ErgoDEX in focus
In the coming week we will launch our public testnet on the Cardano blockchain. Once the testnet is complete, the next steps are mainnet and a cross-chain bridge between Cardano and Ergo. In this article we will give some more details on what ErgoDEX is and what we want to achieve!
ErgoDEX is the first decentralized exchange built on top of the eUTxO model. It launched in beta on the 10th of August 2021, and this beta ended on the 9th of November 2021, when the full UI launched.
Due to the power of the eUTxO model, we believe we can offer users a greatly improved DeFi experience.
The founders of ErgoDEX, Ilya and Yasha, both have a solid background in blockchain and financial product development. Ilya was a core developer of the Ergo Blockchain while Yasha was a frontend developer and product manager in several large companies and startups.
Both Ergo and Cardano blockchains are designed to be secure, resilient and decentralized. Ergo uses a Proof of Work system, while Cardano uses Proof of Stake. One of the biggest strengths of these blockchains is also their biggest weakness. By using the newly created eUTxO model, all technology had to be created from the ground up. This meant extra development time and a higher barrier of entry for new developers who had become familiar with the account model of the majority of DeFi. To overcome these challenges, ErgoDEX was created.
ErgoDEX was built with three core principles, Decentralization, security and transparency. These have affected all decisions with both our project organizational and technical aspects.
ErgoDEX received more than 1600 upvotes and took second place in the Project Catalyst fund 5. This support from Project Catalyst allowed us to begin our Plutus port of ErgoDEX.
As of writing this article, ErgoDEX has successfully released a full AMM DEX on the Ergo Network. Our current focus is to release our AMM on the Cardano Mainnet, then a cross-chain bridge for shared liquidity between Ergo and Cardano.
Since our launch on the Ergo network, ErgoDEX has had an explosion in popularity. Our community now consists of more than 40k followers on Twitter, Telegram, Discord and Reddit accounts. Our project has reached $3.5M TVL (which is 0.74 % of Ergo’s market cap, meanwhile, the TVL of all DEXes on Cardano makes up 0.72 %).
We have some great ideas in the pipeline to increase the efficiency of DeFi. We want to create systems that can cover every potential user’s needs and eventually create a DAO that will allow for complete transparency and autonomy. We are looking forward to seeing everyone joining our Cardano testnet, and we also invite you to join our community on Twitter, Discord, Reddit and Telegram!