- Cardano is now getting its own Uniswap as the ecosystem seeks to mature and compete with its more mature rival Ethereum.
- The founder of the $10 billion deVere Group has also predicted Cardano’s ADA will surge to record heights even as everyone focuses on BTC and ETH.
Ethereum is the king of decentralized finance (DeFi), that much is not in question. One of the key drivers of this growth is one platform that is the ‘godfather of DeFi platforms’ – Uniswap. Cardano has the ambitious goal of overthrowing Ethereum, and in one significant move, it’s set to have its own Uniswap.
2020 was the year for DeFi, with this innovative sector revolutionizing how we view finance in its entirety. Uniswap was the key driver and at one point, at $2 billion in total value locked (TVL), it was bigger than all the other DeFi platforms combined. Since launching in November 2018, it has now generated over $1 billion in fees.
Therefore, for any so-called Ethereum killer, the first thing to have is its own version of Uniswap. Cardaswap DEX has launched with the ambitious goal of doing this for Cardano.
Announced today, the platform will serve as an automated market maker on Cardano. It will allow any user to provide liquidity in the liquidity pool for others to exchange their native tokens.
A Cardano utility token, but on Ethereum
As per the announcement, Cardaswap will have its own utility token known as $CADA. And while Cardano’s out to compete with Ethereum, $CADA will be built on Ethereum as Cardano is yet to integrate all the features required to underpin such a token. $CADA “will later get bridged to the Cardano Blockchain after the successful completion of the Alonzo Hard Fork.”
The announcement added, “Holders of $CADA can save money & pay less fees, stake their LP tokens to farm $CADA and also Stake $CADA for exclusive Airdrops while also being a native token that enables users to transact in multi-assets like ADA & other custom tokens.”
Cardaswap is planning to launch its AMM exchange by the end of the third quarter this year. Once it launches, it will start its listing process on exchanges like Huobi and GATE.
The platform is also working on an NFT marketplace by December, allowing users to mint and trade NFTs.
“As the Cardano network continues to add functionalities to its blockchain, users can expect more innovative features on the Cardaswap protocol in addition to the fluidity in operation,” the team added.
Cardano’s ADA token has been on a tear in recent weeks, reprising the surge that made it the hottest coin at the start of the year. ADA is creeping ever closer to the $3 milestone, having gained 9.5 percent in the past day.
Nigel Green, the founder of multinational investment and financial firm deVere Group is one of those convinced ADA will be the dark horse in the cryptocurrency supremacy battle. Speaking to Forbes, Green, whose firm manages $10 billion for over 80,000 clients stated:
Cardano is now just behind the major headline grabbers Bitcoin and Ethereum. I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3.