The Mary hard fork (done on March 1st 2021) allowed anyone to build native tokens on Cardano.
Native tokens bring multi-asset support to Cardano, allowing users to create uniquely defined (custom) tokens and carry out transactions with them directly on the Cardano blockchain.
This, together with the upcoming release of Goguen (smart contracts on Plutus), will allow teams to build decentralized applications on Cardano. It will also allow projects that already exist on Ethereum to start migrating to Cardano.
This is, of course, great news but it also presents a new challenge since there is currently no decentralized exchange (DEX) on Cardano. So tokens built on the Cardano network don’t have a ‘native exchange’ to list yet.
That is the problem Cardax wants to solve. Cardax aims to be that ‘native exchange’ for the Cardano ecosystem.
So, why do you need Cardax?
Because Cardax DEX allows you to swap your ADA for any native tokens and viceversa. All without a central entity involved.