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The cryptocurrency landscape is currently expanding at a rapid pace in both products and users. Uniswap, which is an Ethereum-based decentralised exchange, is one of the most important and massively used tools. However, it is difficult for the majority of people to trade tokens on the Uniswap DEX because of the high cost of gas, slow transactions, and overlapping of liquidity. Many automated market makers (AMMs) have this similar problem of overlapping liquidity on the Ethereum blockchain. However, Bashoswap, a decentralised exchange (DEX) based on Cardano, will be developing an accelerator platform that will allow shared liquidity. It will also have some other advanced new features that will be added to the platform at a later stage.
Upcoming Private Sale
The BASH token, which is the native token of the Bashoswap ecosystem, will have a total supply of 500 million tokens. The project is currently conducting a private sale whitelist for early adopters and community members. During the private sale, Bashoswap will issue 100 million BASH tokens to the community members and early adopters.
The project has received significant recognition from top crypto blogs, such as Ambcrypto, Bitcoinist, Cointelegraph, NewsBTC, and Investing.com. In terms of demand, Bashoswap is gaining significant traction. As its private sale continues, over 1,300 participants have already signed up on the private sale whitelist. In order to participate in the private sale, and obtain BASH tokens, you can fill out this form: https://whitelist.bashoswap.finance/
BASH tokens can be purchased using ADA.AT the private sale; the current price of one BASH token is 0.055 ADA. The minimum purchase on the private sale is 20,000 ADA. Once the purchase has been done, there will be a lockup period of 3 months.
What are the problems plaguing the De-Fi ecosystem?
Bashoswap intends to offer an initial DEX offering (IDO) Launchpad, coupled with a decentralised exchange (DEX) platform. This will help link Cardano developers and early users of the ecosystem. Together, they will allow for pooled liquidity and the addition of various features to the platform.
Bashoswap developers observed the difficulties with which most individuals attempt to trade tokens using the Uniswap platform. These difficulties are brought on by high gas costs, extremely slow transaction confirmation times, and overlapping liquidity. Due to this, the Bashoswap ecosystem harnesses the power of Cardano’s scalability to build a highly-effective decentralised solution.
Bashoswap’s initial DEX offering launchpad will help to create liquidity for innovative blockchain projects that find it difficult to raise money. Bashoswap will accomplish this by connecting these blockchain projects or startups to a committed community. Additionally, native tokens on the Cardano ecosystem will be fully supported on the Bashoswap Launchpad. Furthermore, powerful DeFi technologies will be built, as they will be essential to the success of the Cardano ecosystem.
How Bashoswap will overcome all problems
One of the goals of the Bashoswap project is to have a token swap protocol. This will be accomplished by combining Cardano native tokens (CNTs) and ADA into a virtual pair using the automated market maker (AMM) technology. Moreover, liquidity providers will have the freedom of selecting a pool pair so that they can enjoy the best liquidity provider (LP) fees.
This will also support the permissionless exchange of tokens through a liquidity swapping mechanism. The entire Bashoswap ecosystem is powered by the BASH token, which will have several use cases, including staking, farming, and governance. Bashoswap community members can manage the ecosystem by voting on crucial decisions using the BASH token. The swap protocol for the Bashoswap project will be done by combining deposited Cardano native or Cardano based token (CNTs) with ADA into a virtual pair. Liquidity providers (LPs) will also have options of choosing a pair of liquidity providers (LPs), and will also earn extra benefits for supplying liquidity to pools. All rewards used to incentivise the use of pools and on Bashoswap will be paid out in BASH tokens.
Bashoswap Launchpad will harness the power of Cardano smart contracts, which were made available by the Alonzo hard fork. Bashoswap will give funds to developers and projects seeking financial support in the Cardano ecosystem. Bashoswap will also provide a transparent, efficient and completely decentralised fundraising platform and token swap protocol. Currently, Bashoswap is running a private sale whitelist for early adopters, who want to be participants in the initiative or in the project.
What are the features of Bashoswap?
The main features of Bashoswap are the initial DEX offering (IDO) Launchpad and the decentralised exchange (DEX) platform. Bashoswap aims to launch an IDO Launchpad that is scalable on the Cardano network. Because of this, members of the Bashoswap community will be able to invest in and trade high-value DeFi projects. The IDO Launchpad will provide liquidity for blockchain startups on the Cardano network.
Additionally, the automated market maker (AMM) will use a paired token liquidity pool design. Instead of using a regular two pair, Bashoswap will use a single token design for liquidity pools, which will be enabled by grouping the deposited tokens into a virtual pair.
The IDO Launchpad and accelerator will help many startup businesses kick off. Each project that manages to launch on the Bashoswap IDO platform will contribute a given amount to the Bashoswap treasury. This will provide the stakeholders of the budgets of the community with a sense of financial protection against the potential failure of the project.
The IDO platform will have the Plutus application back-end (PAB), which will provide developers with an option to auto-lock liquidity. All holders of the BASH token will also have access to seed rounds, pre-sales and private sales of all Cardano projects launched on the IDO platform.
The Bashoswap decentralised exchange will create a trustless environment for users to exchange crypto assets. It will employ the eUTXO protocol, which guarantees that this swap will take place if all participants agree. However, if some of the participants disagree, then every participant who locked their funds is entitled to receive them back.
Why is Bashoswap based on the Cardano blockchain?
Bashoswap will be the first Cardano-oriented launchpad that is insured. This means that if anything goes wrong with the project (and this can include DeFi attacks from malicious actors), then members of the community can be compensated for their losses from the insurance treasury.
Bashoswap decided to build on the block on the Cardano blockchain because it leverages the lightning fast speeds of the block of this network. With the Cardano blockchain, Bashoswap will have extremely fast transaction speeds between the Cardano native tokens (CNTs), while allowing for shared liquidity. Using the newly-created smart contract capability of the Cardano network, Bashoswap can drastically reduce the gas fees and increase the transaction speeds for many DeFi users.
When Cardano implemented the Alonzo upgrade, it set itself up for a decentralised app explosion. The Cardano blockchain also received a lot of hate from the crypto community because of its lack of utility. In fact, the Cardano token (ADA) dropped 62% after the match hyped Alonzo hard fork.
However, after that, a wave of decentralised apps began to deploy in Cardano, changing the conversation around this blockchain. With Cardano, staking is easy because it’s a proof of stake blockchain. Users can delegate ADA tokens to decentralise the network and get paid. Cardano also has the extended unspent transaction output of the eUTXO model, which provides two distinct advantages of the Ethereum model.
One of them is that the eUTXO model allows users to check transactions and see if they will succeed before they are even sent. This reduces the worries of spending unnecessary transaction fees just to have the transaction get stuck. The second thing is if the same input is that, the model allows for more transactions to be done in parallel. This allows transactions to be more efficient.
Conclusion
Crypto is a fun place to be. The rapid rate of development in the field makes it the liveliest industry in the world. Additionally, crypto is built around democracy and socialism. That is why projects like Bashoswap must tend to their members. As to whether Bashoswap will amount to anything, only time will tell. One thing is for sure though, they had a strong start. Big crypto blogs reporting on them makes it more of a successful endeavour from the get-go.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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