Cardano Deploys First DEX, Why ADA’ s Price Could Receive a Boost
December 06 2021 - 9:27AM
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Cardano (ADA) follows the general trend in the crypto market and
recorded moderate losses in the past weeks. As of press time, ADA
trades at $1,30 with 5.1% and 18.1% losses in the daily and weekly
charts respectively. Cardano has been moving heavily to the
downside in the past months due to rumors of potential regulatory
dangers following an alleged de-listing from crypto exchange
e-Toro. The rumors were denied by IOHK’s CEO Charles Hoskinson, but
the market seems to have negatively reacted either way. Related
Reading | Cardano Project Flickto Surpasses 1.5 Million ADA Staked
One Month After Launch However, this network’s fundamentals
continue to strengthen as it recently deployed its first
decentralized exchange SundaeSwap on the Cardano testnet. This
milestone was celebrated by Cardano’s community as the network
implemented smart contract capabilities with three Hard Fork
combinator events, part of its Alonzo era. The team behind
SundaeSwap celebrated the launch via its official Twitter handle
and invited the Cardano community to use participate in the DEX’s
testnet. In that way, the team can find and fix bugs related to the
platform. In order to participate, users need to complete a form.
This process was already used to find a critical bug, as the team
reported via Twitter: Might have to rebrand to MondaeSwap… In all
seriousness, we’ve found a bug with our scoopers renewing scooper
licenses. We are cleaning that up, and as soon as it’s completed
testnet will be live for use. Thank you for staying patient with
us! IOHK also celebrated the launch of SundaeSwap on the Cardano
testnet calling it an opportunity to “learn a lot”. The company
expects high levels of interest and participation and will it these
factors as a way to “put the network under” stress to get data on
its “parameter settings”. IOHK added: (…) expect bugs in the DEX.
The @sundaeswap team is encouraging you to find some. Remember this
is early #DApp software, and it’s still early days for #DeFi on
#Cardano. Testnets are a key part of iterating & improving the
experience. Cardano (ADA) Key Levels To Watch And Potential Bullish
Case Cardano has taken a unique approach to deploy its smart
contract and DeFi capabilities. IOHK has expressed its intentions
of introducing these features “gradually” to guarantee users’
security and a better experience than its competitors. For this
reason, ADA detractors claimed that the network might be taken too
long to achieve this objective. However, IOHK reiterated the
following: (…) We’ve plenty of headroom for L1 growth. But we will
take things slowly and carefully. And get things right. This is and
will remain central to our approach. The deployment of this first
DEX adds to Cardano’s potential to resume its bullish momentum. As
of press time, the cryptocurrency could see support at $1,25 and
resistance at $1,40. Both these levels will be critical to
determine ADA’s price destination in the short term. Related
Reading | Cardano (ADA) Set To Begin Trading On Bitstamp On
Wednesday
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