Blockchain-based technology is nothing new, as digital assets become ever so mainstream with the advent of decentralized software, technology and transactions. With interest in the market experiencing a major boom in recent years, with current market valuation predicted to reach $12 billion in 2022 and more than $60 billion by 2026 – it’s no surprise that industry innovation is currently evolving at a rapid pace.
As more companies look to revolutionize the space of blockchain-based tech and decentralized finance (DeFi) en masse, we’re slowly but surely reaching an inflection point as a bulk of digital platforms and mobile apps take over.
While it’s undeniable that there is a certain charm to this complex and bewildering industry, finding the right time or place to create an ecosystem that can captivate the masses is an ambitious undertaking.
For AdaSwap the right time and place were landing more than $2.6 million of funding from leading VCs and angel investors in a recent funding round led by Tel Aviv-based investment services company, iAngels.
The shattering funding round has now helped AdaSwap, a next-generation DEX based on Cardano to advance the development and deployment of their platform, while looking to build strategic partnerships to expand their marketing efforts.
To get a better idea of how AdaSwap is set to revolutionize the industry, we managed to have a few questions with Itay Levy, co-founder, and strategic partnerships manager of AdaSwap. Levy has been in the crypto space since 2015, is the owner of a crypto mining firm, and is also a PR strategist for an enclave of Israeli-based companies.
So far, AdaSwap managed to finish off successful funding round from various investors and private individuals - what’s the road map for the next few months?
Now that we have finished the round we intend to focus on the product, this will go hand in hand with our great initiatives to create and cultivate a generation of Cardano users.
What has been the biggest challenge to establishing AdaSwap DEX?
The main due diligence that the team has undertaken for disaster prevention has been from the legal side. We have invested a lot of effort ensuring we adhere to the highest legal standards to make sure AdaSwap will be able to withstand any changing regulation in the future and the blockchain space as crypto receives global acceptance.
How will the regular trader, or small-time investors benefit from platforms such as AdaSwap?
Many traders today have turned away from Centralized exchanges given the security risks. People prefer to safeguard their private keys and access to their funds which has led to the rise of DeFi and the ability to have full control over funds. Any retail trader that wants control and the ability to swap native Cardano assets in a non-centralized way will benefit from the AdaSwap platform.
In terms of consumer and trader interest, how are you pushing the boundaries of innovation to ensure both consumers and investors remain interested in the service you’ve created?
The current market competitors are focused on utilizing Cardano believers and fail to look towards other blockchains for attracting volume. AdaSwap will launch as a cross-chain token to not only create a higher level of trade volume but then bring these cross-chain buyers over to Cardano with our great utilities and incentives.
We will also have great protocols to drive participation such as our Free Financial Model, where no transaction fees are charged on ASW based transactions or our stake and forget protocol that will create an automated airdrop system through staking pools to help users diversify their portfolio.
Why did you decide on a Free Financial Model for the first-ever DeFi protocols on the Cardano network?
We want to encourage our users as much as possible while helping to bring new users to the Cardano ecosystem. We will help our users create additional wealth while enjoying all our services at no extra cost.
Why should individuals consider the fast-changing pace of decentralized finance as an important part of macroeconomics?
As the world enters a digital era of global connectivity, the way we interact and transact with one another must change as well. With the rise of Covid, failures of leadership, and wide-ranging political unrest, the faith in traditional institutions has been put to the test.
Younger generations are increasingly turning to decentralized protocols to manage their funds. DeFi has given people the means to benefit as well as a new way of interacting with one another on a global scale.
Blockchain is growing to become more mainstream, why should individuals look to come on board with this system of transaction?
I believe that blockchain technology and decentralization are exactly what the world needs right now.
Extreme inflation all over the world due to the dollar losing its dominance and the war between Russia and Ukraine making normal people suffer from banks not allowing them to withdraw their own money.
I think that blockchain technology is what will ultimately bring transparency to the current financial system.
How do you see the future of DEX platforms grow in the coming years?
As DeFi has become a stable financial service we feel society and regulators will shift to adapting such protocols for mainstream usage. We are excited to see the growth that will be attached to DeFi and the practical applications it will offer to society at a broader capacity.
Are there any exciting projects that we can expect from the AdaSwap team in the year ahead?
We’re very close to bringing out our first protocol: ADANFT, an exclusive NFT marketplace with a tiering & voting system. We plan to, later on, this year launch the AdaSwap DEX with Milkomeda’s L2 EVM solution.