Decentralized exchange (DEX) Cardax has raised $1.5 million from the first community token sale.
In a statement, Cardax said the funding will support the exchange to operate on the Cardano Network from September this year. The Cardax exchange operates on the EAMM protocol and will serve as the trading platform for the Cardano ecosystem.
The exchange allows investors to become liquidity providers and start earning CDX tokens.
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In April, the Cardax project announced it was seeking $50,000 to facilitate the exchange’s development.
“The requested budget in Fund 4 ($50,000) will cover the implementation costs of Phase 1 of the project. As outlined above, this phase will focus on the system architecture and UI/UX of Cardax,” the team said.
Worth mentioning is that since the implementation of the Mary protocol upgrades on the Cardano mainnet, there has been an increase in the need for native exchanges on the network.
Filling the gaps on the Cardano network
Furthermore, the Cardax team plans to close some of the challenges and gaps existing in the Cardano ecosystem. The platform also seeks to raise Cardano’s corporate use cases and increase adoption in the DeFi sector.
The project will develop key features, including support for any Cardano native token, single transaction trading, and single transaction transfers.
Notably, Cardax has a six-phase development roadmap that entails creating the user interface, user experience, the system logic, and “must-have features” to security, backend, protocol, and a final phase for testing and development.
Cardax also plans to leverage a model with an order book alongside an automated market maker (AMM) compared to centralized exchanges.
Amid the rising adoption of Cardano, the rollout of Cardax will serve as a powerful driver to the ecosystem’s growth. In general, Cardax’s proposition to offer a trustless means of connecting stakeholders while promoting equitable governance in the Cardano community is essential.
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