TeddySwap launched on Cardano (ADA) with a imaginative and prescient to seize the market share of the decentralized alternate (DEX) and enhance liquidity on the community.
The Cardano DeFi ecosystem has attracted loads of curiosity currently, with extra customers interacting with protocols and extra builders constructing the community. TeddySwap is the newest to affix this development, with the undertaking saying its launch on the Cardano mainnet on Friday.
The mainnet launch adopted the undertaking’s preliminary liquidity bootstrapping occasion to boost cash for the swimming pools. On the time of writing, TeddySwap has raised 502,000 ADA (roughly $196,000) in liquidity a couple of hours after launch.
Within the meantime, the DEX permits customers to change between the native TEDY token and ADA. Nevertheless, plans are already within the works to allow help for different main swimming pools, particularly together with ADA pairs towards iBTC, iETH, and DJED.
TeddySwap additionally plans to focus on the stablecoin market on Cardano, with the intention of changing into the go-to buying and selling place for merchants to entry stables on the community.
TeddySwap’s lately launched DEX additionally helps a variety of widespread Cardano wallets, underscoring its efforts to interact the broader group. For instance, customers can connect with family names like Nami, Lace and WalletConnect, with extra choices like Eternl Cellular and Exodus.
Like most DEXes, TeddySwap gives liquidity suppliers the chance to earn a regular 0.3% price for contributions to the swimming pools. Customers would additionally earn TEDY tokens, with TeddySwap liquidity swimming pools at present being the one option to get the token.
TeddySwap joins Cardano’s fast-growing DeFi house
The launch of TeddySwap follows a interval of great progress for the Cardano DeFi ecosystem. Previously month, the whole worth of Cardano (TVL) has surpassed that of Bitcoin and reached a brand new all-time excessive in ADA phrases.
Cardano TVL November 2023
Because the chart above exhibits, Cardano’s TVL can be rising in USD phrases and seems on observe to interrupt its earlier excessive. The favored benchmark at present stands at $261.8 million and is steadily approaching its April excessive above $300 million.
In the meantime, the value of ADA has additionally seen gentle progress as a result of 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% improve over the previous seven days.