Albeit one of the best performing blockchain networks, Cardano, surprisingly, is yet to have a native decentralized exchange [DEX]. There is no exchange list for project tokens designed and launched on the Cardano blockchain currently, however, thanks to a team of innovative and forward-driven individuals, plans are underway to develop and subsequently launch the first decentralized exchange on Cardano, DOEX

DOEX, per the project roadmap, is set to become the first blockchain-based DEX on Cardano, and according to the team, it is expected to launch before the end of 2021. 

What is a Decentralized Exchange? 

A DEX is a blockchain-based application that has been designed and made available, through a series of smart contracts, to facilitate all kinds of financial services that ordinarily would have been executed by a centralized system. As the name implies, a DEX does not have a central authority system nor is it bound by governmental policies, hence the word “decentralized”. 

These exchanges enable trustless parties to seamlessly carry out transactions by relying solely on smart contracts — a computer program built to execute and document events based on a set of predetermined rules agreed upon by transacting parties. Besides decentralizing financial services completely, DEXs ensure that profits garnered from trades are decentralized as well. 

Unlike centralized exchanges, users that provide liquidity to DEXs in an attempt to aid in the facilitation of exchange services, swaps, et al are rewarded. 

Speaking about this groundbreaking feat, the DOEX team revealed it has always been a vision of theirs to become the first DEX on the advanced Cardano blockchain network. Enabling interoperability and the convenient transfer or swap of tokens between Cardano and Ethereum blockchains, through the integration of a fool-proof converter, is part of the DOEX’s team’s extended plans to lay a solid foundation for business expansion and in turn, proliferation of the Cardano ecosystem and built-in projects.

With a long-term goal of being the one-stop-shop for all decentralized finance [DeFi] needs on the Cardano blockchain, offering but not limited to asset and staking management, DOEX will position itself as an all-around exchange for all financial needs on the blockchain network. 

Cardano Still Has a Lot of Ground to Cover 

Revered as a top blockchain network based on scalability, faster transaction throughput, and lower costs, Cardano, is miles behind the top three networks in terms of DEX trading activity, per a recent report from DAppRadar. Topping the list is the premier decentralized applications [DApp] platform, Ethereum, with TRON and EOS clinching the second and third spots, respectively. 

Juxtaposed with these blockchain networks, Cardano may well have a superior and advanced technology, capable of scaling, and built by a team of visionaries, however, when it comes to DEX trading activity, it still has a lot of ground to cover. 

According to DAppRadar, Ethereum continues to lead the way when it comes to DeFi, non-fungible tokens [NFTS], and DEXs. A dominant protocol, Ethereum accounts for 64% of the daily DEX wallet activity, a significant rise from its 2019 48% dominance. All of these data and statistics point to one fact — Ethereum has positioned itself as the go-to blockchain for everything DEX, albeit not entirely impossible, it would be a colossal challenge to overtake it. 

With data from DeFi Pulse ; the leading DeFi analytics website signifying a sudden increase in this crypto trend with over $104.6 billion [at the time of writing] locked in numerous DeFi protocols, investors are expected to see profits flood into this billion-dollar market once the bull cycle winds up. 

As the first DEX on Cardano, DOEX will usher a new era of decentralized exchanges on the network while acting as a catalyst for the growth of the network.