Cardano has Unveiled its Plan to Launch Another DEX Platform

The Cardano network has been known for new projects launched during the last year. While developers had a hiccup with network congestion this year due to increased traffic, there are plans to expand the DEX count. According to the latest tweet by the parent company IOHK, the Cardano network is planning to launch another DEX or decentralized exchange before the end of this month.

This month, Cardano network started the MADAX Metaverse launch, which is a virtual real estate on top of the Metaverse project that allows users to purchase and sell using the native token called XT. The IOHK Twitter account posted a 10-day update for the collective projects that were added to the blockchain network during the period.

The Cardano network developers pointed out that OccumX, which is a DEX platform, will be responsible for generating the mainframe for the new Cardano DEX. It is worth noting that OccumX is already powered by the Milkomeda protocol. Milkomeda protocol is a side chain project generated by the Cardano developers to introduce EVM compatibility to the sterile networks.

The IOHK Twitter also pointed out that the developers will be taking assistance and guidance from AimCardano and Project Catalyst tools for making the DEX a working success. Meanwhile, the official Twitter account of OccumX has also shared links for Cardano users to catch the latest updates on the matter.

The first-ever DEX project of Cardano that went live this year is considered to be doing well. Thus far, the total value locked in the SundaeSwap is estimated to be around $100 million. The records from DeFiLama reveal that at present, SundaeSwap is hosting around $125 million TVL, to be precise.

While the transaction volume since its January launch has reached 100 million ADA tokens, the prospect Cardano DEX by OccumX will be a decentralized exchange that allows the users to swap, earn, and contribute to the liquidity pool for Cardano Native Tokens or CNTs. OCX token is native to OccumX DEX that could gain traction due to the new project.