Amsterdam, The Netherlands — Cardax, a decentralized exchange (DEX) on the Cardano network that aims to facilitate swaps between ADA and other crypto assets built on Cardano, closed a total of $9 million in a presale and public funding round. The team will use this funding to further develop the exchange and to guarantee enough liquidity once the platform goes live.
“What is unique about the Cardax token sale is that, unlike other crypto projects, VC’s were kept out to prioritize individuals who have been part of the Cardax Community since the beginning,” says founder Ryan Morrison.
In March of this year, Cardax created its own token, the CDX token, of which there are one billion available. Cardax will allow people to buy and sell ADA and other Cardano native tokens while staying in total control of their funds, as opposed to centralized exchanges which keep custody over your funds. With Cardax, your funds never leave your wallet, you are in control of your tokens all the time.
Trades in Cardax will be performed by smart contracts. You could think of the Cardax decentralized exchange as a robot that’s always willing to quote you a price between two assets. Not only can you trade trustlessly using Cardax, but you can also become the house by providing liquidity to a liquidity pool. This allows essentially anyone to become a market maker and earn fees for providing liquidity.
Cardax aims to go live in Q4 this year.