Cardano’s First DEX SundaeSwap Fails to Impress on Launch

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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