Adaswap, a Gal Gadot-backed decentralized exchange (DEX) platform on the Cardano network, has launched its public testnet.
A press release shared with CoinJournal stated that the Adaswap DEX, also backed by Shima Capital, was going live today 29 June 2022.
According to the platform’s team, the testnet launch makes the project among the very first to tap into the capabilities of the Ethereum Virtual Machine (EVM).
The project went live on the Milkomeda Network.
Tapping into blockchain interoperability
With the testnet launch via Milkomeda Network, Adaswap is looking to tap into the benefits of a layer-2 protocol with over $36 million in TVL.
The team notes that among the key benefits for builders will be the ability to deliver EVM capabilities to non-EVM compatible blockchains.
This, they added via the announcement, enables the extension of Cardano’s ecosystem to projects that seek to build advanced products and services.
AdaSwap CEO Itai Levi said:
“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. We’re also looking forward to the blockchain interoperability benefits that Milkomeda will offer.“
Adaswap has been building towards the launch of its testnet over the past month, with the team noting in early June that they were focused on delivering this milestone despite the tough market conditions.
The Market might be ?temporarily, but at #adaswap we keep building. And when the market comes back ? we will be ready to?
Testnet is so close we can taste it!#altcoins #Cardano #ADA #cryptocurrency
— AdaSwap – The next-gen Cardano DEX! (@adaswapapp) June 7, 2022
Earlier in May, Adaswap announced the NFT marketplace ADANFT, which was launched in collaboration with globally renowned artist Jonathan Paul, aka Desire Obtain Cherish.