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Gal Gadot Backed Cardano DEX AdaSwap Raises $2.6 Million

By:
Aaryamann Shrivastava
Updated: Mar 3, 2022, 10:48 GMT+00:00

The decentralized exchange has announced that the funding will further develop the protocol and provide more DeFi capabilities to the users.

Gal Gadot Backed Cardano DEX AdaSwap Raises $2.6 Million

In this article:

Key Insights:

  • AdaSwap raised $2.6 million from various investors, including Gal Gadot.
  • The DEX will be building an entire ecosystem, including an NFT marketplace and staking pools.
  • Among other investors was the Cardano stablecoin Djed’s issuer, Coti.

AdaSwap announced its latest funding round in a press release.

Leading the round were multiple investment firms and angel investors such as iAngels, Shima Capital, Pluto Digital, GBV, Stardust, Efficient Frontier, Finova, Banter Capital, and Coti.

Along with these investors, actress and producer Gal Gadot and her husband, Jaron Varsano.

The Future of Cardano DEX

AdaSwap has been in a development rally for more than a year now. Since the first quarter of 2021, the protocol has been through seed rounds, stablecoin partnerships, and more.

The next target on its roadmap is to release the ASW token to exchanges, introduce staking protocol, and launch the ADANFT marketplace before March.

In line with the announcement of the funding, Gal Gadot and Jaron Varsano said in a joint statement:

“This is an exciting investment opportunity for us in the crypto space.”

The DEX platform also intends on introducing the AMM (Automated Market Maker) interface for AdaSwap DEX, Stake & Forget protocols. Additionally, the team plans on creating bridges for Cardano with Ethereum, BSC, and Casper tokens by March 2023.

The $2.6 million raised through this funding round will be used to execute this roadmap, starting with the NFT marketplace.

AdaSwap described this marketplace as the first of its kind platform, which will sell curated collections from famous artists on Cardano.

Using these DeFi services, AdaSwap plans to build an entire ecosystem on Cardano, which will enable others to develop on the chain.

Cardano and DeFi

Despite having just 6 DeFi protocols on the chain, Cardano has already amassed $134.86 million in the total value locked. Decentralized exchanges have been emerging as a preferable protocol by developers.

This is because many people are shifting to DEXs to avoid the regulations and fees of centralized exchanges such as Binance, Coinbase, etc.

Interesting enough, four of the six protocols on Cardano are decentralized exchanges. SundaeSwap leads the band with $120.4 million in TVL.

SundaeSwap DEX’s TVL | Source: DeFi Llama

Cardano is still new in the DeFi game and needs a variety of DeFi protocols to develop other than just DEXs. Once that happens, there is some chance it could prove to be a good enough competition to other chains.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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