Originally posted here.
By: guido
Overview
Hopes are growing at Cardano (ADA) to gain a foothold in the DeFi sector after all. With OccamX, a DEX based on Cardano wants to […]
The Post
Hopes are growing at Cardano (ADA) to gain a foothold in the DeFi sector after all. With OccamX, a DEX based on Cardano wants to launch in February and score technological points with a trick.
Cardano (ADA) slipped below the 1 US dollar mark over the weekend in parallel with the price losses on the overall crypto market and is thus trading as low as it was last twelve months ago. Sharp criticism of Cardano has been ignited for months by the fact that the ecosystem for ADA is by far not expanding as successfully as expected in the direction of DeFi. Although SundaeSwap, the first decentralized crypto exchange (DEX) under Cardano, has achieved respectable successes in the last month, it remains a lightweight in its field with around 125 million US dollars in deposited capital. The Cardano community is now looking to the OccamX project with renewed optimism. Via Twitter , the project promises to launch a DEX of the same name before the end of February.
In a blog post , the creators of OccamX explain what they want to do differently and better than SundaeSwap. To understand this, a brief foray into technological details is necessary. The Alonzo upgrade brought smart contracts to Cardano in September 2021, setting the stage for DeFi. But smart contracts organized directly under Cardano suffer from two formidable limitations: Transactions cannot be completed in a block, and thus cannot be completed in real time. On top of that, even the modest turnover of SundaeSwap has overwhelmed the capacity of Cardano’s blockchain.
OccamX aims to circumvent these foreseeable problems by using Milkomeda, a protocol that acts as a second blockchain (layer 2) between Cardano and the DEX itself. Milkomeda also handles the Ethereum Virtual Machine (EVM), which has become the standard for organizing smart contracts. With this design, OccamX is sure to elegantly work around the known limitations of DeFi directly with Cardano. In the same block and less than three seconds, DeFi deals are to be realized at OccamX thanks to Milkomeda, is the confident announcement.
Conclusion: Does OccamX show a way out of Cardano’s DeFi misery?
Input Output as the crypto company behind Cardano is participating via Twitter to drum up publicity for OccamX. The exact launch date for DEX is not yet known, but should become public soon. Like other DEX, OccamX will try to attract liquidity with its own token (OCX) as a reward at launch, in this case in ADA. The next few weeks will show whether the concept, which also sounds technologically exciting, will work out.
Best place to buy Bitcoin and Cardano (ADA):
Zug, Oct. 4, 2021 — OccamX, one of the first decentralized exchanges (DEXs) built for the Cardano ecosystem, unveiled its first OccamX DEX demo on Monday — complete with a working solution for the unspent transaction outputs (UTXO) Cardano concurrency challenge.
OccamX is built by the Occam.fi team, a decentralized finance (DeFi) ecosystem tailor-made for Cardano and backed by official Cardano entities Emurgo and IOHK through cFund. Working closely with its partners and a team of Plutus Pioneer alumni developers, OccamX aims to become the leading DEX solution for Cardano native tokens (CNTs).
The demo, narrated by Occam.fi technical writer Conor Devlin — author of the concurrency article quoted by Cardano founder Charles Hoskinson — shows for the first time a working solution for the concurrency problem. “Concurrency” is a theoretical problem in UTXO-based accounting models, in which simultaneous interactions with smart contracts occurring within a single transaction pose inherent technical challenges.
A source of debate within the blockchain community, concurrency needs to be overcome in order to have fast, efficient DEX capabilities on Cardano. Now, in OccamX’s first-of-its-kind demo, viewers can see and verify how two simultaneous swaps can be made in a single transaction on the Cardano network.
Max Mironov, product lead at Occam.fi, says:
“We are immensely proud to have reached this major milestone for OccamX — one of the first usable DEX platforms on the Cardano mainnet. While our current solution introduces some centralized elements, we are quickly iterating new, fully decentralized solutions to concurrency, and expect OccamX to be a powerful DEX with a seamless user experience. Liquidity and swaps for Cardano native tokens are here.”
OccamX will be supported by OCX, a DEX token that can only be attained through contributing to the Occam.fi ecosystem. Contribution methods include delegation to the pOCC stake pool on Cardano, staking of OccamRazer OCC tokens, liquidity provision for OCC on Uniswap and holding OCC as a Cardano native token.
You can delegate ADA to the pOCC stake pool in return for OCX through Daedalus, Yoroi, AdaLite or other wallets that support ADA staking. Find OCX’s pool information here. More details on reward ratios and distribution timelines will be provided shortly. Read more about how to get OCX here.
Follow Occam.fi’s social media channels to stay up to date with the latest news:
About OccamX
OccamX is a Uniswap-like decentralized exchange built for the Cardano native token ecosystem. Developed by the team at Occam.fi and officially backed by Emurgo and IOHK through the cFund, OccamX is set to become the most significant swap ecosystem for the Cardano ecosystem. The OccamX DEX is powered by the OCX token, which can only be gained by contributing to the Occam.fi ecosystem. Learn more at www.occam.fi.
About Occam.fi
The Occam.fi ecosystem is managed and maintained by the Occam Association, a Switzerland-based entity operating from the crypto-friendly canton of Zug. When the Occam.fi ecosystem grows sufficiently, Occam.fi will be governed and steered by a carefully designed decentralized autonomous organization. Occam.fi is the first decentralized launchpad designed for the Cardano ecosystem, built with expertise and care from a veteran team of blockchain entrepreneurs and professionals. Learn more at www.occam.fi.
