For those that have been following the Cardano movement, a new decentralized exchange protocol is coming in hot.
SundaeSwap works as Cardano's version of PancakeSwap, but instead of being built on the Binance Smart Chain, it is built on Cardano.
PancakeSwap, Cardano, and Ethereum
PancakeSwap is a popular decentralized exchange protocol that exists on $BSC, while the new SundaeSwap is expected to be the decentralized exchange protocol on $ADA.
With the Cardano Alonzo Update finally finished, high hopes are put on $ADA to compete with other exchanges.
There have even been comments that $ADA could in fact compete with Ethereum due to the low gas fees required on Cardano. This, of course, is still very relative since Ethereum is also planning to release its Ethereum 2.0 soon.
CardanoCube Platform Welcomes SundaeSwap
As announced on Twitter, the CardanoCube platform is a native, scalable decentralized exchange that exists on the Cardano blockchain.
It was announced that SundaeSwap has just been added to the CardanoCube platform.
For those wondering what SundaeSwap actually is, according to the official SundaeSwap website, SundaeSwap is reportedly a decentralized exchange protocol for the whole Cardano Network. This would enable certain native token and $ADA exchanges to be accessible for anyone.
DEX on Cardano
With its protocol, users will be able to swap, stake, borrow, lend, and more in what was referred to as a "truly decentralized way."
The official website also answers the question why it is important to build a DEX on Cardano.
The website answers the question why build a DEX on Cardano in simple form.
It was noted that Cardano is both faster and cheaper compared to the alternative smart contract platforms. It is also reportedly run by a certain non-profit foundation and also regularly collaborates along with certain high profile academic institutions.
SundaeSwap SUNDAE Token
The website also noted that all in all, it is actually more advanced and remains a better option for other future projects to be built upon.
The total supply of SundaeSwap tokens, or SUNDAE, will reportedly be at 2,000,000,000 tokens along with the majority of them distributed to users of that particular protocol.
SundaeSwap noted that there is still room for change when it comes to the token supply depending on certain constraints when it comes to the implementation.
SundaeSwap now targets its initial functionalities of SundaeSwap to be implemented this coming fourth quarter of 2021.
Learn More About SundaeSwap
For those that want to check out more about SundaeSwap and whether it might stand a chance against PancakeSwap, check out the official whitepaper.
Whenever investing in cryptocurrency, it is important to DYOR or do your own research.
Most of the time when new coins are released on PancakeSwap, they are usually met with high APRs reaching up to a thousand percent or more.
It is important to note, however, that certain farm coins are still designed to depreciate in value and will ultimately drop the more they are farmed.
This article is owned by Tech Times
Written by Urian B.