A New Dawn as DOEX Sets out to Become the First DEX on the Cardano Blockchain

For the past few years, the Cardano blockchain has been one of the top-performing blockchains. However, the blockchain network hasn’t had a native Decentralized Exchange (DEX) until now. Now, a new dawn begins for the Cardano blockchain as the DOEX team is launching the first decentralized exchange on the blockchain before the end of 2021. 

A decentralized exchange is a crypto trading platform that allows direct peer-to-peer crypto transactions without any centralized intermediary. With a decentralized exchange like DOEX, parties can execute financial transactions in a trustless manner, using only self-executing smart contracts.

The DOEX Decentralized Exchange

DOEX is an Automated Market Maker (AMM)-based decentralized exchange exclusively for crypto assets that are native to the Cardano blockchain. The platform is designed to enable efficient and proper money markets to function, thus allowing users maximum control of their assets. This, in turn, helps to create a safe and positive-yield approach to their liquidity. 

Although DOEX is built on the Cardano network, the DEX enables users to carry out non-custodial exchanges and swap their crypto assets across chains. Users will leverage a self-compliant smart contract without the intrusion of a centralized third party. The DOEX team said the following about the project:

“Our vision is to become the first Cardano-based DEX, ensuring interoperability across chains and allowing for the seamless swap of tokens both on the Cardano blockchain and other blockchain networks like Ethereum via a fool-proof bridge or converter. This is part of our extended vision of laying a solid background for extended business and expansion opportunities. Our long-term objective is to be the one-stop shop for DeFi services on the Cardano blockchain, including but not limited to staking and asset management.”

The Core Features Of DOEX

DOEX has some amazing features that have the potential to launch exchange operations on the Cardano blockchain to the next level. Some of these features include:

• Single Liquidity Pool - The liquidity pool is the bedrock of every decentralized exchange as it ensures all trading activities are executed successfully. By introducing it to the Cardano ecosystem, it will allow users to earn rewards on every transaction. 

• Trade Routing - DOEX does not have control over the fund of users. Rather, the exchange provides a trade routing layer for users to carry out their transactions. 

• Instant Price Feed Mechanism - By using a live feed price oracle mechanism, DOEX ensures that the real-time price of crypto assets is fed into the smart contract. This will ensure that all transactions are carried out at current market prices at all times. In cases of volatility, market correction, and price shocks, this will ensure a low margin of error.

• Automatic babel fees redemption for Stake Pool Operations (SPOs) - This feature allows users to pay transaction fees with user-defined tokens on the Cardano blockchain. It shows the network’s ability to support multiple communities of users and stake pool operators. The exchange is also community-based and transparent. 

Why Is DOEX On Cardano?

The Cardano blockchain network is fast and offers low transaction fees that users can pay with the same token sent. Although Ethereum currently has a higher degree of acceptance than Cardano, the latter has great potential to attract developers and venture capitalists to drive adoption in the future. Unlike other existing blockchains with a single layer, Cardano is built with the Cardano Settlement Layer (CSL) and Cardano Computational Layer (CCL). 

Both layers play a vital role in ensuring the Cardano network doesn’t have scalability issues and network congestion, as seen in Ethereum. More details can be found on the whitepaper. 

DOEX is set to revitalize decentralized exchange on Cardano. This will undoubtedly expand the adoption of the Cardano blockchain network going forward. DeFi is the future, and only time will see the heights that DOEX takes the Cardano and wider blockchain industry to.

Image Sourced from Monccur PR