Elrond Network has announced that it will be launching Jungle DEX. They called it a playground for Web3 innovation. Since the announcement, the price of the EGLD token has increased by 9%.
Elrond launches Jungle DEX
In the release, Elrond mentioned that DeFi products have explored and refined the space in a short time. Some products are ready for mass adoption. With this, the blockchain has introduced the Jungle DEX.
It added that the AMM platform will be the place where any Elrond Standard Digital Token (ESDT) can be listed and traded. The blockchain protocol stressed that this will be a big step towards decentralization.
EGLD is trading at an average price of $51.01 at press time. The 24-hour trading volume is up 24% to $65.2 million. However, the token has suffered from a recent downward trend in the global crypto market. The price has fallen by 20% in the last 7 days. Meanwhile, it has a market cap of $1.14 billion.
1% swap fees for projects
The network stressed that it will open a new community listing process. It will soon be fully automatic and permissionless validation with the DEX governance features. Any project based on the Elrond ecosystem will have the opportunity to create a market for its token. While helping them reach a new audience.
The AMM DEX elements of the Maiar Exchange will provide the users with a premium trading experience. The release states that there will be a 1% swap fee for the projects. Meanwhile, the minimum initial liquidity will be $20,000.
It added that the Jungle DEX will be an essential tool to push the Elrond ecosystem. The platform will help projects build internet-scale blockchain technology. This will lead to them getting a number of holders and members.
Earlier, Elrond announced that it is partnering with the Cantina Royale for the free-to-play game to earn. It mentioned that an initial collection of about 3K Elrond Apes NFTs will be in the collection.
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
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