Dex
Cardano's fastest, most advanced, and most decentralized dex. Swap tokens through your Smart Account — instead of depositing assets into an exchange, you sign an intent describing the trade you want. Your assets stay in your custody until the moment the swap executes.
Fastest Dex
Thanks to Sailfish routing, orders execute through Cardano's first Layer 2. Trades are matched off-chain for speed and settled back on-chain in batches — delivering throughput that L1-only dexes cannot match.
Most Feature Rich
From liquid orders that keep your assets working across multiple protocols at once, to on-chain automated trading strategies and composable DeFi modules — Pondora Dex offers capabilities that go well beyond simple token swaps.
Most Decentralized
No need to trust a centralized batcher or execution layer. Echo's decentralized consensus network verifies every trade — no single party can approve a state change alone.
Built-in Aggregation
Because intents let you define what you want instead of exactly how you get it, trades can settle across any number of paths — Pondora L1, Sailfish L2, or an external dex. The DORA network routes your order to the cheapest and fastest venue based on available liquidity.
How It Works
- Create a trade intent — specify the token pair, amount, and minimum acceptable price. The intent is signed from your Smart Account.
- Order routing — DORA routes your order fairly across available execution venues, ensuring no sequencer can front-run or sandwich your trade.
- Execution — Sailfish matches your order against the best available counterparty off-chain for speed.
- Settlement — the matched trade is verified by the Echo consensus network and settled on Cardano in a single atomic transaction.
Key Properties
- Self-custodial — your assets remain in your Smart Account until settlement. You never deposit into a protocol-controlled address.
- Best execution — orders are routed across execution venues to find the best available price.
- Fair routing — DORA's fair routing model ensures no single sequencer can manipulate order sequencing.
- Composable — active limit orders can be combined with other modules. For example, a pending order could be referenced or built upon by another protocol action within the same ecosystem.