What is Cardax?
Cardax DEX is a non-custodial, Automated Market Maker (AMM) decentralised exchange on the Cardano blockchain.
The primary goal of the Cardax DEX is to provide users with products (initially swaps and liquidity pools) with the least amount of congestion possible. We achieve this is achieved in a novel way.
Cardax DEX is centred around the Streaming Merge algorithm, a product of the developments team's own design, that no other DEX on the market has.
The Streaming Merge algorithm is Cardax DEX’s solution to the concurrency issue on the Cardano blockchain. By using the time at which orders were placed (and random sorting of simultaneous orders), the Cardax DEX provides real decentralisation by being deterministic, fair and efficient.
In simple terms, it does the same thing but faster and with less congestion!
Large, centralised exchanges (Binance, Kucoin etc) use an order book model and most decentralised exchanges use a standard AMM model.

Cardax DEX uses the AMM model.

A quick word on order book and AMM exchange models:
Order book model exchanges work best when there is high liquidity between trading pairs. Users list their buy or sell orders and the exchange matches buy orders to sell orders.
AMM exchanges are better suited to trading pairs that may have low liquidity. Users have the advantage of being liquidity providers (LP; that is, supplying their own tokens to a “communal pool” for a trading pair). Any user wishing to make a trade between a pair that has a liquidity pool will be able to do so, even if the market as a whole has low liquidity.
The benefit of AMM exchanges is that because there is a liquidity pool of each pair of tokens, there will always be market for the tokens.
The speed and efficiency that is provided by using the Cardax DEX (courtesy of the Streaming Merge algorithm) should reduce slippage.
Slippage is the difference in price between the price at which you made your order and the price at which the order is executed. Primarily this is a problem with low liquidity volatile trading pairs and on DEXs that have long queues of unprocessed transactions built up.
Impermanent loss on the other hand is the bain of liquidity providers on AMM exchanges. Impermanent loss refers to the change in the price of a liquidity provider’s deposited assets, between the price they deposited them at and the current price.
It is called “impermanent” because this loss would only be realised if the LP removes their tokens from the pool before the price returns to its original value.
Version 1 of the Cardax DEX features token swaps and liquidity pools, with more upgrades and products launching in future versions.