SundaeSwap, the first decentralized cryptocurrency exchange based on the Cardano (ADA) blockchain, launched this week, but customers have reported that transactions are failing and that they aren’t receiving their switched tokens.
SundaeSwap has its own token, SUNDAE, which is similar to Uniswap’s UNI token, which drives the automated liquidity provider, however there is no pricing information on CoinMarketCap or CoinGecko.
SundaeSwap declared on Twitter on Thursday that “swapping is now live” on the DEX.
After exchanging Cardano’s ADA tokens for SUNDAE, individuals have complained on Twitter, Discord, and Telegram that they have not gotten their tokens. Some people claimed they had been waiting for more than nine hours.
When attempting to exchange ADA for SUNDAE, SundaeSwap’s website displays the following message: “The network is severely busy at the time.” Swaps may fail or be delayed until congestion subsides. Please bear with me.”
SundaeSwap did not react to an email given to the team’s official contact address, nor to a direct message received via Twitter.
Cardano’s ADA coin was surging in the days leading up to SundaeSwap’s debut. On Monday, the token’s price increased from $1.28 to $1.55.
“Cardano had a lot riding on SundaeSwap’s successful debut to finally prove itself. “Igneus Terrenus, head of communications at Bybit, stated that its supporters crafted a narrative that managed to see the ADA price increase 40%.”
“The increased attention became a curse, bringing more traffic to SundaeSwap than its staff had anticipated,” Terrenus added. “Cardano has been the subject of so much mockery and animosity that it almost felt like this was a foregone conclusion.”
According to blockchain statistics, Cardano whales — huge cryptocurrency investors – have been able to exchange their ADA for SUNDAE, however average retail traders have experienced congestion and transaction difficulties.
Users complained getting “insufficient balance” errors and their wallets dropping to zero as a result of SundaeSwap’s teething troubles in the SundaeSwap Discord channel. “I adore Cardano and SundaeSwap,” one user remarked, “but I’ve tried to complete over 50 transactions and none of them have gone through.”
“It’s safe to assume that huge launches may cause a lot of congestion on the chain, slowing down transaction times,” said Denis Vinokourov, Corinthian Digital’s head of research.
“Thus, in retrospect, it was unavoidable,” he said, “and, in fact, SundaeSwap Labs itself highlighted the expected operational limits and limitations that the blockchain and the DEX will display on opening day.”
A DEX, according to Vinokourov, isn’t the most difficult product introduction.
“Other smart-contract blockchains have launched considerably more intricate versions, and one would anticipate greater stress testing to prepare for the real-world traffic deluge,” he added.
In the last 24 hours, the price of Cardano’s ADA token has dropped 15%, while bitcoin and other major cryptocurrencies have also dropped in what appears to be a general market sell-off. At the time of publication, ADA was trading at $1.19.
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