Sundaeswap holds the superiority of being the first-ever DEX to be launched Cardano’s blockchain. Its mainnet launch was filled with criticism as the decentralized application experienced major network congestion issues since the beginning.
On the other hand, it is also noted that the DEX is failed to keep up its promise in its collaboration with Cardstarter. As a whole, it is bringing the greatest threat to the brand value of Cardano.
Hence, it needs to focus on delivering the promise that it has made to traders and should fix the network congestion problems as soon as possible.
Sundaeswap Transactions On A Holiday?
SundaeSwap launched its DEX mainnet on January 20th, 2022 which enables investors to trade, stake, and lend tokens on the network with reliable fees. As per the several traders who tried using the network post its launch, they reported complaints on incomplete transactions when they are at profits. Issues persisted for days after the launch, below are some instances where traders faced reported issues.
Anonymous trader on Twitter reported his anguish over his inability to complete the transaction when he is at profits. During the heavy network congestion period, ADA’s price has lost its support traded at around $0.9 for some time.
Sundaeswap Fakes A Promise?
Cardano’s project CardStarter earlier in April 2021 has announced that it is going to create its own decentralized exchange. Later their developers entered into an agreement with third-party DEX SundaeSwap. And investors have assured massive benefits during their YouTube AMA session for CSWAP token holders in the Sundaeswap DEX.
Instead, the only advantage was a conversion from CSWAP to Cardstarter’s native token CARDs at a 400:1 conversion rate. However, allegations of a rug pull soon followed. Later, SundaeSwap and Cardstarter took on Twitter to blame each other regards to investors’ fallout.
The move was further disapproved by ADA maximalists and its co-founder Charles Hoskinson. They urged both of these communities to solve their problems with proper communications and give the investors what they have promised.
Collectively, despite all the setbacks Cardano’s DEX SundaeSwap has managed to gain its TVL over $70 million in just a couple of days after its launch. If it soon fixes the ongoing issues of its own then a billion-dollar boat in the next couple of days is not a big deal. It is also good for the ADA’s reputation which helps drive the price north.