Cardano Takes Off On DEX Launch, ADA Up 35% In a Week

Last updated: Mar 30, 2023
2 Min Read
AI Generated Summary

Cardano (ADA) is ignoring the overall cryptocurrency markets with sizeable rallies over the past week while Bitcoin consolidates near the $40,000 mark.

Earlier this week, Sundae Swap, a decentralized exchange (DEX) built on Cardano, announced it was ready to go and planning on launching this Thursday.

The launch features five rounds of ISOs available for ADA stakers taking palace on January 25th, January 30th, February 4th, February 9th and February 14th.

The DEX will also feature yield farming. 500,000 SUNDAE will be allocated every day over the first six months of the exchange’s operation to yield farmers pariticipating in the liquidity pools.

Sundae Swap explained in a blog post that its going with a Beta label because:

“While the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.”

ADA has responded well to the news, launching 14% in 24 hours after the announcement. Adding to the hype is Pavia, the first Cardano-based metaverse.

Pavia, named after the city that Italian mathemetician Gerolamo Cardano was born, started selling land parcels in late 2021. There are 100,000 lots in the whole Pavia metaverse, and 60,000 have already been sold. They are available for anyone except US and UK residents due to regulatory uncertainty.

The native token in Pavia is PAVIA, of which 25% was airdropped to Pavia NFT holders after the blockhain snapspot in December 2021, the project explained in a blog post.

“In an ecosystem before DeFi and fully functioning Decentralised Exchanges (DEXs) the tokens along with a small number of other native assets are being actively traded on which operates a basic, yet functional, order matching system.”

ADA is currently up 30% in the last seven days while most of the market is either down or sideways.

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