SundaeSwap Launched on Cardano, Does Not Get the Ideal Start!

Can Bears Pull Down Cardano (ADA) Price Below $1 Level?
  • On Thursday, trading began at 9:45 pm UTC on the DEX.
  • One user inquired about the potential impact of a Cardano node update.

The recently released, SundaeSwap, Cardano’s first decentralized app (Dapp), is creating irritation among its users due to congestion platform issues, leading to failed transactions. SundaeSwap is a token-staking platform and decentralized exchange (DEX). As of Thursday, it is the first Cardano Dapp to use its smart contracts on the mainnet, making it a significant milestone in the ecosystem.

Over the last week, building up to the debut of SundaeSwap, the price of Cardano’s ADA has risen by 50 percent, which means that Cardano is playing a very high-stakes game.

CEO Mateen Motavaf Issued Response

On Thursday, trading began at 9:45 pm UTC on the DEX. In just two minutes, users quickly brought up failed transactions and network congestion on the project’s Discord channel. SundaeSwap’s CEO Mateen Motavaf issued a response to the outpouring of complaints on the server at 10:07 pm UTC:

“IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT.”

SundaeSwap’s team hosted an AMA on Twitter Spaces at about 1 am UTC to address further any concerns traders had with the service. One user inquired about the potential impact of a forthcoming Cardano node update because of the significant backlog of orders holding up swaps, or “scoops,” as they’re known on SundaeSwap.

Another user saw that an order had been completed on the DEX before being made available for purchase on the website. According to CoinMarketCap, the Cardano price today is $1.11 USD with a 24-hour trading volume of $2,847,308,522 USD. Cardano has been up 1.13% in the last 24 hours.

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