BashoSwap, a Cardano-based decentralized exchange (DEX) has announced its private token sale. According to a press release shared with ZyCrypto, BashoSwap will be hosting its second Ask Me Anything (AMA) on Cardanodaily. Notably, the project is requesting a minimum of 20,000 ADA in its private funding.
The BashoSwap platform is an automated market maker protocol. The platform is venturing into the crypto market through the DEX sector. In the future, the platform intends to venture into multi-chain capabilities. Moreover, multi-chain is the future of the crypto market.
Currently, DeFi platforms have significantly grown in individual blockchain ecosystems. However, a few have multi-chain capabilities and the connected ones are suffering system attacks. For instance, an attacker has recently compromised Axie Infinity’s Ronin network and siphoned over $600 million.
According to a preliminary report by the affected company, the attacker compromised the multi-chain bridge. Interestingly, the attack was not identified until after six days when an ETH whale raised a withdrawal error.
In the attack, the Ronin ecosystem had to shut down its DEX to avoid much damage. Now in the BashoSwap case, the project has committed to developing state of art protocols.
Furthermore, the platform is hiring a Senior Smart Contract Engineer with up to 3 years of experience. Other open positions include Frontend Developer and a professional Backend Engineer.
BashoSwap intends to benefit from the Cardano ecosystem’s features including scalability and secure smart contracts. Remember the Cardano network adopted the Alonzo Hard Fork back in September last year to enable Smart Contracts.
BashoSwap is welcoming early investors to purchase BASH tokens that have several utilities.
“Bashoswap’s utility token can be used in various ways by the community, including Staking, Farming BASH token, and governance. Cardano tokens can be swapped, liquidity can be added to generate LP fees, and a launchpad for Cardano startups will be available at platform launch,” the company noted in the press release.
Notably, the BASH token has a total supply of 500 million. Out of which, 20 percent have been allocated to the private token sale. 10 percent have been reserved for the team and founders and another 20 percent locked in the treasury.