The long-awaited Cardano-based decentralized exchange, SundaeSwap, is almost ready to be launched to public testnet.
In an accouchement on Dec 5, the company behind Cardano – Input Output HK – stated that the SundaeSwap DEX was launching imminently as a testnet.
IOHK added that it anticipates a growing interest in Cardano’s big DEX ambitions.
“We’re expecting a huge amount of interest in this highly-anticipated event, and lots of activity. This is why we are collaborating.”
However, there have already been teething problems with a few bugs that have delayed the launch from Sunday to Monday.
Might have to rebrand to MondaeSwap😅…
In all seriousness, we've found a bug with our scoopers renewing scooper licenses.
We are cleaning that up, and as soon as it's completed testnet will be live for use. Thank you for staying patient with us!— SundaeSwap Labs 🍨 (@SundaeSwap) December 6, 2021
The launch is just a testnet, however, so there are a few steps to take in order to participate. Using a third-party wallet such as Nami is required to connect to the faucet to obtain testnet tokens to experiment with
The announcement did not mention how long the testing would be running for or a mainnet launch date. SundaeSwap is a scalable DEX and automated liquidity provision protocol enabling native token and ADA exchanges with a whitepaper released in June.
Stress Testing the Network
IOHK stated that the test is intended to “put the network under high throughput,” enabling the team to monitor and analyze parameter settings. Cardano has set these network parameters, such as block size, CPU limit, and memory limit, conservatively while the testing begins.
Later today, @SundaeSwap will launch their DEX on the #Cardano TestNet launch. We’re expecting a huge amount of interest in this highly-anticipated event, and lots of activity. This is why we are collaborating. Because we're looking to learn a lot, too.
1/8— Input Output (@InputOutputHK) December 5, 2021
It added that users are likely to expect congestion and bugs on the testnet, which signifies that it is getting the traffic volume needed for assessment.
“Remember this is early DApp software, and it’s still early days for DeFi on Cardano. Testnets are a key part of iterating & improving the experience.”
Cardano has emphasized a “slow and steady” approach to DeFi, Dapps, and smart contracts, which has made it a target for some criticism from the crypto community. However, it still claims to be able to compete with and even surpass Ethereum.
IOHK said, “ignore the FUD” because there will be bugs, some of which were already being reported by testnet users. The firm encouraged users to join its Discord channel to give feedback on the SundaeSwap platform.
ADA Price Reaction
Cardano’s native token, ADA, has fallen in tandem with the rest of the crypto market over the weekend, getting no momentum from the DEX launch.
At the time of writing, ADA was trading at $1.4, down another 3% on the day, according to CoinGecko. The token has lost 15% over the past seven days and has dumped a hefty 55% since its Sept 9 all-time high of $3.02.