This is a paid press release Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
In a press release on September 4, OccamX, one of the first decentralized exchanges built for the Cardano (ADA/USD) ecosystem, announced the unveiling of its DEX demo.
The DEX demo, called OccamX DEX demo, will also have a working solution for the UTXO Cardano concurrency challenges.
OccamX DEX
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OccamX DEX was built by Occam.fi team, which is a DeFi ecosystem and is tailor-made for the Cardano ecosystem and backed by several Cardano entities, and IOHK and EMURGO through cFund.
OccamX aims to become the leading DEX solution for the Cardano Native Tokens (CNTs).
OccamX DEX demo
The OccamX DEX demo, the first of its kind, is designed to overcome the concurrency needs to become a fast efficient DEX on Cardano. The demo will allow users to see and verify two simultaneous swaps in a single transaction on the Cardano ecosystem.
Concurrency is a problem that affects the UTXO-based accounting models resulting in technical errors for simultaneous transactions done using smart contracts.
In the press release, the product lead at Occam.fi, Max Mironov says:
“We are immensely proud to have reached this major milestone for OccamX – one of the first usable DEX platforms on the Cardano mainnet. While our current solution introduces some centralized elements, we are quickly iterating new and fully decentralized solutions to concurrency, and expect OccamX to be a powerful DEX with a seamless user experience. Liquidity and swaps for Cardano tokens is here.”
According to the press release, the native token of OccamX will be referred to as OCX and it shall be attained by contributing to the Occam.fi ecosystem.
To contribute to the OccamX.fi ecosystem people can participate in the “delegation to the pOCC stake pool on Cardano,” “liquidity provision for OCC on UniSwap,” “holding OCC as a Cardano native token,” and “staking OccamRazer OCC tokens.”
When it comes to the delegation to the pOCC, people can delegate ADA (the native token of the Cardano network) to the Stakepool to get OCX tokens.
The earned OCX tokens will be distributed through the Yoroi, Daedalus, and ADAlite among other wallets that support ADA staking.
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Zug, Aug. 17, 2021 — The Occam Association is pleased to share that progress on its OccamX decentralized exchange, built for the rapidly expanding Cardano blockchain ecosystem and its associated Cardano native tokens, has overcome key technical challenges and now nears completion. Occam.fi is a decentralized finance leader in the Cardano ecosystem with financial backing from official Cardano entities Emurgo and cFund (IOHK).
The improvements come amid the successful rollout of Alonzo Purple, ahead of the full release of the Alonzo hard fork and the arrival of smart contracts for Cardano in September. Occam.fi’s developer team, who were participants in the IOG-led Plutus pioneer program, have now found and implemented a novel and entirely decentralized solution to the concurrency challenge, which arose out of Cardano’s extended unspent transaction output accounting model. The solution uses an intra-block slot auction system to process multiple transactions simultaneously, which is essential for a fully functional and high-volume DEX. This solution and OccamX’s other technology innovations are poised to make it the most truly decentralized DEX for Cardano.
Max Mironov, product lead at Occam.fi, said:
“With so many developmental milestones being rapidly rolled out by IOG for the Cardano blockchain, building a market-ready product to coincide with the launch of Alonzo is a real challenge. Nevertheless, Occam.fi’s engineers have worked tirelessly, leveraging what they have learned through the Plutus pioneer program to ensure that our components are ready for the arrival of smart contracts on the Cardano mainnet.”
The OccamX DEX looks to become the most significant, stable and decentralized for the early DeFi landscape on Cardano. OccamX’s current expected launch date will place it among the first DEXs to launch on the Cardano blockchain.
Elliot Hill, head of communications at Occam.fi, said:
“The OccamX DEX is one of our first components fully built on and delivered for Cardano. Not only is it a significant step forward in our commitment to innovating within the Cardano ecosystem, but we also firmly believe it will become a highly important trading venue for the first projects launching through Cardano native tokens, and we’re delighted to bring this functionality to the newly emerging Cardano blockchain ecosystem.”
The OccamX DEX will be powered by its own DEX token, OCX, which enables users to participate in the governance of OccamX, including voting on DEX system parameters, project listing, and upcoming Occam improvement proposals. The token will also play a key role in liquidity provision on the OccamX platform. OCX tokens will be distributed to OCC token holders according to their stake and the length of time that they have staked OCC tokens.
More information on the OccamX DEX and OCX distribution will soon be available through an updated white paper and technical specifications in the near future, with a minimum viable product complete with a feature-rich UI expected in mid-September.
Follow Occam.fi’s social media channels to stay up to date with the latest news:
About Occam.fi
The Occam.fi ecosystem is managed and maintained by the Occam Association, a Switzerland-based entity operating from the crypto-friendly Canton of Zug. When the Occam.fi ecosystem grows sufficiently, Occam.fi will be governed and steered by a carefully designed decentralized autonomous organization. Occam.fi is the first decentralized launchpad designed for the Cardano ecosystem, built with expertise and care from a veteran team of blockchain entrepreneurs and professionals. Learn more at Occam.fi’s website.
This is a paid press release Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.