- AdaSwapSwapswap launches its public testnet on June 29.
- The testnet will be deployed on the Milkomeda network.
- This Layer-2 solution represents over $36 million in Total Value Locked (TVL).
The blockchain ecosystem builder AdaSwap, who is known for facilitating one of Cardano’s first decentralized exchanges backed by Gal Gadot and Shima Capital, launches its testnet on June 29. With this, AdaSwap becomes one of the first to launch on the Milkomeda Network and tap into Ethereum Virtual Machine capabilities.
Hey AdaSwap Fam!!! We are live! Go check out our testnet and have fun! We can not wait to get your feedback on what we have built. Enjoy and let’s take this to the moon!#blockchain #Cryptocurency #Cardano #ADA #Bitcoin #ETH pic.twitter.com/JmCH984C55— AdaSwap – The next-gen Cardano DEX! (@adaswapapp) June 29, 2022
AdaSwap’s testnet launch marks a crucial milestone for the project and the broader Cardano ecosystem since the team has been building the decentralized exchange for the Cardano ecosystem for the last few months.
With this layer-2 protocol, builders can deliver Ethereum Virtual Machine (EVM) capabilities to blockchains that are not EVM-compatible. Moreover, AdaSwap extends the functionality of the Cardano ecosystem and enables the building of prominent as well as complex products and services.
As the Layer-2 solution represents over $36 million in Total Value Locked (TVL), exploring Milkomeda seems coherent for AdaSwap. Besides, developers have shown keen interest in bringing more functionality to their communities and Cardano’s first functional sidechain.
Following the deployment of the testnet, this project holds a significant first-mover advantage to create a micro-ecosystem to enable more people to build on and use the Cardano blockchain, as informed to CQ by people with knowledge of the matter.
While speaking about the launch of its public testnet, AdaSwap’s CEO Itay Levy sounded hopeful about the blockchain interoperability benefits that Milkomeda will offer. He substantiated this by saying,
Deploying on Milkomeda has allowed AdaSwap to deploy at a rapid pace and bring lightning-fast usability to our DEX for Cardano native assets. We can’t wait for our community to explore these new opportunities and bring a new wave of liquidity to the Cardano DeFi ecosystem.