BashoSwap, a Cardano-based decentralized exchange (DEX), has announced its private token sale. According to a press release shared with ZyCrypto, BashoSwap will host its second Ask Me Anything (AMA) on Cardanodaily. Notably, the project is asking for a minimum of ADA 20,000 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. Going forward, the platform plans to venture into multi-chain capabilities. Moreover, multi-chain is the future of the crypto market.
Currently, DeFi platforms have grown significantly in individual blockchain ecosystems. However, a few have multi-chain capabilities and the connected suffer from system attacks. For example, an attacker recently compromised Axie Infinity’s Ronin network and transferred more than $600 million.
According to a preliminary report from the affected company, the attacker has compromised the multi-chain bridge. Interestingly, the attack was only identified after six days when an ETH whale made a withdrawal error.
In the attack, the Ronin ecosystem had to shut down its DEX to avoid a lot of damage. In the BashoSwap case, the project has committed to developing advanced protocols.
Furthermore, the platform is looking for a Senior Smart Contract Engineer with a maximum of 3 years of experience. Other vacancies include Frontend Developer and a professional Backend Engineer.
BashoSwap aims to take advantage of the features of the Cardano ecosystem, including scalability and secure smart contracts. Remember, the Cardano Network adopted the Alonzo Hard Fork in September of last year to enable Smart Contracts.
BashoSwap welcomes early investors to buy BASH tokens with various utilities.
“Bashoswap’s utility token can be used in a variety of ways by the community, including Staking, Farming BASH token, and governance. Cardano tokens can be traded, liquidity can be added to generate LP fees, and a starting point for Cardano startups will be available at the platform’s launch,” the company said in the press release.
Notably, the BASH token has a total supply of 500 million. Of that, 20 percent is allocated to private token sales. 10 percent is reserved for the team and founders and another 20 percent is locked up in the treasury.