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Maladex Cover

Axo (Formerly Maladex): The Quest Of A Perfect DEX

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.

Maladex DEX

It comes with a native token MAL that you can receive by joining their pools:

MAL token

Maladex introduces “programmable swaps” (PS) having type (market, limit), trigger (conditions to execute), action (e.g buy or sell) and, obviously, assets:

Programmable Swaps

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:

MAL Pool

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:

Order Book Crossover
Transactions Match

Another thing I like about the projects is that the roles open on their career page are all technical. No marketing.

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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.

Careers With Maladex

4. MAL As An Investment

Maladex could also be seen as an investment through its MAL token:

MAL Tokenomics

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:

5. Conclusion

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

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