Cardano Launches First DEX SundaeSwap, Users Complaint Of Failed Transactions

Themarketperiodical 3 months ago Report
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  • Today, the first DEX on Cardano was released on the mainnet for allowing traders to perform swaps and add liquidity. The network congestion, however, slowed the processing of the transactions. 
  • The ADA price increased by 50% leading up to the launch of SundaeSwap, meaning a successful launch for Cardano in a high stakes game. 
  • CEO of SundaeSwap Mateen Motavaf addressed the complaints on the server and said orders on the chain would be processed because of the congestion and the failure is because of the congestion.

The launch of SundaeSwap, Cardano’s first decentralized app (DApp), is the reason for frustration among users because of platform errors, congestion and failed transactions.

SundaeSwap is a token staking platform and decentralized exchange (DEX). The first DApp to leverage its smart contract, SundaeSwap mainnet launch is a massive breakthrough in the Cardano (ADA) platform. 

In the previous week, the ADA price rose to 50%, gearing up to the launch of its newly launched Decentralized app, which means a successful launch for Cardano is a high stakes game.

On Jan 20, the trading started at 9:45 pm UTC on the DEX. In less than two minutes, users started complaining about failed transactions and network congestion on the project’s Discord Server.

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CEO SundaeSwap Addressed Complaints On Server 

By 10:07 pm, Mateen Motavaf, CEO of SundaeSwap, posted a message in bold font and all caps to address the server’s volume of complaints.

He said that if someone’s order is on-chain, it will be processed. He further explained that the failure was because of the congestion and asked users to be patient.  

At about 1 am UTC, the SundaeSwap team hosted a Twitter Spaces AMA for addressing trader’s issues regarding the platform. One user inquired about upgrading Cardano’s node; he asked what could be the expected effect of the Cardano node. Matt Ho, Chief Technical Officer, answering said:

CEO shared that they expect more than the double throughput increase from the memory bump by itself once additional protocol parameters become available. Another user noted that an order was filed on the DEX before its launch on the website. A tech-savvy trader can bypass the website’s user interface and execute trades straight on the underlying smart contracts for any DEX.

Users were still grumbling about failed transactions and orders pending for around four hours by 2:40 am. Order will still be processed ( at the moment, around 2500 orders per hour, 11k orders on-chain and ~1600 of them within slippage tolerance.), responded CIO Pi Lanningham on Discord.

The team leading the project anticipated a large backlog of orders based on the performance of the testnet a month before the launch. 

The orders might take some time to process; however, everybody’s orders will be processed fairly, and in the order they received, the team informed through a blog post on Jan 8.

The team acknowledged the possibility of poor performance instantly by using the SundaeSwap’s performance from a previous test phase. The team said they are pretty confident that the protocol will efficiently manage day-to-day load once settled ultimately. 

After the Alonzo fork last September, the Cardano blockchain launched smart contracts on the platform. 

More than 2,000 smart contracts were deployed on the blockchain in one week with a time lock without becoming operational.

Original Source: https://themarketperiodical.com/2022/01/21/cardano-launches-first-dex-sundaeswap-user...

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