You are here: Home / News / DeFi / Cardano-powered multi-protocol DEX makes its debut
Cardano-based Decentralized Finance or DeFi projects have been growing at a blistering pace after the launch of its most successful DEX- SundaeSwap. The latest to join the club is Bashoswap which announced its debut on the mainnet in the evening hours of 4th March 2022. The DeFi ecosystem is aiming to be a “multi-protocol package that ensures clear and easy usability and sustainability.”
As per the press release, Bashoswap is looking to bridge the gap between early-stage Cardano developers with early adopters, by creating an accelerator and native token exchanging platform allowing for shared liquidity. Besides that, the platform is working to bring a host of other new features that would be incorporated into the platform.
According to the white paper, one of its several goals is to facilitate a token swap protocol which will be done by combining deposited Cardano native tokens and ADA into a virtual pair utilizing the AMM technology.
The platform’s launchpad will utilize Cardano smart contracts, enabled by the Alonzo hard fork. This as per the post, would provide a much-needed boost to developers and projects that are seeking financial support with a transparent, efficient, and completely decentralized fund-raising platform.
Additionally, its native token- Bash will be used for staking, farming, and governance on the network. As per the announcement post, Bashoswap is currently running a private sale whitelist for early users who want to participate in the initiative. The total number of Bash tokens created will be 500 million.
Cardano-based Bashoswap and its team
Bashoswap which is led by Beri Ardas was founded in late 2021 by a group of blockchain experts with years of experience in the traditional finance and stock exchange markets. The core founding team is composed of developers and crypto enthusiasts with a deep knowledge of native assets, smart contracts on Cardano, and the overall blockchain ecosystem.
The team behind the DEX has also developed several other projects, like BashoLaunch, BashoStake, and BashoMint.
That said, Cardano’s total value locked is at its all-time peak at $140 million as per DefilLama with SundaeSwap leading the tally at $117.35 million. However, its dominance may soon be challenged by MinSwap, another AMM DEX that is set to launch by March-end.