Every cryptocurrency enthusiast needs to take note of crucial industry events, and the long-awaited launch of Astroswap is a highlight of 2022, as the project has sustained solid social excitement since its launch in October 2021. It is one of those platforms no one can afford to miss out on.
The Initial AstroSwap Momentum Is A Stepping Stone
Cardano users have been chomping at the bit to begin using AstroSwap, the first decentralized exchange (DEX) on the Cardano blockchain. The project was first announced in October 2021 and noted a tremendously successful public sale. Getting whitelisted for this project was difficult and the list was massively oversubscribed, meaning those who didn’t get in have been waiting till now to get involved in the ecosystem.
Once the token initially launched, it noted up to 33,000% ROI within the first few days across PancakeSwap. The token still trades around the $0.20 mark at the time of writing thanks to strong trading volume, although the price is looking like it will go much higher with the launch today.
AstroSwap remains the first interstellar DEX built for the Cardano ecosystem, giving it a first-mover advantage no one else will rival. Moreover, the ASTRO token is accessible across two major trading platforms- PancakeSwap and Gate.io - with more exchange listings to follow. The initial demand for this token during and after the IDO is just a glimpse of what the future holds for this project.
What Sets AstroSwap Apart
There are many exciting features presented by AstroSwap, all of which will prove beneficial to Cardano - and cryptocurrency - enthusiasts. Under the AstroSwap banner, users can access ultra-high APYs not found anywhere else within the crypto ecosystem.
That high APY is made possible thanks to 45% of the total $ASTRO supply being put aside for staking incentives. The total supply is 10 billion tokens, meaning 4.5 billion $ASTRO is up for grabs for those exploring the staking option.
A second benefit is the building of cross-network bridges. More specifically, the team aims to help users optimize their trading by letting them send tokens across networks at rapid speeds and ultra-low fees. Decentralized trading is all about finding new market opportunities, regardless of which network is involved.
Moreover, the launch of AstroSwap brings new utility to Cardano's native ADA token. For those unaware, ADA will, together with Velas's VLX (for gas fees), be the base token on the exchange across its trading pairs.
It will be the first time ADA serves as a base token on a large scale, bringing more attention to Cardano and highlighting the potential of DEX technology in this ecosystem. What’s more, is that all transaction fees will be refunded in VLX to users who make swaps.
All of this functionality will be made accessible through MetaMask, the popular crypto and Web3 browser-based plugin. Streamlining the user experience across AstroSwap is of the utmost importance for the team, and MetaMask is the most commonly used solution.
Other features to explore include yield farming, auto liquidity locking, and the upcoming lottery system. That latter solution will award loyal users of the platform with extra tokens and other rewards, establishing a form of brand loyalty in the cryptocurrency space.
The Velas Angle Is Huge
Powering the AstroSwap platform is the Velas blockchain, renowned for being high-throughput at a minimal cost. The fork of Solana has a throughput of 75,000 transactions per second, making it one of the most cost-efficient blockchains on the planet. Combining low fees with tremendous efficiency is essential to the success of AstroSwap as a decentralized trading platform.
Moreover, Velas recently partnered with SpaceChain to bring a light node into space through the SpaceX Falcon 9 rocket. Through this partnership, there will be DDoS protection and brand exposure. Furthermore, Velas has ties with Ferrari, giving it a more mainstream appeal. In addition, Velas has partnerships with AstroSwap and WagyuSwap, making AstroSwap a strong contender for the title of "industry-leading DEX".
The initial launch on Velas will give AstroSwap and its users many benefits. With the Cardano network experiencing congestion leaving SundaeSwap DEX facing trading delays for up to five hours, AstroSwap's choice of initially running on Velas seems the better alternative. AstroSwap provides functionality to Cardano users without relying on the Cardano network initially, allowing the team to provide an optimal trading experience from day one.
After that, however, the plan is to migrate to Cardano, bringing the most cutting-edge Defi products and services to ADA holders. Cardano is the most innovative blockchain globally and has unprecedented potential to disrupt the DEX industry from within.
Switching to Cardano helps AstroSwap leverage the Swapz bridge, which natively supports the “Metamask of Cardano” Nami wallet. Moreover, the Swapz bridge puts AstroSwap on the multi-coin level and a layer-two solution with EVM compatibility. There are also plans to support Solana in the future, creating endless swapping potential for AstroSwap and its users.
The Future is Bullish
If all the above isn't enough to get you excited, take a look at the upcoming plans and partnerships for AstroSwap.
On the marketing and community front, AstroSwap will conduct regular AMAs and open chat sessions with the community to collect feedback, exchange ideas, and keep building a forward-compatible decentralized exchange. There will also be community competitions for $ASTRO prices, bringing more attention to the token and what the ecosystem aims to achieve.
A platform like AstroSwap has the potential to strike it big, and the A-star lineup of partners pave the way for significant growth over the coming months. Partners include ADAPad, WagyuSwap, Swaps, and BlueZilla, the VC and incubation network spanning over a dozen launchpads, DEXes, and other projects.
Tapping into BlueZilla's vast network will make AstroSwap a household name, so be sure to pick up some $ASTRO!
