TeddySwap has launched on Cardano (ADA) with a imaginative and prescient of capturing the decentralized alternate (DEX) market share and enhancing liquidity on the community.
The Cardano DeFi ecosystem has attracted important curiosity just lately, with extra customers interacting with protocols, and extra builders constructing on the community. TeddySwap is the most recent to hitch the pattern, with the mission asserting its launch on the Cardano mainnet Friday.
The mainnet launch adopted the mission’s preliminary liquidity bootstrapping occasion to lift funds for its swimming pools. On the time of writing, TeddySwap has attracted 502,000 ADA (appr. $196,000) value of liquidity just a few hours after launch.
Within the meantime, the DEX is permitting customers to swap between its native TEDY token and ADA. Nonetheless, plans are already underway to allow assist for different main swimming pools, notably together with ADA pairs towards iBTC, iETH, and DJED.
TeddySwap additionally plans to focus on the stablecoin market on Cardano, with sights set on changing into the go-to buying and selling place for merchants to entry stables on the community.
TeddySwap’s newly launched DEX additionally helps a variety of fashionable Cardano wallets, underlining its efforts to draw the broader group. As an example, customers can join with family names similar to Nami, Lace, and WalletConnect, with extra choices together with Eternl Cell and Exodus.
Like most DEXes, TeddySwap permits liquidity suppliers to earn a normal 0.3% price for contributing to its swimming pools. Customers would additionally earn TEDY tokens, with TeddySwap liquidity swimming pools presently being the one solution to get the token.
TeddySwap Joins Cardano’s Burgeoning DeFi House
TeddySwap’s launch follows a interval of appreciable progress for the Cardano DeFi ecosystem. Prior to now month, Cardano’s complete worth locked (TVL) has surpassed Bitcoin’s and hit a brand new all-time excessive in ADA phrases.
Cardano TVL November 2023
Because the above chart exhibits, Cardano’s TVL can be surging in USD phrases and appears on observe to interrupt its earlier excessive. The favored metric presently stands at $261.8 million, steadily approaching April’s excessive above $300 million.
In the meantime, the worth of ADA has additionally seen delicate progress owing to elevated DeFi exercise. The eighth largest crypto asset by market cap is buying and selling round $0.39 on the time of writing, representing a 6% enhance prior to now seven days.
