Jan 26
Cardano launched its DEX, here’s what we realized
SundaeSwap, Cardano’s first-ever DEX, was released last Friday, January 21, 2022. Despite its sweet and enticing appearance, users became salty as they experienced failure with their transactions. What could be the reason? Let’s find out.
Last Friday marked the launch of Cardano’s SundaeSwap. It is the platform’s first decentralized exchange. Some users who wanted to try the new DEX were frustrated after experiencing failure in transactions, congestions, and system errors.
It took less than two minutes after the DEX went live for members on the project’s Discord server to start complaining about the failed transactions and network congestion.
“I tried to buy the SundaeSwap launch on Cardano. It didn’t work at all, chain is congested, my txs failed and price has moved so not buying anymore.
But the Discord is lots of fun.” A Twitter user tweeted this Friday.
After receiving multiple complaints about the system issue on the Discord server , CEO Mateen Motavaf replied with
“IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED. ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT. “
The team held an AMA at around 1 AM UTC to further address the issue. Given the massive backlog of orders clogging up swaps, or scoops as they’re known on SundaeSwap, one user wondered what the impact of an anticipated Cardano node upgrade would be. Matt Ho, Chief Technical Officer, responded:
“Once the change happens on the 25th, we expect greater than a 2X throughput increase from strictly the memory bump by itself as additional protocol parameters become available.”
Despite the commotion, Cardano still received lots of congratulatory messages and tweets with the success of the launch. In addition, the launch also helped the token’s price to rise a bit despite the dip in the crypto market.
From this scenario, we can pick up one thing.
System failure is not always BAD.
The idea of system failure is a little frustrating, especially if you are at a critical point. However, congestion in the system could also be a positive sign of a good platform. This means that there are just too many
people trading using the platform, and the system cannot accommodate everybody simultaneously.
PrivacySwap covered this content not to highlight the failure in the system. Instead, we wanted readers to see the silver lining in the situation. Cardano did an amazing job in launching SundaeSwap. However, there were so many transactions happening on the system that the system could not handle. Thus, system congestion occurred.
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As a platform offering the same service, PrivacySwap is optimistic for the upcoming DEX. There are minimal numbers of DEXs available in the market today. So, PrivacySwap wants to use the opportunity and release its own DEX. By doing so, we can also accommodate a lot of DeFi traders and swap their tokens to all the supported tokens under PrivacySwap’s DEX.
In addition, PrivacySwap’s DEX will allow users to cash out their funds using PrivacyCards. Though congestions and other system glitches are inevitable, PrivacySwap ensures that the DEX is tested properly before the implementation. This is why the team wanted to make sure that all the careful testing and fixing are completed before finally launching. They are also serious about working closely with Paladin regarding the audits.
In conclusion,
With the initial drama that happened on Cardano’s SundaeSwap launch, it is evident that the DEX hype is still around. So, we see that this is the perfect time for us to release the DEX. However, we still ensure that the DEX will run seamlessly and can accommodate lots of people simultaneously.
Moreover, DEX is only one of our offerings this year. We still have lots of things in our vault waiting to be unleashed. So, if you want to join us be one of the early adopters, engage with us on the following accounts and websites below.
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