Good Morning Friends,
I hope you are all well.
We have lots to talk about today, so let’s dive straight in!
General Cardano Ecosystem Update.
Cardano NOT launching a token burn mechanism
You may have seen in the crypto news last week headlines alluding to Cardano may launch a token burn mechanism soon.
This is not true and was the result of news organisations taking a tweet out of context (awesome research there guys!).
Charles Hoskinson has said countless times that This will never be part of the way Cardano works.
We also saw the launch of the Minswap platform this week. The launch seems to have gone very well and it looks like the team behind the project have learnt from earlier DEX launches.
It seems to be early to market, isn’t always the best route. Minswap has overtaken Sundaeswap in TVL (total value locked).
We would like to congratulate the Minswap team on a job well done.
Meanwhile, back at Cardax HQ, we continue to learn from other project launches and build our own DEX, our own way. All is going to plan!
Last week I hinted at an exciting partnership coming soon. Those of you with a finger on the pulse will now know that said partnership was with COTI (the blockchain behind the Djed stablecoin).
Upon launch, we will be listing both Djed and the reserve coin, Shen.
Read more about it here.
I also wrote an article on the Djed stablecoin, which you can read here.
Very exciting, I think you’ll agree.
Also, we have a second partnership, this time with Revulto.
Revulto is a subscription management platform, whose app let you approve, snooze or block your payments to all of your subscription services. If you’re anything like me, you can’t remember all of the tv streaming services you signed up for and have forgotten about (at least, I hope it’s not just me!).
We will be listing their REVU token and providing a liquidity pool for ADA:REVU.
Watch out for a podcast episode where I interviewed their co-founder coming soon.
CDX Token Swap
Many of you have been asking in our Discord server “when token swap?”
Well, we have been building the UI that will handle the token swap and I am pleased to tell you that it will be ready for you to swap your V1 CDX tokens for the new version, in mid-April. We will confirm the date very soon.
Also in the second week of April, we will be starting a marketing campaign to spread the word about the Cardax DEX. You will start to see banner ads appearing on multiple crypto websites (and other linked industries).
Things really are hotting up!
Docs Section of the Website
From April 1st, you will see a new “Docs” section on our website. We are currently writing and building it out. Similarly to many other crypto platforms, it will contain lots of how-to and FAQ articles that will aid users when using our WebApp.
There was no episode of the Cardax Podcast this week, but don’t worry, we have some great interviews lined up. Once all has been formally arranged, I’ll let you know more details.
For now, you can catch up on last week’s episode below (if you haven’t seen it yet).
Launch Date Timeline
- 28/03/22. Tweag to start the Audit. 3-5 weeks for completion.
- 12/04/22. Public testnet launch.
- 16/05/22. Full public mainnet Cardax DEX launch.
For more information, have a read of this article.
Cardax Tech Update
At the moment, all of our technical teams are working incredibly hard on preparing for the Tweag audit (which starts on 28/03/22).
The two main jobs that the teams have been working on are both now complete.
As of Friday last week, we have now finished rewriting all of our smart contracts (from Plutus Tx to Plutarch).
We have also finished improving the formal spec. This is what we will provide to Tweag before they commence the audit and will guide them through what to expect, explaining how and why we have done the things we have.
Both of these jobs have been massive and represent huge milestones now they are complete.
But that’s not all!
In addition to the above jobs, we have also created a PureScript bridge: This should allow us to transfer our off- and on-chain code easily from Haskell over to the browser.
You can read more about all of these tasks here.
Things are really starting to move fast now and we can’t wait to bring you the best DEX on Cardano.
Paul and the Cardax Team