ADA Markets is revolutionizing the way we trade on Cardano's decentralized exchanges by testing a groundbreaking feature that enables multiple token swaps in a single transaction.
Find out how this simplifies trading and enhances transaction security, making it a potential game-changer for cryptocurrency enthusiasts.
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Streamlining Trades on Cardano's Decentralized Exchanges
On April 12, 2024, ADA Markets, a decentralized exchange (DEX) aggregator for the Cardano (ADA) blockchain, announced the testing of a new feature that enables users to execute multiple token exchange transactions across various DEXes in a single transaction.
This service aggregates orders from multiple decentralized exchanges to provide users with the best exchange rates. As of the time of writing, ADA Markets aggregates six Cardano-based DEXes:
- SundaeSwap
- WingRiders
- Minswap
- Spectrum Finance
- Muesliswap
- VyFinance
The newly announced feature allows for the execution of multiple token swaps across different exchanges within a single transaction. This includes a wide variety of 38 transaction types involving Cardano-based tokens, market orders, and limit orders.
A video demonstrating the processing of 38 different transactions in one go has also been posted.
This feature can consolidate more than 38 types of swaps into one transaction. Currently, it is in the early testing stage, with plans to conduct final tests and adjustments before releasing a test version.
Enhanced Transaction Details and Security
The video reveals that even when cryptocurrency transactions are consolidated, it is still possible to check the details of each individual transaction, which can be crucial for assessing things like fees before executing trades.
The design also ensures that password entry is required only once at the time of the transaction signature. After completing the transaction, users can view a detailed list showing which exchanges were used and what transactions were conducted.
Traditionally, executing on-chain transactions via typical methods required detailed verification and signing for each transaction. However, by using this new feature, multiple tokens can be swapped in one go, significantly simplifying cryptocurrency transactions through DEXes.
While it is expected to take some more time before this feature is officially released, ADA Markets has indicated that this function is a base for further development, suggesting that more enhancements are forthcoming.
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