AdaSwap, an ecosystem builder developing Cardano’s first-ever native automated market maker (AMM) decentralized exchange (DEX), has completed its private funding round, raising $2.6 million from a consortium of investors.
According to the AdaSwap team, this fresh capital injection will help accelerate the development of the AMM DEX.
Led by prominent venture capital firm iAngel, this funding round featured participation from leading firms like Banter Capital, Coti, Efficient Frontier, Finova, GBV, Pluto Digital, Shima Capital, and Stardust as well as angel investors like Hollywood actress and producer Gal Gadot and producer Jaron Varsano.
Even though Cardano is considered a frontrunner among the third-generation blockchain networks seeking to challenge Ethereum’s dApp dominance, the platform is often criticized for its excessive reliance on CEXs (centralized exchanges) for trading and exchanging ADA tokens.
To address this reality and position Cardano as a fully functional and inclusive DeFi ecosystem, AdaSwap is launching Cardano’s first native AMM-based DEX, helping users swiftly swap ADA and other Cardano-based tokens.
Moreover, AdaSwap will also roll out additional products like a dedicated launchpad and NFT marketplace alongside DeFi services, like high-yield liquidity pools (LP), on the Cardano network.
Founded by some of the most prominent names in the cryptosphere, such as Aaron Tait, Itay Levy, and Lennon Qualman, AdaSwap is introducing the AdaSwap Free Finance Model (FFM), whereby no fees are charged for transactions denominated in the platform’s native $ASW token.
AdaSwap endeavors to be a solution designed to open up a new ecosystem for the Cardano network and the larger DeFi (decentralized finance) ecosystem.
Besides powering the Free Financial Model, $ASW will support numerous Cardano ecosystem functions. The $ASW token is Cardano-native and can be freely exchanged with other Cardano-based tokens through the AdaSwap DEX, helping capture arbitrage opportunities in real-time.
Furthermore, AdaSwap will leverage its first-mover advantage on Cardano to facilitate micro-ecosystems that other projects can use, encouraging the Cardano ecosystem’s expansion into yet-untapped areas of the cryptoverse.
On completion of the highly successful funding round, Levy noted, “This is one of our first and greatest accomplishments towards building a new financial ecosystem that will have a great impact on our world. The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds. We would like to thank all our partners and advisors for supporting us to this point and we can not wait to show the world what we have done.”
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