Thursday, June 20, 2024

Cardano’s Ambitious SundaeSwap Launch Leaves Users Frustrated

SundaeSwap, Cardano’s first decentralized app (DApp) launch has left users frustrated because of platform errors, failed transactions and congestion. The platform’s mainnet launch marks a milestone in the Cardano ecosystem. It is the first DApp to utilize smart contracts.

In the lead-up to the launch, ADA price climbed 50%. However, at the time of writing ADA has been down by nearly 10% in the last 24-hours – trading at $1.24, as per CoinMarketCap. But analysts believe this is momentary as ADA is headed for greater heights. Reports highlighted that around two billion SUNDAE tokens will be issued at the launch. 55% of tokens will go to the public and 25% to developers, the remaining will be for the investors and advisers.

Nigel Green, the CEO of deVere, is confident about Cardano hitting a fresh all-time high before the end of the year. He backed his statement with Cardano’s upgrades, which just keep on coming.

Meanwhile, the Cardano team is working on addressing the hitches that traders have been experiencing with the platform. Matt Ho, Cardano’s Chief Technical Officer, said the team expects greater than a 2x throughput increase from strictly the memory bump. He said additional protocol parameters will become available.

A user highlighted that an order was filled on the DEX before it was launched. The user believes a tech-savvy trader can bypass the portal user interface and execute trades directly. Ho replied that they have to deal with so many things. He said the team didn’t see that someone would have constructed a transaction by hand ahead of time.

Pi Lanningham, CIO, in regards to the discord said they will continue to process orders. He highlighted that they have about 11k orders on-chain, ~1600 within slippage tolerance. Overall, the team expected a large backlog ahead of the launch as per the performance of the testnet a month ago.

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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