“This is a huge disappointment. I have tried at least 20 times to swap ADA for Sundae and to no avail,” said one disgruntled SundaeSwap user.
News
According to both Cardano Blockchain Insight and pool.pm, the Cardano network (ADA) has maintained a volume record for nearly two weeks due to the launch of its decentralized exchange, or DEX, SundaeSwap; First time of its kind to go live on Cardano. At the same time, the total value locked for the ADA blockchain reached a record level of around $80 million, despite the recent drop in token prices due to the ongoing bear market.
The network’s current average blockchain load hovers at 93.19%, which means 93.19% of its blocks are being filled. In context, the figures only accounted for 32.49% on New Year’s Eve. The number of ADA wallets is also on track to break the 3 million mark.
Many ADA enthusiasts have used social media to celebrate the milestones. However, the phenomenon of the network running out of capacity due to the addition of only one DEX has raised questions about its utility, although scaling solutions are forthcoming. Reddit user Extra_Till_838 points out:
“I don’t like this because it paints a picture of Cardano’s blockchain being overwhelmed and struggling to handle the load. This can scare investors away from Cardano and make them think that it is not a trusted blockchain network.”
Not all went smoothly during the launch of SundaeSwap. Soon after, user reports of failed transactions began to spread widely on social media. At the time of publication, users are still alleging that their DEX orders are still unprocessed, despite submitting them a few days ago. More seriously, the platform is locked in a public commercial dispute related to allegations that investors broke promises with the Cardano CardStarter accelerator program. Even Charles Hoskinson was involved in the incident, telling the two sides to “put everything together!” and resolve their differences through arbitration or litigation.
We just released an update to our orders page, you will now be able to see the approximate queuing depth of a group! Simply click to expand an order for more information.
This update will provide more information about current congestion. ️ 1/2
– SundaeSwap Labs (@SundaeSwap) January 26, 2022