Cardano was one of the best-performing assets in 2021, with the hype generated by the launch of its smart contracts quickly propelling it up the list of largest assets by market value. The network integrated smart contracts on September 12, 2021, and the blockchain has been consistently growing since then. Among its offerings, AstroSwap (ASTRO), which was launched by Cardano in January 2022, stands out. ASTRO coin is a decentralised exchange (DEX).
The platform describes itself as a “Cardano-based interstellar cryptocurrency exchange.” The exchange, which has its own native cryptocurrency known as ASTRO coin, has gained a lot of attention since its launch in January 2022. In this article by Zatrun.com, we will take a closer look at this new decentralised exchange, which offers many advantages for Cardano users. What is AstroSwap, how does it work? Let’s take a look together.
What is AstroSwap (ASTRO)?
AstroSwap is the first decentralised exchange (DEX) on the Cardano blockchain. This exchange aims to make trading as efficient as possible while also solving the current problems in the blockchain ecosystem. Currently, other blockchains are struggling with scalability, reliability, adoption, and low-performance issues.
However, the Cardano blockchain on which AstroSwap is built solves this problem by providing higher scalability than its competitors. This enables ASTRO coin to offer one of the lowest gas fees on the market. AstroSwap, which provides services with low gas fees, set its launch date as January 28, 2022.
DEX chose to use the Swapz protocol, which enables fast and secure cross-chain trading. DEX and Swapz allow for multi-chain trading, supporting the industry’s largest blockchains such as Ethereum, BNB Chain, Polygon, and Velas. BSCPad, one of the most popular IDO platforms, sponsored AstroSwap. In addition, the DEX is also supported by WagyuSwap, the DEX of the Velas blockchain.
How Does AstroSwap Work?
AstroSwap is a DEX that enables the secure and effective trading of digital assets on the Cardano blockchain. This DEX is supported by BSCPad. This means that the BSCPad team benefits from revolutionary security mechanisms, blockchain experience, and turnkey marketing and promotional services.
The platform allows users to trade their tokens comfortably without creating an account or going through a complex KYC process. It maximises users’ control over their assets while protecting their privacy. AstroSwap is the best DEX on the Cardano blockchain.
Thanks to the Proof-of-Stake mechanism, Cardano is the third most valuable cryptocurrency in terms of market value and is much more energy-efficient than its competitors. This mechanism allows for fast transactions and low user costs. In addition, smart contracts on Cardano typically run on an off-chain computation layer that requires a hash reference, which allows ASTRO to achieve greater scalability. Users can also participate in liquidity pools on the platform using LP tokens.
What is ASTRO Token? Is It a Good Investment?
AstroSwap also offers the promising ASTRO. The ASTRO token, which is the platform’s native token, can be used by users for passive income. Users who stake their tokens can increase their annual returns proportionally by earning more tokens. Holding ASTRO tokens also helps the AstroSwap community grow indefinitely. The asset is not just a token supported by the exchange, but a method to invest in the future of crypto.
Of the total circulating supply of ASTRO coin, 12% is allocated to the AstroSpace team, 45% to reward staking users, and approximately 6% to advisors. 10% was sold in private sales, 2% is allocated to ADAPad, a partner of AstroSwap, and 10% is reserved for the AstroSpace ecosystem. The remaining 5% is set aside for purposes such as airdrops.
AstroSwap appears to be a fast-growing DEX that provides the fast transactions and lowest fees that the crypto community needs. The platform has agreements with ADAPad, WagyuSwap, BlueZilla, Swapz, and many other organizations, but the price has significantly decreased since the launch.
Being the first DEX on the Cardano network is also an advantage for the platform. However, Investors should still conduct their own research and analyse the risks before making any purchase transactions.