Kaddex was developed as a vital response to the problems decentralized exchanges had with usability, high gas prices, and vulnerable protocols that made it impossible for consumers to participate in the true goal of decentralized banking.
The Context Behind The Existence Of EckoDAO
Being the first structured DEX constructed on Kadena’s scalable proof-of-work blockchain network; Kaddex positioned itself as such in July 2021. The objective was to create a fully open and inclusive decentralized marketplace for everyone, enhancing end-user trade efficiency, which was both straightforward and exquisitely complicated at the same time.
The Team quickly realized there was much more that could be done for the Kadena ecosystem as a whole and that there were several other fresh possibilities to investigate as a result. With these new opportunities passing by, the team decided to extend the limits of the existing mission; to create a community that drives in gas-free surroundings.
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EckoDAO was the initial step into the creation of EckoDEX that was used in order to commence Kaddex’s project and from how small they started, Kaddex has now grown into something bigger, something more powerful than it once was. The initial steps were the introduction of EckoDEX and EckoWallet. After being dead set on a project, the team had begun their first-ever monetary sustainable mining program. This was used to entice liquidity providers and create a safe, sustainable, and profitable environment. This project was what could be referred to as a “win-win situation.” The team profited from it, the environment became safer, and liquidity providers had something stable to invest in.
Usage of EckoDEX:
EckoDEX was the first creation that came out of the system called “DAO,” or “EckoDAO.” Back in 2021, especially during covid time, people did not travel as much and even if some did, it caused a ruckus because of the fumes of the gas their cars left behind. In today’s time, the prices of gas are just too high for the middle class to be able to afford them every week. This is why EckoDEX was invented, to create a liquidity mining program that would be used to create a “gas-free environment.”
The universe of DeFi has established itself as the first real-world use of blockchain technology. The world of traditional finance has been rocked by the development of a wide and cutting-edge ecosystem of technology by a number of different enterprises.
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By developing user-focused, universally accessible, scalable, sustainable, and decentralized end-to-end financial solutions, EckoDEX aims to fulfill the genuine goal of decentralized finance. It also entails decentralization of everything from the website and exchange platform to the ground-breaking DAO system, to the development of sustainable liquidity mining and governance mining programs. In order to realize this objective, Kadena must be placed in the epicenter of DeFi adoption, which goes well beyond eckoDEX’s status as a gas-free DEX.
What is BlockChain Technology?
Among the nodes of a computer network, blockchain technology is a distributed database or ledger that is shared. Blockchains function as digital databases that store data electronically. In cryptocurrency systems like Bitcoin, where a secure and decentralized record of transactions is maintained, blockchain technology is well recognized for its vital role in this regard. The benefit of a blockchain is that it creates trust without the need for a third party you can rely on by ensuring the accuracy and security of a record of data.
The data’s organizational structure is one of the main distinctions between a conventional database and blockchain technology. Information is gathered via blockchain technology in sets, or “blocks,” that each includes a collection of data. The blockchain is a chain of data made up of blocks, each of which has a certain amount of storage and which, when filled, is closed and connected to the block that came before it. After each different online data segment is secured by blockchain technology, it spreads onto a new segment. Any new data that comes after that newly added block gets compiled into it.
The data in a database is typically organized into tables, while a blockchain, as the name suggests, organizes the data into chunks (blocks) that are connected. Blockchain technology plays a vital role in protecting EckoDAO and EckoDEX as these two are also decentralized data on the internet. As EckoDAO went into EckoDEX and as EckoDEX built an EckoWallet, blockchain technology has been protecting it from the start and launch of the project.