Thread by @fractal_artist

1/n ADAX @adax_pro Friday demo was fake and I can prove it. No FUD, just hard evidence.

@cardano_whale #ADAX #CardanoCommunity #Cardano

2/n Everything with this demo seemed off to me. Why highly anticipated & marketed "testnet demo launch" is a video and only 24 seconds (<3%) is dedicated to a single swap? Why only market order swap, how about limit orders? Maybe other tokens?

3/n Why the UI shows 1 tADAX for 2 tADA, then 10 tADAX for 20 tADA, and then 100 tADAX for 200 tADA? Transaction fees and min-ada utxo requirement are constant and 2 tAda is not enough to swap anything

4/n Well, you may say maybe that's just a UI bug, they will fix it later. Ok, luckily we have a link to the smart contract testnet.cardanoscan.io/address/702db4…
Where are our 200 tAda? Why there is only one swap here? Well, you may say maybe Dovydas put a wrong link, it is somewhere else

5/n But someone called Dovydas out in TG group saying that the link doesn't contain swap from video, Dovydas called the person blind and said that they are splitting transactions and it is there. Maybe he is not tech savvy and it was just a ADAX dev mistake

6/n Let's dig deeper, here we have some addresses, maybe that transaction is somewhere there and we can find a second Smart Contract which Dovydas used during the video demo

7/n We don't have much information, but we have amount shown in Nami wallet: 200 tAda and 0.170781 tAda fee. Hey, what is that testnet.cardanoscan.io/transaction/13…
The transaction was made from a familiar address several hours before the video and has exactly the same fee, what a coincidence!

8/n We found it, the second Smart Contract! Wait... It is a regular payment transaction, no smart contracts. Is ADAX not a DEX but just a payment sending service? Maybe it is a transfer to ADAX CEX and you will get your tokens from CEX?

9/n Maybe they just missed their deadline and decided to lie and sweep it under a rug? How incompetent you need to be though to think that you can sweep transaction on a PUBLIC TESTNET under a rug? Incompetent or malicious or both

10/n It may turn out that ADAX is cooking a DEX which is better than MuslieSwap, has a good tech behind it and competent development team. But so far no tech details are shared or discussed, we saw only Dovydas, no one else from ADAX team has spoken or was interviewed

11/n And honesty and competence of this person is now under question. For me though it started with ADAX promise of Kucoin and gate_io listing, which were being delayed over and over again, and at some point Dovydas has declared that ADAX got scammed

12/n Scammers, as he said, pretended to be a gate_io for long time, but couldn't scam them in the end for 2 BTC. ADAX has figured everything out and resubmitted papers in mid November. So where is the listing? I'll step into FUD area now a little bit if you don't mind

13/n My guess is they have never applied. Their friends, Exmarkets CEX, who kindly provided their exchange codebase for cex.adax.com (maybe technical support and servers also?), have processed over 220M trade volume in November alone with 0.1% maker/taker fees

14/n It is quite small exchange with low liquidity before ADAX. I don't think they are very excited about top 10 exchange listings. But again, this is just a guess based on a very long (since September) application process with a weird "scammers" excuse

15/n And small things like mocking SundaeSwap, not engaging enough with Cardano community, lack of any technical discussion and so on are not making bonus points

16/n One point that I forgot to include in the last thread: someone has sold more than 2.5 million tokens a day BEFORE Adax "testnet demo" (that is more than 5% of circulating supply), 9M of predominantly red volume after, all that with with very positive social sentiment

To close this thread I want to say that no matter what, I believe DeFi on Cardano is going to explode in 2022, whether the ADAX will play a significant role in it or not. We have many brilliant teams working on bringing most decentralized & efficient DeFi experience to crypto

P.S.: Don't expect Dovydas to respond, he knows the demo was fake. You can not accidentally get the same fee for regular payment and smart contract interaction

Dovydas: "I have a proof but I will not show anyone, even in my TG group"
Everyone: "clap clap clap"

I wonder sometimes, are there real people left or only bots?