Cardano’s DEX major upgrade and Gemini’s push for TradFi

The first decentralized exchange built on the Cardano blockchain, MuesliSwap, has just made an announcement on the incorporation of Plutus v2 contracts and liquidity pools.

As a result of the most recent update, it is now the first Cardano-backed DEX that is capable of concurrently functioning as automated market makers (AMMs) and supporting order books. Cardano (ADA) went down 1% since yesterday, indicating that the latest news about their own DEX is not really helping the native coin during a bear market.

It is important to note that the previously used orderbook can be used with the newest one made available. In November of 2021, MuesliSwap was the first decentralized exchange (DEX) to debut on Cardano. This took place not long after the release of the Alonzo hard fork, which was the blockchain upgrade that incorporated smart contracts to the widely used proof-of-work blockchain.
The basic orderbook architecture was the foundation for the exchange when it first opened, but it has since been expanded to include liquidity pools. Because the second version of Cardano’s programming language was just released, the exchange was able to cut down dramatically on the number of transactions that were processed. Because of this, it will be feasible to increase the efficacy of trading significantly.

New capabilities with DeFi protocols

The AMM protocol used by MuesliSwap may now automatically fulfill orders by direct interaction with the orderbook. This capability was previously unavailable. Additionally, more sophisticated protocols are able to connect with DeFi protocols thanks to the new capability.

Rating: 9.17/10
Supply: 34,159,599,616 / 44,999,999,488
Release date: January 15, 2015

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MuesliSwap is the 4th biggest Cardano protocol by total value locked, based on the data that was published by DeFi analytics DefiLlama. It has a total value locked of $5.1 million. Minswap and SundaeSwap collected 39.14 million and 14.59 million dollars, respectively, putting them in the top and third positions. According to a recent article published by U.Today, billionaire Mark Cuban recently expressed his opinion that Cardano’s smart contracts had been unable to influence over the previous year substantially.

The push for TradFi to crypto by Gemini

Gemini, which the Winklevoss twins control, is broadening its reach through a new agreement and is now participating in the movement to provide cryptocurrency services to conventional financial (TradFi) advisers. The most recent effort by the exchange to link with one of the leading distribution platforms for financial professionals is similar to previous efforts in the cryptocurrency and finance industries. Several businesses, such as Valkyrie and Ark Invest, are now working toward providing exposure to the asset class to a wider variety of investors. Not a customer of Gemeni yet? Try a free account now! You got nothing to loose.

By forming a partnership with Envestnet’s Tamarac platform, Gemini will efficiently and successfully be in a position to provide a direct custodial feed for cryptocurrency-managed accounts to a significant portion of the Trade Finance sector. This sector comprises more than 3,000 registered investment advisors (RIAs) responsible for more than $1.3 trillion worth of assets.
According to Dani Fava, solutions that give transparency into the cryptocurrency holdings of clients are vital for equipping advisers to deliver holistic advice. The connection between Gemini BITRIA and the Envestnet Tamarac system gives a uniform picture of customer portfolios across all asset classes, according to the head of product innovation at Envestnet.
This move comes from Gemini’s January acquisition of BITRIA, a digital asset portfolio management platform intending to provide capabilities such as SMA creation and portfolio rebalancing to wealth managers.

A little less than a week afterwards, the business announced that it had purchased the trading technology platform Omniex to improve the process for institutional investors interested in delving deeper into cryptocurrency. Lately, Gemini reached an agreement with the quantitative financial advisor Betterment to provide its 730,000 consumers with cryptocurrency investment portfolios.

In an interview with Blockworks, Dan Eyre, the chief of Gemini BITRIA, stated that Tamarac is the appropriate partner for Gemini as the company strives to expand the scope of its BITRIA product. In addition to this, he stated that the millions of investors who like working with an advisor when making investment decisions would now be able to connect with the Gemini ecosystem to acquire access to cryptocurrency through the services mentioned above. In recent weeks, there has been a trend of cryptocurrency companies making steps to engage financial advisers. Gemini’s integration with the Tamarac platform follows this trend.

Conclusion

The crypto world keeps evolving every day, with new platforms, exchanges and coins being introduced. Stick to crypto lists for more exciting yet informative news in the world of crypto.