Bashoswap: What does the Cardano project offer?

The cryptocurrency world is booming with new additions entering the landscape every day. One of the more popular tools in the crypto arena today is Uniswap. It is an Ethereum-based  decentralized exchange. One major flaw of Uniswap is that it is arduous for the public to trade tokens on the Uniswap DEX due to the high cost of gas, slow transactions, and overlapping of liquidity. Apparently overlapping liquidity on the Ethereum blockchain seems to be a common problem among most automated market makers (AMMs).

Notably, most decentralized exchanges (DEXs), such as the above-mentioned Uniswap, exist on the Ethereum blockchain. Due to this, there are considerable issues that make trading tokens inaccessible for users.

As an answer to this problem, Bashoswap was created. Bashoswap is a decentralized Cardano Project accelerator and native token swapping platform, connecting early stage Cardano innovators with early adopters.

Bashoswap Exchange Details

As mentioned in the Bashoswap whitepaper, Bashoswap Launchpad will be a Cardano-based IDO Platform designed to leverage Cardano smart contracts. And this was made possible after the alonzo hard fork provided a transparent, efficient, and fully decentralized fund-raising platform for Developers and projects looking to build on the Cardano ecosystem. For the uninitiated, the The Alonzo hard fork is a major upgrade on the Cardano network that sees the much-anticipated implementation of smart contract functionality.

Bashoswap says that the launchpad will offer full support of Cardano native tokens and also boasts of a suite of advanced DeFi tools that Blockchain startups on the Cardano blockchain need to thrive.

After the launch, trading between ADA and other Cardano-supported cryptocurrency assets can be conducted through the Cardano-based automated market maker (AMM), BashoSwap.finance. Bashoswap may distribute liquidity into many pool pairs since each liquidity provider can choose the pool pair that is most appropriate for their specific requirements. The most prestigious LP fees can be accommodated as a result of this development.

Additionally, Bashoswap is also coming up with an initial DEX offering (IDO) Launchpad for Cardano-based projects, which will make it easier for developers to raise cash for their projects via the first DEX offering (IDO). Funding will most likely be obtained through transparent and decentralized fundraisers, which are conducted using the BASH token.

The History of Bashoswap

Bashoswap observed that the Decentralized Finance (DeFi) field was experiencing exponential growth in terms of its offerings and user adoption. The team saw Total Value Locked (TVL) increase from $700m to over $20bn in just 18 months, and De-Fi applications emerged as the driving force behind building the new open financial system and ownership economy

However, as mentioned earlier, most DEXs existed on the Ethereum blockchain. And with this, came numerous issues namely high gas fees, low transaction confirmation speeds and overlapping liquidity. All these and other additional issues made trading tokens inaccessible for many users.

This is when Bashoswap decided to join the market.

Key Features of Bashoswap

Bashoswap boasts of several innovative and intriguing features. Here are some of the main features:

• Bashoswap declares that it will be the first insured Cardano oriented launchpad for Cardano projects. By utilizing Bashoswap launchpad, developers building on the Cardano Network will have an avenue to generate early support through its launchpad.
• $Bash token holders who have staked a certain amount of their tokens would qualify for Bashoswap’s tiered allocation system, and are guaranteed varied allocation to early sales of projects launching through the platform.
• Each project that launches on the Bashoswap IDO platform will contribute a given amount to the Bashoswap treasury. This will give the stakeholders and investors of the community 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.
• BASH token holders will also have early access to seed rounds, pre-sales and private sales of all Cardano projects launched on the platform.
• Bashoswap is designed to facilitate Token Swaps Between ADA & Cardano Native Tokens. It will be a decentralized automated market maker protocol that will enable traders to swap and trade CNTs in a permissionless manner.
• Bashoswap will follow the EUTXO protocol to create a trustless environment for the decentralized exchange of assets. The protocol guarantees that if all participants agree, the swap will take place. Each participant should receive their locked funds back if some of them decide not to conclude the process.

Currencies Supported by Bashoswap

The Launchpad will fully support Cardano native currencies.

Pros of Using Bashoswap

• As it seems to be a transparent IDO Launchpad for Cardano startups, it will likely accelerate the adoption of the Cardano ecosystem.
• The upcoming accelerator for Cardano developers and early adopters will allow for shared liquidity.
• The project will use AMM to create a virtual pair out of deposited Cardano native tokens and ADA to implement a token exchange protocol.
• Liquidity providers will be able to choose a pool pair to profit from the lowest possible licensing costs to support permissionless token trading.
• Liquidity providers will also be rewarded for their contributions to liquidity pools.
• Having an NFT Governance DAO and a CNT staking or investing platform developed exclusively for the Cardano ecosystem is noteworthy.
• The Launchpad will support Cardano native currencies. It will also back DeFi technologies necessary for the development of Cardano chain-based Blockchain firms.

Bashoswap in a Nutshell

Most DEXs today exist on the Ethereum blockchain. Due to this, there are considerable issues that make trading tokens inaccessible for users. Some of these issues are high gas fees, low transaction confirmation speeds and overlapping liquidity as Many DeFi AMMs have a huge overlap in their offerings.

Bashoswap is all set to radically improve the Cardano ecosystem. It is working on some of the core issues of the system and also providing opportunities for both early-stage developers and adopters. The new platform is leveraging blockchain technology in order to finance and build a fresh and breakthrough product.

The multi-protocol decentralized exchange released its white paper recently. It is also working on building innovative Decentralized Apps (DApps) on the Cardano network. Additionally, the exchange also entered another phase in its roadmap: it has kicked off the whitelist for the $Bash Token private sale.

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