak its parameters as required.

IOHK continues to support Cardano-based projects

SundaeSwap is one of the most anticipated projects building on Cardano. Before they announced the testnet going live, IOHK also stated that it was looking forward to the launch and was collaborating with the team to make sure all goes as planned.

IOHK explained that the testnet is intended to put the Cardano network through a stress test so it can “monitor and analyze the current network parameter settings.” It advises users to expect congestion and bugs on the testnet. But assures that all bugs and issues that come up on the testnet will be resolved swiftly before the time for mainnet arrives.

Cardano has also stated that it is committed to moving gradually with building out the blockchain. The network is known for its methodical approach to introducing new features to avoid errors. However, Cardano also emphasized flexibility and high resilience as some of its foundational tenets.

Other highly anticipated projects are being built on Cardano

The Cardano ecosystem is poised for an explosion of projects that will launch on it in the future. This has been shown in increasing on-chain activity that was marked by the blockchain crossing 1 million stake pool delegators. 

In November, Cardano was the third most actively developed blockchain having recorded 118 GitHub commits for the network. Some of the projects that are highly anticipated at the moment include Ardana which is a decentralized stablecoin hub that will bring the necessary DeFi capabilities to the Cardano network. Empawa, which is described as a RealFi project, is billed to also be another exciting project being built on the biggest PoS blockchain. 

However, the price of ADA is yet to react to the announcement from SundaeSwap. On the day, ADA is down around 1.5%, currently trading at $1.337. In the last 30 days, ADA is down around 30% as well.

Source: Zycrypto

Ardana Upcoming Token Sale Opens Early Registration – Oct. 14

Ardana — the on-chain asset-backed stablecoin protocol and DEX stable asset liquidity pool built on Cardano has some big news. It is rewarding its community by opening its doors to an early token sale. The project seeks to boost inclusion by putting all Ardana fans on the same playing field.

Thus, on October 14, at 2 pm UTC, Ardana is opening registration for a future public sale. The registration will be capped to 2,000 registrants, with a limit of $500. To emphasize, this milestone is taking place ahead of the token launch in mid-November.

What is Ardana?

Ardana is a unique protocol that focuses on the facility and use of asset-backed stablecoins for its users to develop the Cardano economy. The protocol allows users to leverage their ADA and use it for minting, staking, earning, and lending.

In addition, the DEX enables users to trade and swaps safely and economically. It also brings low risk and high yield opportunities to its liquidity providers.

  • Ardana facilitates the borrowing of stablecoins against locked collateral
  • It leverages Cardano’s security, stability, and speed
  • It ensures users holdings preserve their value while protecting against volatility inherent in cryptos
  • Its native stablecoin is pegged against the USD for stability

The particulars of the DANA sale

The objective of the sale is twofold. Firstly, it raises funds for the next level of development in the push towards DANA. Secondly, it offers a fair sale with lower entry barriers so that all participants may become stakeholders in the native DANA token — a Cardano CNT token.

Once users have registered, the next step of this significant event will take place on October 28, at 2:00 pm UTC. At first, 30% of all tokens will be released in the first stage. Next, a further 30% will come out a month later.

Finally, the last 40% will be available in the month after. Moreover, the token price is a mere $0.60. Also, a variety of tokens will be accepted in exchange, including USDT, USDC, ETH (ERC-20 vs Metamask/cold wallets only).

The sale is open for international participants, except for U.S residents and citizens. All those who register will need to work through the KYC process in order to prove their identity, and the sale will take place here.

Once participants buy the native DANA token, of which there is a cap of 1,666,666 DANA, they will need to store it in a Cardano wallet. This is considered safer than storing them in an exchange, which is hackable as history has shown. Users can find full instructions on how to set up a Cardano wallet here.

Democratizing Ardana for the community

To give its community a fair chance at governance and stakeholding, Ardana has decided to make the sale as inclusive as possible by:

  • Implementing a low maximum contribution threshold to prevent significant funds from swooping in and taking a substantial allocation, i.e. no whales
  • Ensuring all members of the community have a fair chance to participate by running this sale
  • Lastly, the purchase price of the tokens will be minimal

There will be a further token sale through the Occam launchpad for those participants unable to secure pre-registration. Community members are encouraged to be ready for the first token sale by setting up their Cardano wallet, registering on October 14, and awaiting the sale on October 28.

$ASTRO Gains 210x ROI Just Hours After AstroSwap’s IDO Opened. Trading Frenzy Intensifies

The recent IDO for AstroSwap, the interstellar DEX for Cardano, has been a tremendous success. Not only did the tokens fly off the proverbial shelves, but the price is skyrocketing. Currently at 210x ROI, one has to wonder what will happen next for $ASTRO or what galaxy it will stop in.

AstroSwap’s $ASTRO Is A Hot Commodity.

Token Generation Events and IDOs tend to attract a lot of speculative attention in the cryptocurrency space. Investors will buy tokens at low prices and look for a quick 10x 20x before cashing out and moving on. However, in the case of AstroSwap‘s $ASTRO IDO, selling early was a grave mistake. After noting strong support during the token sale – and a massive oversubscription – investors had to look to secondary markets to get their hands on the native token.

That buying frenzy has given rise to spectacular value appreciation for $ASTRO. The initial 10x and 20x occurred as expected, yet the rally has kept on going. Even today, the momentum isn’t over yet, and $ASTRO sits at a comfortable 210x ROI. A stellar performance by the interstellar DEX on Cardano and reaching a 200x ROI is within the realm of possibilities. Moreover, the current trading volume of over $18 million can sustain this price rally for the foreseeable future.

