MuesliSwap just launched as the first DEX on Cardano mainnet
Today, MuesliSwap has launched as the first decentralized exchange on the Cardano mainnet backed by a newly developed token swapping protocol
Today, MuesliSwap has launched as the first decentralized exchange on the Cardano mainnet backed by a newly developed token swapping protocol. This marks an important milestone for the Cardano DeFi ecosystem, which has recently seen a lot of speculation about the possibility of trading native tokens using on-chain smart contracts introduced by the Alonzo hard fork.
MuesliSwap brings the order book model used by traditional stock exchanges to the blockchain, providing crypto traders with features like limit orders and peer to peer trading without the requirement of liquidity pools. The MuesliSwap protocol is designed to enable parallel transactions and large transaction volumes using a combination of smart contracts and off-chain matchmaking code. The accompanying whitepaper as well as the public mainnet beta version of the trading interface is 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 EUTXO transaction model, which makes it practical to use the order book model in a decentralized setting in comparison to account-based blockchains, such as Ethereum.
“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, Co-Founder of MuesliSwap.
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 is sure to be enriched by a range of trading features. More features are currently in development and planned to release in the future, including support for NFT trading and creating native tokens using a token launchpad.
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