ADAX coin has been trending amidst a rise in popularity and developments on the network. The cryptocurrency surged to an all-time high of $2.24 during September and maintained its price level above $1 before the bears took hold of it and it fell below $1. However, the token regained its earlier bullish momentum during January despite the fact that the crypto market was tumbling downwards. The weekly performance shows strong market corrections after the surge of the token ended. At the time of writing, the cryptocurrency stands at a price level of $0.45. It has lost 37% of its value during the day.
What is ADAX?
ADAX is essentially a decentralized exchange – DEX. DEXs function similar to traditional exchanges but they are powered by blockchain technology – making them more efficient as they run in a complete decentralized manner. What sets apart this decentralized exchange from others in the market is that it is built on top of the Cardano blockchain while the popular choice is Ethereum for major DEXs. Being based on Cardano gives the exchange obvious advantages as Cardano is faster and more efficient than other blockchains in the market.
Why is it trending?
There have been some recent developments on ADAX’s network which has contributed to the token’s popularity despite the fact that it is currently under strong market corrections. The current bearish outlook of the token does not defy its long-term potential. The decentralized exchange’s v1 officially went live on the mainnet during the daily timeframe. The first iteration of the network has resulted in a boost of the community as users got a taste of what the network is like. Further iterations are expected to further boost the value of the ADAX token. Moreover, the value proposition of the network is also based on the value it is adding to the Cardano ecosystem which ties its value to the sixth largest network in the blockchain world.
Right before the launch of the DEX, ADAX also announced a partnership with COTI which is the world’s first protocol designed for creating price-stable stablecoins. Both the networks are working towards implementing Cardano’s first-ever algorithmic stablecoin, Djed, issued by COTI. Djed will be integrated into ADAX’s platform which will result in a boost of liquidity. Furthermore, the partnership between the two protocols will be further explored.
