AdaSwap, an ecosystem keen on building a DeFi protocol on Cardano, has raised $2.6 million from venture capitalists and angel investors. The funding round was led by iAngels and also attracted contributions from Shima Capital, Efficient Frontier, Pluto Digital, GBV, Banter Capital, Stardust, Finova, and Coti Network. Key names among angel investors included actress and producer Gal Gadot and producer Jaron Varsano.
The funds will go towards establishing a decentralized exchange (DEX) on Cardano. Also, AdaSwap intends to develop a Cardano-native NFT marketplace and a DeFi protocol. The NFT marketplace will target famous artists and curated collections. On the other hand, the DeFi will support the creation of fixed, long-term, and high-yield liquidity pools as well as staking.
AdaSwap’s native token, $ASW, will power transactions on the AdaSwap DEX. Also, holders of other Cardano-native tokens will be able to swap them on the DEX. Furthermore, transactions involving these tokens will be free. Also, the DEX will enable users to leverage arbitrage opportunities among different tokens.
This is an exciting investment opportunity for us in the crypto space.”Gal Gadot and Jaron Varsano
Following the successful funding round, AdaSwap Co-Founder Itay Levy expressed his delight at the opportunities that await the project. He thanked all the investors and was ecstatic that AdaSwap would bring exciting opportunities to investors.
On the other hand, Yida Gao, General Partner at Shima Capital, was optimistic that AdaSwap will enable Cardano to have a greater impact in the market. Particularly, he pointed out that Cardano’s smart contract capabilities were yet to be fully exploited. He added that AdaSwap would leverage that potential. “We are excited to support Adaswap on its journey to tap into the massive liquidity currently locked in the Cardano protocol,” he added.
AdaSwap is an Automated Market Maker, keen on building a decentralized liquidity infrastructure on the Cardano ecosystem. The $ASW token powers AdaSwap, enabling the swapping of various Cardano-native tokens.
Also, AdaSwap plans to establish an NFT infrastructure that will support the creation, buying, and selling of NFTs in the near future.
Latest Cardano News Today
ADA is struggling to find stability above the $1.00 mark. At the time of writing, ADA was trading at $.960 and was up by 12.06%over the past week. The weekly ADA/USD price has been on a downtrend since September 6th. Therefore this week’s gains are significant, especially coming at a time when the crypto market is fighting the pressures of the Russia-Ukraine war.