ADAX AMA recap on 17th November
On Wednesday AMA was held on the official ADAX reddit account where amazing Adax representatives lead developer Haris and CMO Dovydas answered all the important questions regarding ADAX development and launch.
Below are the highlights of a session Q & A’s, more news will come soon, so keep your eyes and ears open to be the first to know.
After the PAB’s are released, how long will it take until we will have a product ready for launch?
ADAX V1 is planned to launch in December, the only part that is missing is the PAB release.
What differentiates ADAX and gives it an advantage over the other Cardano DEX projects that are to come out soon?
Full decentralisation, team talent, overall UX and partnerships.
Have you managed to make an end to end test at least in a private testnet or there is some missing part that need to be developed? If yes, do you plan to show at least one test transaction on the public testnet?
Team is doing many tests on the emulator, which is currently sufficient for us, as we have mocked all of the needed components and it does not really differ from the testnet environment. Haven’t done end to end tests though, as we are limited by JS implementation on UI. We are using CLI for now, while wallet/PAB integration is in progress.Very soon we will move to public tesnet with a fully working product, to test it before launch.
Will there be a front end ERC-20 token converter on the DEX? Because that will help to bring Ethereum volume to the DEX and Cardano as a whole.
The ERC20 converter that is being developed by Cardano, and it’s a backend solution with front end integration. So that will indeed bring ETH players into our space!
Is there going to be any liquidity pools or staking available to earn passive income?
In ADAX V1 we are utilising the orderbook model, so there won’t be liquidity pools. There will be concentrated liquidity orders instead. In later Adax versions we will introduce liquidity pools. As for staking, we are researching ways to stake native token on-chain. Meanwhile, you can stake ADAX token off-chain.
Exmarkets staking is about to end a few weeks from now. Is there an estimation on how realistic it is that we’ll have no “downtime” with onchain staking coming up/exmarkets staking getting extended? Also, is there a target/estimated return that the onchain staking will provide?
Onchain solution is expected to come out soon, GeroWallet is working on that and we have some insights already. Some other projects have their own custom solutions so we hope to have on-chain option in December or straight from January 1st when ExMarkets staking ends.
Worst case scenario, we are prepared to extend ExMarkets staking for a period of time.
What are the new developments made by the dev team and what else needs to be done before launch (except PAB)?
Smart contract is now fully finished and tested. The UI matching engine is finished just being improved in regards to algorithms. Querying/aggregation service is fully finished. PAB/JS wallet integration is in progress and is basically the only thing stopping us from launching, apart from testing.
How will ADAX ensure decentralisation? Will we be able to run our own nodes with staking capabilities to help with decentralisation? Will there be any form of centralization in V1?
Our goal is to build a Dapp, not a network. There are different ways current Cardano problems can be solved, and one of those is the one you mentioned. By multiple actors (users) running some service which is incentivised to be not malicious by being slashed or rewarded. This is not what we want to achieve, building protocol on top of protocol. Even though it’s very hard to come up with a fully decentralised solution without expanding current Cardano logic, we feel that it is Cardano’s job to provide tools and ours is to get the best possible value from underlying protocol. And this is the approach we are taking with ADAX V1.
Now, regarding decentralisation, the only tool we are using for our DEX logic is Plutus smart contracts, thus introducing no other services and only relying on one fully decentralised system. All other ADAX V1 services are only doing querying and are not influencing the end result in any way. We see our UI as an interface to help users communicate with smart contracts more conveniently, even though it can be done without using UI, directly. Before submitting anything to the blockchain, the user is sure of the end result. It will either happen on his set terms, or won’t happen at all and fail. I would say this solution is fully decentralised.
This is not our last AMA as more news will be coming soon.