Key Takeaways:
- Do.Exchange teams up with KICK.IO For DOEX’s December 6th public sale.
- Decentralized exchanges will be a welcome addition to this ecosystem, as they have been demonstrated to be useful on other well-known blockchains such as Ethereum, Binance Smart Chain, Polygon, Avalanche, and so on.
Most people believe Cardano has a high chance of becoming one of the most important cryptocurrency exchanges in the next few years. Staking, smart contracts, and decentralized exchanges are all possible on its network. In addition, additional Cardano-only DEXes will begin to appear on the market, potentially opening up new opportunities for DeFi concepts, services, and products.
In the crypto and blockchain world, several ecosystems battle for traction. Since the network became compatible with smart contracts, Cardano has skyrocketed in popularity. Developers might use these smart contracts to construct decentralized applications, or DApps, to expand the Cardano ecosystem. Decentralized exchanges are one form of service that allows for the transfer and trading of value without custodians.
However, there aren’t many unique decentralized exchanges in the Cardano ecosystem yet. With its Automatic Market Making system, Do.Exchange (DOEX) hopes to change that narrative. More crucially, DOEX will allow users to conduct trustless and efficient peer-to-peer transactions while also providing much-needed liquidity to the ecosystem. The community will drive the protocol, and token holders will have equal voting rights. The DOEX Token will also have various applications and functions.
According to a DOEX Team spokesman,
“Our goal is to become the first Cardano-based DEX, assuring cross-chain interoperability and allowing for seamless token swaps between the Cardano and other blockchains, like Ethereum, via a fool-proof bridge or converter. This is part of our long-term strategy of establishing a solid foundation for future business and expansion prospects. Our long-term goal is to be the one-stop shop for DeFi services on the Cardano blockchain, including staking and asset management, but not limited to.”
Cardano makes sense for various reasons, not the least of which is its support for smart contracts. Cardano has a far more active community than other blockchain ecosystems, and the network can process 250 transactions per second. When the final Hydra upgrade hits the network, that figure will skyrocket. Cardano’s ecosystem is also extremely energy-efficient, up to 1,000 times more than Bitcoin’s.
The DOEX Token will play a key role in the Do.Exchange platform. It not only gives users voting rights, but it also gives them a way to pay costs – swap fees, slippage fees, and so on – and allows them to participate in liquidity pools. Users who become liquidity providers can receive trading fees produced by the site. The DOEX Token will be used to compensate liquidity providers on the network as an incentive.
Furthermore, the DOEX Token will be available for public sale on the KICK.IO launchpad.Exchange team. On December 6, 2021, the public sale will begin at 12:00 PM GMT+02:00. For $0.11 per token, a total of 23,8 million DOEX – or 17% of the total supply – will be available for purchase. Early indications suggest that this public sale will be highly oversubscribed; consequently, getting in early will be critical.
