12 Decentralized Exchanges Set To Launch On The Cardano Network

Following the launch of smart contracts on Cardano five months ago, the network seems all set to achieve more feats in the coming months.

Aside from the several smart contracts being deployed on Cardano, the blockchain is gradually becoming a home for decentralized exchanges (DEXs). 

At the moment, a few decentralized exchanges like SundaeSwap and ADAX have already gone live on Cardano, but more DEXs are eyeing to also launch on the blockchain mainnet. 

More DEXs are looking to run on the Cadano blockchain because the network is currently one of the less congested in the cryptosphere compared to others like Solana and Ethereum. 

That said, let’s highlight five decentralized exchanges that are looking forward to making their debut on the Cardano mainnet in the coming months. 

1) ADA Finance

ADA Finance is the first DeFi Ecosystem on the Cardano blockchain that introduces affiliate incentives and brings transparency by utilizing decentralized price feeds to execute liquidations for margin traders on ADAFi Swap. Every action on ADA Finance is performed on the Cardano blockchain, and audited by a number of its partners.

2) AdaSwap 

The AdaSwap exchange is developed on the Cardano infrastructure. AdaSwap, when it is finally deployed on the network, will function as an automated market-maker (AMM) providing a unique decentralized and non-custodial market-making solution for liquidity providers. 

The project will utilize its Free Finance Model (FFM), which is poised to revolutionize not only decentralized finance (DeFi), but the global finance industry in general. 

AdaSwap also has its native cryptocurrency dubbed the AdaSwap Token (ASW).  Since the token was launched on the Cardano blockchain, it can be interchanged with other crypto assets on the network. 

Other AdaSwap offerings include a non-fungible token (NFT) marketplace and a decentralized autonomous organization (DAO), among others. 

3) DOEX 

DOEX is built on the Cardano blockchain infrastructure and will allow users to exchange Cardano-based cryptocurrencies for one another. 

DOEX is focused on taking the decentralized exchange business to the next-level via the use of outstanding features such as single liquidity pool, trade routing, instant price-feed mechanism, automatic babel fees for stake pool operations (SPOs), transparency, etc. 

4) Cardax 

With Cardax, traders can exchange any Cardano-based asset for another in a few clicks. Cardax users can also implement liquidity-aware automatic pricing using the project’s automated market maker (AMM) protocol. 

Aside from the numerous benefits that come from using Cardax, people who join the liquidity provider program will earn the project’s native cryptocurrency dubbed the CDX tokens. 

Cardax has also developed an algorithmic solution that solves the problem of concurrency on the Cardano network.  

5) Ardana 

Ardana is an all-in-one stablecoin hub that is powered by the Cardano blockchain. The platform can be used for borrowing as well as an exchange. Using the borrowing feature allows users to borrow stablecoins against their locked Cardano-based assets. 

The exchange, named Danaswap, allows users to mint, trade, and stake stablecoins on low slippage while providing low-risk benefits for liquidity providers. 

6) ByronDex 

Overseen by some of the top professionals in the cryptocurrency industry, ByronDex is a decentralized exchange that is developed on the Cardano blockchain. 

ByronDex uses the order book pattern that is common among centralized exchanges. The developers have also integrated other centralized exchanges’ features to the platform such as stop loss, limit, stop market, and other common types of orders. 

You can choose to become a trader, a liquidity provider, or a performer on the ByronDex platform depending on what function excites you.

7) Matrixswap

Matrixswap is a decentralized virtual-AMM-based perpetual swaps trading protocol deployed on the Polkadot and the Cardano and Polygon [Ethereum Layer 2] blockchain. Unlike traditional AMMs, users can long or short any assets’ perpetual contracts with up to 25x leverage. While most decentralized derivative trading platforms face liquidity concerns, the Matrixswap vAMM offers infinite on-chain liquidity.

Matrixswap also offers a DEX aggregator that features multi-token swaps, allowing users to batch several tokens under one transaction. Matrixswap aims to be a fully community-owned and governed Defi protocol in the long run.

8) Minswap

Minswap is a multi-pool decentralized exchange on the Cardano blockchain. Users can swap tokens with minimal cost, minimal time, and maximal convenience via Minswap.

Minswap aims to bring an innovative multi-model asset pool decentralized exchange to the Cardano blockchain. It aims to be the best liquidity provider on the market by integrating the best asset pool models from across the DEX ecosystem into one protocol. The combination of stable pools, multi-asset pools, and concentrated liquidity will benefit both traders and liquidity providers.

Minswap offers a different approach, for instance, see the features highlighted in our Whitepaper such as multi-function liquidity pools, multi-pool routing, functioning as an on-chain price oracle, or automatic babel fees redemption. It also focuses more on building instead of fundraising.

9) MuesliSwap DEX

On November 26, 2021, MuesliSwap successfully launched a decentralized exchange on Cardano mainnet, making it the first among many competitors to leap into this new era of DeFi on Cardano.

With MuesliSwap, a novel approach for modeling and implementing a DEX on Cardano is proposed by revisiting the traditional order book model. The exchange protocol draws from game-theoretic concepts and distinguishes itself from alternatives through simplicity, modularity, self-regulation, and full decentralization, thus paving the way for MuesliSwap to become the first operational DEX on Cardano.

10) Ray Network

Ray Network is an advanced ecosystem for the Cardano blockchain platform. Their goal is to create the best multifunctional DeFi ecosystem for Cardano blockchain. XRAY is a governance token that powers Ray Network ecosystem.

This is well positioned for community-led growth, development, and self-sustainability token. Ray Network is an advanced open-source ecosystem for the Cardano blockchain platform. It includes a light wallet with many features such as: sending and receiving funds, DeFi swap, NFT marketplace, staking center, and others.

11) MeowSwap

MeowSwap combines a proprietary L2 scaling technology in conjunction with our DEX to offer the only working trading solution running on Cardano mainnet.

The DEX utilizes Cardano’s main chain to store deposits in a trustless way and log all deposits and withdrawals while L2 Nodes take the computational load on managing the exchange operations, liquidity pool managements transactions, and all data transactions.

12) OccamX

OccamX aims to become the leading DEX for Cardano Native Tokens by providing superior trade execution and a list of financial services. While having key crypto assets available on the platform, the goal of OccamX is to become the principal trading platform for decentralized spot and derivative trading.

The OccamX DEX is designed to be an integrated system, larger, more efficient, more liquid and fairer than its predecessors. The DEX will be powered by a more holistic governance model. The aforementioned holistic and elaborate governance layer will increase the amount of ‘good’ liquidity flowing towards the protocol.