Based on the current number by DEXTools, there is also a fair distribution of the $ASTRO token so far. The IDO, facilitated by Cardano’s dedicated launchpad service ADAPad, prevented whales and hoarders from acquiring many supplies. Instead, more investors got a fair chance at investing and acquiring the token at the price of $0.001. Ensuring a fair distribution is essential to build a strong community and prevent price manipulation.

It is almost unthinkable that people could buy $ASTRO at $0.001, and the initial market cap was $120,000. A lot has changed in a short period, confirming the global interest in what this decentralized exchange – powered by WagyuSwap technology – can bring to the table. More importantly, the partnership with BlueZilla will open many doors and opportunities for the team to explore. It is also a big deal for the Cardano ecosystem, as it will continue to build momentum and strengthen its position as the third-largest cryptocurrency by market cap.

Why AstroSwap Matters

Many people will look at AstroSWAP or $ASTRO and see another DEX with a native token. However, it is essential to look at the much bigger picture. AstroSwap has partnered with ADAPad in Cardano’s first DEX/launchpad cooperative effort. That also means AstroSwap will gain support from the incubator behind ADAPad, which is BlueZilla. The same group that has built launchpads and other solutions to fuel, foster, and nurture ongoing and future development for essential blockchains.

That partnership allows AstroSwap to use WagyuSwap’s technology, as WagyuSwap is another member of the BlueZilla ecosystem. That integration can lead to cross-chain trading and swapping support, multi-chains taking, and much more. AstroSwap will gain staking support soon, and introduce lotteries to reward loyal platform users and contributors. Forty-five percent of the 10 billion $ASTRO token supply is set aside for staking rewards, creating significant incentives for current token holders not to sell and focus on the future.

The support of BlueZilla goes beyond the funding aspect. However, AstroSwap will be incubated by this team, spanning various business segments, including development, marketing, legal, and so forth. The potential for AstroSwap is impossible to calculate, and every new step will bring more value to its #ASTRO token. The current 210x ROI is a glimmer of what the token may be capable of in the months to come. Buying and holding is the only viable approach where $ASTRO is concerned.

Source: Bitcoinist

SundaeSwap Scoops $1.3M Funding!

Decentralized finance (DeFi) platform developer SundaeSwap Labs announced today that it has raised $1.3 million in a seed round led by cFund, an early-stage sector-agnostic venture capital firm in the blockchain industry that is anchored by Cardano founding entity IOG and managed by Wave Financial. SundaeSwap Labs is a software company contributing to the development of a suite of products that enables the trading and utilization of cryptocurrency on the Cardano blockchain — currently the world’s third-largest cryptocurrency by market capitalization.

At the heart of SundaeSwap Labs’ suite of products is its decentralized exchange (DEX), which will initially provide an automated market maker (AMM) to control liquidity for the exchange of assets on Cardano. The funding will allow SundaeSwap to accelerate development of the DEX, continue testing on the platform, and refine the user experience in advance of its anticipated launch.

The capital will also allow SundaeSwap to accelerate the development of additional functionalities for the DEX, finish scoping out the company’s broader plans for DeFi on Cardano, and build out the organization’s capabilities to support these plans and features.

“The recent introduction of smart contracts to the Cardano blockchain has created a significant opportunity for the DeFi community on Cardano,” said Mateen Motavaf, Chief Executive Officer of SundaeSwap Labs. “cFund’s investment is an endorsement of the work our team has done to build a sustainable, long-term business designed to provide the Cardano community with the tools and services it needs to create value and fully realize its vision of enabling economic empowerment for those who need it most.”

“Our mandate is to bring world-changing ideas and solutions on the Cardano blockchain to market faster,” said David Roebuck, of Wave Financial who runs the day-to-day of cFund. “We do this by finding ambitious founders who have solid business ideas and the skills to turn those ideas into reality. The SundaeSwap team is developing a platform that is well-positioned to become a market leader, and we’re pleased to be able to help them reach their goals through this investment.”

cFund was joined by Alameda Research and Double Peak Group in this venture round.

“We made a commitment to our community early-on that if we took any private capital, it would be from partners who can provide significant value above and beyond the book value of the deal,” added Motavaf. “The team of investors that cFund is leading not only meets that promise, but exceeds it, and together they will bring an incredible amount of value not only to us, but to the entire Cardano ecosystem.”

About SundaeSwap

SundaeSwap Labs develops decentralized finance (DeFi) platforms that enable economic empowerment for all. At the heart of its development efforts is the SundaeSwap DEX, a decentralized exchange where Cardano-based peer-to-peer transactions can be conducted quickly, safely and inexpensively. The SundaeSwap DEX allows participants in the Cardano blockchain to provide liquidity and create a market for others to exchange their native tokens. In return, swappers pay a small fee and liquidity providers earn a return on their deposit. Cardano is a third-generation blockchain noted for its transactional efficiency, relatively low environmental footprint and peer-reviewed secure technology. SundaeSwap Labs is a Wyoming corporation.

SundaeSwap’s website: https://sundaeswap.finance/

About cFund

Anchored by IOG/Charles Hoskinson and managed by Wave Financial, an SEC- registered investment advisor with ~$1 billion of AUM, cFund is an early-stage, sector agnostic early-stage venture fund that invests in innovative technology companies building Cardano-based apps, services, and products or deploying on other IOG R&D initiatives. The purpose of the fund is to accelerate adoption/development of the Cardano blockchain and its ecosystem.

cFund’s website: https://cfund.vc/

Wave Financial’s website: https://wavegp.com/

Source: Medium