- Cardano’s long-awaited decentralized exchange has made its debut on the public testnet.
- Users can gain hands-on experience with AXO’s extensive list of innovative features.
- AXO’s launch triggered an overwhelmingly positive response from the community.
Decentralized exchanges (DEX) have emerged as the platform of choice for crypto enthusiasts, particularly in light of the increased regulatory scrutiny leading centralized exchanges have faced this year.
While DEXs like UniSwap and Aave lead Ethereum, Polygon, Solana, and other EVM-based chains, the Cardano ecosystem has remained somewhat siloed in its offerings until now.
Joining Cardano’s limited cohort of DeFi platforms is AXO, a highly anticipated DEX, poised to usher in a new era for Cardano DeFi.
AXO Ushers in a New Era for Cardano DEXs
After a long two-year wait, AXO, Cardano’s latest DEX, has unfurled its sails on the public testnet, inviting users to test its innovative trading features, gain a more hands-on experience, and provide valuable feedback before the platform charts its course towards the mainnet.
Starting October 19, Cardano users can delve into a treasure trove of freely minted tokens, devoid of any intrinsic value, to trade and manifest how the platform will work in the future.
Here’s a brief rundown of the features AXO has released for testing:
- AXO Basic: a user-friendly trading interface for beginners.
- AXO Pro: a complex trading interface for novice users equipped with trading strategies, indicators, algorithms, bots, and more.
- Composer: a drag-and-drop interface that will allow users to craft complex trading strategies.
- On-chain Programmable swaps.
- Customizable and bespoke trading dashboards tailored to users’ unique needs.
AXO stands as one of Cardano’s most sophisticated DeFi platforms, leaving users in awe of its complexity and contrasting starkly with competitors like MinSwap and Indigo.
AXO’s launch triggered an overwhelmingly positive response from the community to the extent that its platform struggled to cope with the surging traffic. Members were excited about the new era the DEX ushered in, as it pioneered on-chain trading built on top of UTxOs and other complex mechanisms.
Many users heralded AXO as the epitome of sophistication in the DEX industry, asserting that it could pave the way for other platforms and Cardano itself. However, amidst the hype, some testers raised questions concerning the underlying infrastructure of the trading platform.
Ilya Oskin, the co-founder of Cardano DEX Spectrum Labs, voiced criticism of AXO, particularly for its UTxO-based Order Matching Engine. The developer shared that the infrastructure allegedly hindered users from conducting any other transactions until their orders were executed on the blockchain because of how it was programmed.
Besides the barrage of feedback and queries pertaining to the trading platform, some users reported encountering issues with its front end. However, AXO swiftly addressed the problem as a minor issue with UTxO selection on the website, sharing that they were actively working on a fix.
On the Flipside
- AXO was previously known as Maladex.
- To claim AXO tokens from the platform’s ISPO, users must complete KYC processes. However, this requirement will be lifted once the platform goes live on the mainnet.
- Cardano’s largest decentralized exchange, MinSwap, currently boasts a Total Value Locked (TVL) of over $40 million, representing a substantial 26% share of the network’s overall TVL.
- According to DeFiLlama, Cardano currently hosts only 23 DeFi platforms on its network.
Why This Matters
Cardano DeFi, though filled with promise, is still playing catch-up with competitors like Solana, Ethereum, and Polygon, which have enjoyed a head start spanning several years. However, as platforms like AXO make their entrance, Cardano could narrow the gap and emerge as a formidable contender in the DeFi space.
Discover why Charles Hoskinson isn’t attending Web Summit:
Cardano’s Charles Hoskinson Rescinds Web Summit Appearance
Catchup on more Hoskinson Drama:
Charles Hoskinson Distances Himself From Cardano Foundation Drama