Have you ever imagined a DEX trying to implement a platform with the exact same mindset as the core of Cardano? “Build slowly but build robust”. Well, let me introduce you to Maladex: a research project to build a perfectly secure and optimal DEX. You might wonder why being so careful with DEXes matters, and there is a simple reason. We want to avoid all the hacks, instabilities, latencies and horrors that we’ve been witnessing during the last crypto bull run. Yes, we need a project thinking big, thinking secure and thinking scalable.
1. What Is Maladex?
Maladex is a DEX on Cardano. It’s accelerating the world’s transition to a fair and efficient financial system for everyone. Researched, designed, and built by traditional finance veterans, quants, and Haskell natives.
It comes with a native token MAL that you can receive by joining their pools:
Maladex introduces “programmable swaps” (PS) having type (market, limit), trigger (conditions to execute), action (e.g buy or sell) and, obviously, assets:
2. How To Use Maladex?
It’s all very “beta” at the moment but they give a list of pools that you can use to delegate your ADA:
You can click on one of the pools:
And delegate to it.
3. Why Is It Not Yet Another DEX?
Well, I read their fascinating whitepaper. You can tell that it’s very research-driven.
There is an optimisation study around AMM (the mechanism behind all DEXes handling the liquidities):
Or a section to explain how they’re making sure that limit orders are correctly executed and registered:
Another thing I like about the projects is that the roles open on their career page are all technical. No marketing.
It can be seen as bad outside of web3, but knowing web3…. No, believe me: it’s a good thing. DEXes don’t need hype: they need scalability.
4. MAL As An Investment
Maladex could also be seen as an investment through its MAL token:
The repartition looks good and the team is also impressive: the CEO is a quant & alumni of Microsoft Research, Citadel Securities, UBS CSO. Also: 5 teams, 19 employees! Not bad for a small DEX.
Before investing, I recommend having a look at this awesome thread from @cardano_whale on Twitter summarizing all the reasons why you should pay attention:
Maladex is a pure product of the Cardano philosophy. Go slow, develop in Haskell and do the research before the implementation. It makes it a very interesting project to watch as an analyst and as a developer. The whitepaper is really a masterpiece trying to connect the theory to the use cases. As an investor now: this is a very seriously speculative token. I will invest in it progressively (like Indigo) through a pool only because I love the approach and I want to be part of the journey.
Thanks for reading.
n.b: this is not financial advice