Bitrue Lists SundaeSwap (SUNDAE), a Leading Cardano-based DEX with over $78 Million in TVL
Bitrue, a leading cryptocurrency exchange that also offers asset management and diversified financial services, is listing SUNDAE, the native token of SundaeSwap.
Bitrue Lists SundaeSwap’s SUNDAE
In a recent press release, Adam O’Neill, the Chief Marketing Officer (CMO) of Bitrue, said they are throwing weight behind SundaeSwap. It continues the exchange’s history of supporting Cardano and its growing ecosystem.
Towards that end, the SUNDAE / USDT pair will be available for Bitrue’s users from February 14, 2022 (PST).
The CMO noted that the DeFi protocol is the first to use Cardano’s smart contracting capabilities, emerging as a leader providing financial services to users across the board leveraging the powers of the Proof-of-Stake network’s unique architecture.
“We are looking forward to supporting Cardano through 2022 as one of the industry’s leading chains, as we are seeing a huge number of promising new coins leveraging the impressive speeds and throughput that Cardano can support.”
“SUNDAE, in particular, is a coin that we are excited to throw our weight behind. It is the first project to utilize the new smart contract functionality of Cardano, and ideologically, it is a leader in providing fair financial services through decentralized networks to users worldwide.”
Cardano DeFi is growing
The Cardano DeFi ecosystem is rapidly growing, reading from the total value locked. By early February 2022, the various DeFi protocols cumulatively managed over $224 billion.
However, with smart contracting only active for barely five months after the end of Goguen following the release of the Alonzo Upgrade in late December, projects are beginning to launch on Cardano.
On February 7, more than $85 million was under management in the EUTxO-dependent network. SundaeSwap managed over $78 million in TVL, qualifying the protocol as the most active in Cardano, facilitating the trustless swapping of native tokens.
This impressive success came less than three weeks after the order-book exchange launched as a mainnet beta in mid-January 2022.
According to data from SundaeSwap, SUNDAE’s price has soared more than 50 percent to around $0.84 at spot rates. The SUNDAE/ADA pool currently manages over 12.7 million ADA and 18.1 million SUNDAE, enabling the seamless swapping of ADA to SUNDAE, and vice versa, at lower fees. Besides the SUNDAE/ADA liquidity pool, the protocol supports more than a dozen liquidity pools, enabling Cardano-based projects to access immediate liquidity, boosting development and launch in Cardano.
Bitrue Support of OccamFi
Bitrue also supports OccamFi—a protocol that offers a suite of Cardano-based solutions, including DEX tools, launchpad capabilities, liquidity pools, and more.
By listing OccamFi’s native token, OCC, Bitrue became the first exchange for supporting Cardano’s native token in early H2 2021.
Commenting on the same, the CMO of Bitrue, Adam O’Neill, said:
“Native assets are a fantastic leap forward for the Cardano chain. It provides teams who wish to leverage blockchain technology with a powerful and easy route to bring their token into existence. The intrinsic capabilities of the Cardano chain will lend a lot of power to any project building on it, such as massively increased scalability compared to other leading chains.”
In early January, Bitrue launched a new yield farming hub accessible to its users. Over 20 pools offering more than 150 percent in APY accessible in various staking levels were released on launch.
