7 Cardano DEX that are similar to Uniswap! Possible 100x Gems & ISPO (Free Ada Tokens!) 😬😎🤩🚀
In this post, I will be sharing with you, which dexes I believe will be game-changers on the Cardano ecosystem.
Some of them might even do a 100x. I'll go over the pros and cons. I will also share with you which ones are my favorites and most likely to become the next uniswap on Cardano. So do make sure to read to the end so you don't miss out on the gems.
You can watch the video version here:
Here’s the list in alphabetical order. The ranking of the projects can be found at the end.
Adax
A state-of-the-art decentralized exchange protocol is how they call themselves. Adax is an AMM that just recently did its ICO. The first version of their dex will be released in q3 2021 but will only be finished in q4 2021.
The tokenomics are not great. 10% is locked for the team and 25% is in the treasury and reserved for private sales.
There's not much that makes me that hyped about adax. It's good they are creating an AMM for Cardano and using a Cardano native token.
Cardax
Cardax claims to be the first dex on Cardano, which is a wild assumption. I couldn't verify that claim which gives me a bad first impression.
Cardax will be rolled out in q4 2021. They received a 50k grant from the Cardano catalyst proposal. Otherwise, it looks similar to adax.
Tokenomics for cardax is not great. 20% allocated to the team and an additional 5% allocated to advisors. At least these tokens are vested for 2 years.
You can't buy the cardax tokens atm as they have already done a small private sale in their community. Not a big fan of that either as we don't really know what price the tokens went for.
Chefswap
https://www.chefswap.org/
Chefswap is a community drive decentralized exchange on the Cardano blockchain. It reminds me a lot of BSc uniswap clones.
Chefswap is doing an ispo. This means you can get chef tokens by staking your ada to the chefswap staking pool.
The functionality is very similar to other uniswap dexes. Token swaps, trustless transactions, and yield farming.
A big plus is the initial stake pool offering.
But I don't like the idea that they don't share their code on a public GitHub and that they have an anonymous team. This can increase the risk of a rug pull.
Chefswap has slightly better tokenomics than adax and cardax.
50,000,000 chef tokens are initially minted with 20% (10m) tokens allocated to the founders and team. That's quite a lot in my opinion. These tokens are gradually unlocked each epoch over a period of two years.
Ergodex
Haha, i'm definitely biased when it comes to ergodex as it's based on the ergo blockchain. One of the main reasons I'm bullish upon it is that it can launch way earlier than all the other dex that are waiting on Cardano smart contracts. The reason for that is because ergo blockchain is very similar to cardano.
Furthermore, ergodex received the highest catalyst funding in the list, it's a cross-chain dex. The team is public and experienced. Here's a video i made talking more about ergodex.
Matrixswap
Matrixswap aims to deploy on two major blockchains: Polkadot and Cardano. Matrixswap vAMM offers trades with up to 25x leverage.
Matrixswap did an ico with cardstarter. The Github is private which is a shame. But the good thing is they have experienced devs and a public team.
Matrixswap provides users an Emergency Nuke Button (DEX aggregator) that allows users to convert multiple (or all) tokens into one single asset under one transaction.
Pretty useful if you want to panic sell.
The token distribution is far from fair in my opinion. The public sale was only 2.5% and a larger private sale of 12.5%
33% is locked in the treasury, 14% team, and 8% advisors. I like the ideas behind the project, but I think I'll wait it out and see the price action before I buy some.
Minswap
Minswap will be ready in q4 2021 but you can already start collecting min tokens by delegating your ada to their staking pool. There will also be a min airdrop as soon as they launch their dex.
MIN token does not have any pre-sale or ICO. The only way to acquire MIN token is by participating in the protocol or trading it directly on MinSwap.
Minswap will have some of the popular dex functionalities such as yield farming, swaps, and a launch pool which allows you to participate in new Cardano projects.
The token distribution of minswap is awesome. 10% is allocated to development with the remaining 90% distributed to the community with a initial stake pool offering.
Mirqur
Mirqur a pareto optimal dex on cardano.
Here are some awesome functionalities that I haven't seen in other Cardano dex projects.
Portfolio pools
impermanent loss insurance and smart tokens. This is great for liquidity providers
Range pools allow you to earn a lot more fees when providing liquidity on a dex
Mirqur will launch in q4 2021 it has a public github, experienced and public dev team. I'm a big fan of this project.
Tokenomics
3% locked for founders
7% for ispo
12% for later use can be decided by the community
Ray Network
https://rraayy.com/
Ray network is the last in the list for this video. Ray network is an advanced ecosystem for Cardano. You can earn 5% ada rewards as well as 1xray for each 50 ada/epoch.
Rayswap will launch in q32021, it has a publich github and experienced devs. The only unfortunate thing is that the devs are anonymous. It would be nice if that changes in the future.
Ray network has a massive amount of solutions. Including a cardano wallet (ray wallet), cardano dex (ray swap), cloud storage, nft marketplace and a lot more.
Conclusion
This is my current Cardano dex ranking.
Ergodex
Rayswap
Minswap
Mirqur
I'll be doing a tier list video as well as an individual video for nr 2,3 and 4 as there is a lot more to cover. Make sure you are subscribed with the bell activated so that you don't miss out on the upcoming videos.
I'll catch you in the next one have a great day.