Sunday, July 21, 2024

20 million more SundaeSwap tokens will be distributed as part of “Reverse ISO.”

Greater decentralization is the stated goal of the crypto market. In furtherance of this goal, SundaeSwap launched its ‘reverse ISO” in January.

There was much noise around the launch. But, after the launch it quickly became the leading dex on Cardano. It enjoys a dominance of 97%.

$SUNDAE Launch

Despite all the excitement that was generated, there were also some people who were disappointed with the bug-ridden protocol of the ISO. There were also several complaints about the poor planning and the complexity of the claims process. To add to to the discordant voices there has also been a falling out with the partner Cardstarter and legal problems to boot.

The ISO was launched by SundaeSwap on Feb 14. Despite all the negative voices, probably with a view to smoothen ruffled feathers, SundaeSwap is planning to issue new $SUNDAE tokens.

The initial launch had 30 nominated official scoopers. These scoopers were to act as the interface for users to be able to claim the $SUNDAE tokens. This launch caused a large inflow of ADA tokens. What this resulted in was a movement away from the smaller staking pools. The net effect was a promotion of centralization. Just the opposite effect of what was intended.

To check this and promote the original goal of greater decentralization, SundaeSwap is suggesting another ISO. This time around, it plans to nominate the smaller stake pools as the interfaces.

It is planning on issuing $20 million worth of $SUNDAE tokens between Feb 19 – Feb 24. In order to receive a token, user would need to stake an ADA token with one of the smaller stake operators who have been nominated as the interface. It is expected that this reverse ISO will help direct ADA towards the smaller stake pools and help with decentralization.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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