What do you think about cryptocurrencies? The cryptocurrency market has had its golden year of 2021. Fox Business records show that the crypto market managed to exceed a capitalization value of US$ 3 trillion in November. One reason is that the prices of a number of popular cryptocurrencies such as Bitcoin and Ethereum soared before giving up some of those profits in 2021. Bitcoin price rose to $68,521 in early November but fell sharply after, and is now trading below $50,000.
Despite the continued volatility, experts anticipate Bitcoin price to hit above $100,000 in the next year. Just like Ethereum, which is now in the range of US$3,800 from its highest level of US$4,865. Fox Business reports, experts say we are currently at the beginning of the financial services technology revolution. Therefore, everyone should invest at least some of their portfolio in crypto.
But the crypto world is not limited to Bitcoin and Ethereum. There are so many cryptocurrencies competing with each other in their quest to facilitate decentralized transactions. One of them is developed in a project called Bashoswap. This is a project that was only created at the end of 2021 so it is only a few months old. Created by a group of experienced crypto experts under the leadership of Beni Ardas, this platform will shake the dominance of popular crypto exchange platforms such as Uniswap and Pancakeswap.
Bashoswap is taking the crypto world by storm today. It is a kind of decentralized exchange platform with multi-protocol principle. The platform runs on the Cardano network and is projected to be a bridge between the ADA and other crypto assets “active” in the Cardano ecosystem.
It is essentially a new DeFi protocol that is identical to the automated market maker protocol (AMM). This protocol is required for an effective token exchange. In the case of Bashoswap, the type of protocol used is the so-called EUTXO protocol. This protocol was created to accommodate a trustless environment in which crypto assets are exchanged. Bashoswap is predicted by some crypto experts to become a popular protocol for the exchange of crypto assets, shifting the dominance of Uniswap and Pancakeswap.
According to the Bashoswap development team, the project will launch a full-featured De-Fi product that will support the entire Cardano ecosystem. Their plan includes the use of elements that exist in other blockchain platforms such as Uniswap and Pancakeswap but still fits Cardano’s characteristics.
For this purpose a core element is needed that also functions as a recognized instrument of exchange. The core element in question is the BASH token. This token, like other crypto tokens, can be mined and each user has the right to vote in any referendum held by Bashoswap.
This token is the single token for the liquidity pool in the Cardano ecosystem. As such, crypto-asset owners may consider switching to the Bashoswap platform for disturbing reasons such as overlapping liquidity, slow confirmation times, and unexpectedly soaring transaction fees.
