Cardano’s First DEX SundaeSwap Fails to Impress on Launch
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SundaeSwap holds the distinction of being the first decentralized application to launch on the Cardano blockchain. Its launch, however, has been met with much criticism as the dApp has suffered some issues due to network congestion.
SundaeSwap users lament failed transactions
On January 20, SundaeSwap finally launched its mainnet after a series of testing. The DEX, it is believed, would allow users to trade, stake, and lend tokens on the platform for a very negligible fee.
According to several users who tried using the platform at its launch, they raised complaints about their inability to perform transactions via the site. This failure was later revealed to be a result of network congestion on the platform —an indication of the level of anticipation and enthusiasm the DEX had caused in the Cardano community.
Speaking on this, SundaeSwap’s Chief Executive Officer, Mateen Motavaf, explained that the issue is now under control. The parent company of the Cardano blockchain, Input Output Hong Kong also confirmed that the problem was being caused by the “heavy Cardano network load.”
To further put users at ease, around 1 am after the launch, the App’s team held a Twitter Spaces AMA to address the issues users have been experiencing.
Issues persist
Users of SundaeSwap have maintained that the network issues persist after 48 hours of the launch.
One user on Twitter, @ZWBJ1, wrote that he felt he was being scammed as he had been waiting for 12-16 hours for his tokens to be transferred from one wallet to another. Another user said he was misled, and he has lost $70k due to the slow transaction speed.
It is important to note that the crypto market saw the value of digital assets collapse rapidly after the market lost over $200 billion in 24 hours. During this period, the value of ADA dropped by over 10% and traded for as low as $0.9.
SundaeSwap revealed via a tweet that it had added a new feature that would help users decide whether to cancel their orders or not.
SundaeSwap TVL is already over $80 million
Despite the teething challenges faced during the mainnet launch of SundaeSwap, available data from DeFiLlama has shown that the total value of assets locked in the ecosystem is now worth $82 million, leading to an 86.6% growth of DeFi TVL on the Cardano blockchain in the last 24 hours.
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