AdaSwap Raises $2.6 Million in Funding to Build Cardano's DeFi Ecosystem

Building the DeFi Ecosystem on Cardano

AdaSwap, an infrastructure developer who will create one of the first DeFi protocols on the Cardano network, has secured $2.6 million in a round lead by iAngels. The round was also attended by Shima Capital, Pluto Digital, GBV, Stardust, Efficient Frontier, Finova, Banter Capital, and Coti. The round included prominent angel investors such as actress and filmmaker Gal Gadot and filmmaker Jaron Varsano.

The investment will go toward AdaSwap's objective of creating the finest decentralized exchange on Cardano, one of the most popular blockchain projects for decentralized application developers. The AdaSwap DEX will work in tandem with other AdaSwap protocols, such as its one-of-a-kind unique NFT marketplace, which will include handpicked collections and well-known artists in the area. Cardano's native token, ADA, is presently the 6th most valued cryptocurrency by market value. However, it's now in the initial stages of a DeFi ecosystem, which means users must buy, sell, and trade Cardano tokens via centralized exchanges.

Itay Levy, Co-founder of AdaSwap, said:

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.

AdaSwap is building a native, gamified Cardano DEX that will allow users to trade Cardano-based tokens quickly and easily. It intends to build a Cardano-native NFT marketplace and decentralized finance features, including staking and fixed, long-term, and high-yield liquidity pools. DEX customers will be able to stake tokens, purchase and trade NFTs, and earn interest on their Cardano tokens via these apps. AdaSwap will shift its attention away from more significant liquidity restrictions and onto what matters: users to create a better economic environment.

What is Cardano?

Since its introduction in 2015, the Cardano project and its token ADA coin have garnered much attention in the industry. Cardano stands apart in the cryptocurrency world because of the intellectual rigor with which it was developed.

Cardano is a cryptocurrency project based on Proof of Stake, which has yet to realize its full potential. It's a "3rd-generation" blockchain that, like Ethereum 2.0, aims to overcome the scalability concerns that plague second-generation blockchains.

Cardano's growth is marked by a scientific worldview and a large amount of scholarly study. Cardano is one step closer to accomplishing its objectives with the Shelley release in 2020.

The Cardano project is primarily being developed by Charles Hoskinson's tech company, Input Output Hong Kong (IOHK).

Cardano is a blockchain-based project on scholarly research that has been peer-reviewed. A diverse team of engineers, mathematicians, scientists, and business experts are working on it.

Continuous platform development has always been carried out in a scientific manner. According to its designers, Cardano's core design principles are reliability, scalability, and interoperability.

The development of Cardano is divided across many business segments. The Cardano Protocol is developed by IOHK, while the Cardano Foundation oversees the project and EMURGO is in charge of business growth and adoption. IOHK was also instrumental in creating the Ethereum Classic (ETC).

Cardano is a large-scale initiative to provide blockchain infrastructure to the crypto community. While the project is moving slower than some may think, it still has lofty goals.

Would this 3rd generation blockchain project, on the other hand, become the dominant smart contract platform, or will it take too long to reach the market? Is it possible that fourth-generation blockchains will accomplish what it does better? As Cardano moves forward on its plan, these questions will be answered.

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Image credits: Kanchanara and Quantitatives.

Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.