MuesliSwap about to launch as the first DEX on Cardano mainnet
After months of intensive prototyping, the MuesliSwap team has just reached the final steps of their DEX development by performing fully integrated token trades on the Cardano testnet. Due to the promising results, the team is currently preparing to launch a first version on the Cardano mainnet.
After months of intensive prototyping, the MuesliSwap team has just reached the final steps of their DEX development by performing fully integrated token trades on the Cardano testnet. Due to the promising results, the team is currently preparing to launch a first version on the Cardano mainnet.
MuesliSwap is a decentralized exchange (DEX) coming to the Cardano blockchain. Backed by a newly developed token swapping protocol, MuesliSwap aims to become the go-to DEX on Cardano. MuesliSwap applies the order book model used by traditional stock exchanges to the blockchain, providing crypto traders with features like limit orders.
A proof of concept version has been finished recently, showing that the approach is feasible using a combination of smart contracts and off-chain matchmaking code. The latest test runs make the team optimistic about launching on mainnet in the very near future.
This marks a significant step towards the deployment of MuesliSwap on the Cardano blockchain. The MuesliSwap team is already operating a fully functional DEX on SmartBCH (Smart Bitcoin Cash). The launch of the DEX in 2021 was a huge success. BCH MuesliSwap expects to see a total trading volume of more than 70 million USD in the first year.
Motivated by this success, the team decided to take on the next challenge and apply their know-how to the technologically innovative Cardano blockchain.
“SmartBCH was the first milestone in our DEX journey. When IOHK announced plans to bring smart contracts to Cardano, we realized what a leap this is for the entire DeFi industry, and we immediately knew we had to launch an exchange on their platform.” says Matt, Co-Founder of MuesliSwap.
The MuesliSwap protocol is designed to enable parallel transactions and large transaction volumes. The accompanying whitepaper and a preview of the user interface are available on the MuesliSwap webpage. (https://ada.muesliswap.com).
Unlike early attempts trying to simply reuse the Uniswap architecture from Ethereum, the MuesliSwap trading solution has been designed from the ground up, taking into account the specifics of the Cardano transaction model. Cardano’s EUTXO model makes it possible to use the order book model in a decentralized setting. MuesliSwap will support limit orders, bringing full control to users’ investments. At the same time, the protocol offers parallel transaction settlements paired with low fees and protection against frontrunning.
“In principle, our solution is inspired by how traditional stock exchanges work, but there is one key difference. That is, anyone can become a matchmaker on the MuesliSwap platform. And because you don’t have liquidity pools, there’s less risk of someone withdrawing liquidity and making your tokens worthless, like we see so often on Uniswap based exchanges. Our goal is to bring together the best of traditional finance and DeFi.”, explains Matt.
The smart contracts forming the core of the MuesliSwap DEX are currently being thoroughly tested on testnet as part of an internal beta phase.
“We have successfully tested and conducted order placement via the beta version of our web trading interface. Similarly, matching of orders has been implemented using our reference matchmaker. Plutus based smart contracts show impressive performance and reliability, being written in a functional language.” claims Max, the Head Protocol Designer. Current results have been promising and make the team confident about the upcoming launch on the mainnet. This would make MuesliSwap the very first fully operational Cardano DEX.
A presale of MuesliSwap’s Cardano utility token MILK is currently ongoing. MuesliSwap is offering their governance token priced at 10 MILK per 1 ADA to the public. The total supply is thereby determined by the growing community, with a targeted total supply of 10 million MILK.
The team is looking forward to providing crypto traders all over the world with a solid tool to trade the tokens they love. With ADA MuesliSwap, the Cardano DeFi ecosystem will be enriched by a range of trading features. More features are planned in the future, including support for NFT trading and a token launchpad.
Contact:
Tim - Head of Marketing, MuesliSwap
E-Mail: [email protected]
Twitter: https://twitter.com/MuesliSwapTeam
Website: https://ada.muesliswap.com
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