SundaeSwap holds the distinction of being the first decentralized application to launch on the Cardano blockchain. Its launch, however, has been met with much criticism as the dApp has suffered some issues due to network congestion.
Cardano is a decentralised and open-source proof-of-stake (PoS) blockchain network trying to compete with Ethereum as a smart contract platform. After years of developments, smart contract functionality has finally gone live on the blockchain. But after high anticipation by Cardano users, the launch of the first decentralized application (dApp), SundaeSwap, has been rather underwhelming.
SundaeSwap faces network congestion
The decentralized exchange (DEX) SundaeSwap finally launched its mainnet application after months of testing. The DEX is supposed to allow users to trade, stake, and lend tokens on the platform for a negligible fee. But according to several users who tried using the platform during its launch, a lot of them were unable to perform transactions via the site. This failure was later revealed to be a result of network congestion on the platform.
Congratulations to @SundaeSwap on their launch today. Due to heavy #Cardano network load, some users may be waiting longer for transactions to complete as a result.
This is to be expected around DEX launches & large NFT drops. Thanks for your patience during these busy periods.
— Input Output (@InputOutputHK) January 20, 2022
Speaking on this, SundaeSwap's CEO Mateen Motavaf explained that the issue is now under control. The parent company of the Cardano blockchain, Input Output Hong Kong also confirmed that the problem was being caused by the “heavy Cardano network load". To further put users at ease, a few hours after the launch, the App’s team held a Twitter Spaces AMA to address the issues users have been experiencing.
Issues persist
Users of SundaeSwap have maintained that the network issues persist after 48 hours of the launch. One user on Twitter wrote that he felt he was being scammed as he had been waiting for 12-16 hours for his tokens to be transferred from one wallet to another. Another user said he was misled, and he has missed $70k due to the slow transaction speed.
Who cares. At this point you've tainted the whole process. When I placed my order 6 minutes after launch, it was at a great value but because you couldn't process orders fast enough, I won't get tokens until the price goes back down. I missed out on 70k. You mis-led us.
— Crypto Chris (@ChrisTooSlick) January 22, 2022
SundaeSwap revealed via a tweet that it had added a new feature that would help users decide whether to cancel their orders or not. Despite the teething challenges faced during the launch of SundaeSwap, available data from DeFiLlama has shown that the total value of assets locked in the ecosystem (TVL) is now worth $82 million, leading to a 86.6% growth of DeFi TVL on the Cardano blockchain.
