The team behind Cardano-powered decentralized exchange (DEX) AdaSwap has just raised $2.6 million and apparently one of the project’s new backers is none other than Gil Gadot, the Israeli actress who is best known for playing the role of Wonder Woman in several movies by DC Films.
What Is a Decentralized Exchange (DEX)?
Here is how the Gemini crypto exchange’s Cryptopedia defines a DEX:
“A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform. In the absence of a central authority, DEXs employ smart contracts that self-execute under set conditions and record each transaction to the blockchain. These trustless, secure transactions represent an accelerating segment of the digital asset market, and are pioneering new financial products.“
What Is AdaSwap?
Here is how the team introduces the project in their white paper:
“AdaSwap is an ecosystem builder that will be launched on the Cardano network and will help launch the Cardano network. There will be 4 main use cases that will be launched on the AdaSwap platform within the near future followed by exciting RnD initiatives. At the core, the platform will host an AMM (Automated Market Maker) utility that provides decentralized and noncustodial market-making for liquidity providers, built and utilized on top of the Cardano blockchain infrastructure. This will be revolutionary based on our own Free Finance Model that will change not only DeFi, but the world...
“The AdaSwap tokens are the base and utility of the ecosystem. With our token we can allow more efficient swaps and do price arbitrages in real-time. Users will use AdaSwap tokens in order to unlock the full potential of our platform. The AdaSwap token will offer the utility of creation which is a vital requirement during ecosystem growth. Above this, the token will have the utility of the Free Finance Model which will create large returns for holders while reducing costs dramatically. Users will be able to experience the hyper financial gain in real time while protecting the price of the AdaSwap token.“
AdaSwap’s $2.6 Million Fundraising Round
On Wednesday (March 2), the AdaSwap team announced via a press release that it had raised $2.6 million in a funding round that was led by iAngels. Also participating in the round were Shima Capital, Pluto Digital, GBV Capital, Stardust Capital, Efficient Frontier, Finova Capital, Banter Capital, and FinTech startup COTI Group. Among the angel investors, one backer that stood out was the actress and producer Gal Gadot (her husband producer Jaron Varsano also invested in the project).
Itay Levy, AdaSwap Co-Founder & Strategic Partnerships Manager, had this to say:
“This is one of our first and greatest accomplishments toward building a new financial ecosystem that will have a great impact on our world. The AdaSwap team is really excited to move forward with our project backed by the best investors from both technical and commercial backgrounds. We would like to thank all our partners and advisors for supporting us to this point and we can not wait to show the world what we have done.“
A representative for venture capital firm iAngels stated:
“We invested in Adaswap because we believe in the team, its mission and its tech roadmap. The future of finance is digital and projects such as AdaSwap will facilitate financial freedom and democratization for the masses. We’re excited to join this journey and look forward to a future of innovation with the Adaswap team.“
Gal Gadot and Jaron Varsano said in a joint statement:
“This is an exciting investment opportunity for us in the crypto space.“
Yida Gao, general partner of Shima Capital, said:
“Although Cardano has been a top-ten protocol by market cap for many years, there is still massive upside in its ecosystem that only recently launched composable smart contracts for developers. We at Shima Capital believe Aaron and the AdaSwap team are well-positioned to create core building blocks of the ADA ecosystem, starting with a native DEX that can handle trades, swaps and bridges. We are excited to support AdaSwap on its journey to tap into the massive liquidity currently locked in the Cardano protocol.“
According to a report by Crypto Briefing, they were told by the AdaSwap team:
“By building our smart contracts on a Layer 2 solution for Cardano, we are able to bundle and process transactions on the Layer 2 while eliminating the long processing times that SundaeSwap is suffering from... Sundae went live knowing the issue, while we pivoted our development seeing the delays from the Cardano Foundation regarding a fix or the Hydra update…
“Cardano’s UTXO model is very exciting for us; there are a ton of decentralized applications that haven’t been thought of yet that can be created on it in a very efficient way. With that said, traditional dApps as we’re used to from other blockchains, for example, EVM-based ones, have a lot of differences that don’t allow for easy dApp porting.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.