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Cardano-Based Decentralized Exchange 'SundaeSwap' Off to Rocky Start

Cardano-Based Decentralized Exchange 'SundaeSwap' Off to Rocky Start

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SundaeSwap, the primary decentralized cryptocurrency alternate on the Cardano blockchain, went reside this week, however customers have complained that transactions are failing and so they aren’t receiving their swapped tokens.

Similar to Uniswap’s UNI token, which powers the automated liquidity supplier, SundaeSwap has its personal token, SUNDAE, however the knowledge web sites CoinMarketCap and CoinGecko have no pricing data.

SundaeSwap announced Thursday on Twitter that “swapping is now live” on the decentralized alternate, or DEX.

Since then, customers have complained on Twitter, Discord and Telegram that they haven’t acquired their tokens after swapping Cardano’s ADA tokens for SUNDAE. Some mentioned they’d been ready over 9 hours.

SundaeSwap’s web site at the moment displays a discover when making an attempt to swap ADA for SUNDAE, stating: “The network is extremely congested at the moment. Swaps may fail or not go through until congestion decreases. Please be patient.”

SundaeSwap did not instantly reply to an e mail to the primary contact deal with on the group’s web site, nor to a direct message despatched through Twitter.

In the lead up to SundaeSwap’s launch, Cardano’s ADA token was rallying. The value of the token went from $1.28 on Sunday to $1.55 on Monday.

“Cardano had a lot riding on the successful launch of SundaeSwap to finally vindicate itself. Its supporters created a narrative that managed to see the ADA price rally 40%,” said Igneus Terrenus, head of communications at Bybit.

“The heightened attention became a curse, and brought to SundaeSwap more traffic than its team had prepared for,” said Terrenus. “Cardano has been such a target of ridicule and acrimony that it almost felt like this was completely predictable.”

Blockchain data suggests that Cardano whales – large holders of the cryptocurrency – have been able to swap their ADA for SUNDAE, whereas regular retail traders have suffered congestion and transaction issues.

In the SundaeSwap Discord chat, users reported getting “insufficient balance” errors and that their wallets had dropped to zero as a result of SundaeSwap’s teething problems. One user wrote: “I love Cardano and SundaeSwap, but as of now I have tried to process over 50 transactions and none have gone through.”

“It is truthful to say that main launches can lead to a number of congestion on the chain, leading to slowing down transaction time,” mentioned Denis Vinokourov, head of analysis at Corinthian Digital.

“Thus, in hindsight, it was inevitable, and, in fact, SundaeSwap Labs itself acknowledged the likely operational constraints and limitations that the blockchain and the DEX will exhibit on opening day,” he added.

Vinokourov mentioned a DEX is much from probably the most difficult of product launches.

“There are much more complicated iterations that have been launched by other smart-contract blockchains, and one would have expected more stress testing to prepare for the real-world traffic onslaught,” he mentioned.

The price of Cardano’s ADA token is down 15% within the final 24 hours, although bitcoin and different main cryptocurrencies have been down in what appeared to be a broad market sell-off. At press time, ADA was buying and selling at $1.19.

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