Cardano DEX – SundaeSwap Launches on public testnet, ADA yet to react.

  • Cardano-based AMM protocol SundaeSwap announces the launch of its public testnet.
  • The protocol is now open for users to try out and report bugs. 

SundaeSwap, an automated market maker (AMM) protocol on Cardano has launched its public testnet today. With the debut, the platform is now open for users to try out on an experimental basis, with test tokens.

Before the launch, the SundaeSwap team emphasized that the testnet would help the DeFi protocol in several ways. Most significantly, it would help to identify any bugs that will arise from being used by thousands of users at once. It will also help identify any unanticipated situations that may come up for the brand new platform. To collect information on bugs users encounter, a form has been provided for testers to fill.

Additionally, SundaeSwap highlights that the testnet will provide a safe playground for the would-be users of the platform to learn the ins and outs of using the new protocol. The testnet will also let the protocol bring on stake pool operators gradually as well as allow the platform to tweak its parameters as required.

IOHK continues to support Cardano-based projects

SundaeSwap is one of the most anticipated projects building on Cardano. Before they announced the testnet going live, IOHK also stated that it was looking forward to the launch and was collaborating with the team to make sure all goes as planned.

IOHK explained that the testnet is intended to put the Cardano network through a stress test so it can “monitor and analyze the current network parameter settings.” It advises users to expect congestion and bugs on the testnet. But assures that all bugs and issues that come up on the testnet will be resolved swiftly before the time for mainnet arrives.

Cardano has also stated that it is committed to moving gradually with building out the blockchain. The network is known for its methodical approach to introducing new features to avoid errors. However, Cardano also emphasized flexibility and high resilience as some of its foundational tenets.

Other highly anticipated projects are being built on Cardano

The Cardano ecosystem is poised for an explosion of projects that will launch on it in the future. This has been shown in increasing on-chain activity that was marked by the blockchain crossing 1 million stake pool delegators. 

In November, Cardano was the third most actively developed blockchain having recorded 118 GitHub commits for the network. Some of the projects that are highly anticipated at the moment include Ardana which is a decentralized stablecoin hub that will bring the necessary DeFi capabilities to the Cardano network. Empawa, which is described as a RealFi project, is billed to also be another exciting project being built on the biggest PoS blockchain. 

However, the price of ADA is yet to react to the announcement from SundaeSwap. On the day, ADA is down around 1.5%, currently trading at $1.337. In the last 30 days, ADA is down around 30% as well.

Source: Zycrypto

SundaeSwap Scoops $1.3M Funding!

Decentralized finance (DeFi) platform developer SundaeSwap Labs announced today that it has raised $1.3 million in a seed round led by cFund, an early-stage sector-agnostic venture capital firm in the blockchain industry that is anchored by Cardano founding entity IOG and managed by Wave Financial. SundaeSwap Labs is a software company contributing to the development of a suite of products that enables the trading and utilization of cryptocurrency on the Cardano blockchain — currently the world’s third-largest cryptocurrency by market capitalization.

At the heart of SundaeSwap Labs’ suite of products is its decentralized exchange (DEX), which will initially provide an automated market maker (AMM) to control liquidity for the exchange of assets on Cardano. The funding will allow SundaeSwap to accelerate development of the DEX, continue testing on the platform, and refine the user experience in advance of its anticipated launch.

The capital will also allow SundaeSwap to accelerate the development of additional functionalities for the DEX, finish scoping out the company’s broader plans for DeFi on Cardano, and build out the organization’s capabilities to support these plans and features.

“The recent introduction of smart contracts to the Cardano blockchain has created a significant opportunity for the DeFi community on Cardano,” said Mateen Motavaf, Chief Executive Officer of SundaeSwap Labs. “cFund’s investment is an endorsement of the work our team has done to build a sustainable, long-term business designed to provide the Cardano community with the tools and services it needs to create value and fully realize its vision of enabling economic empowerment for those who need it most.”

“Our mandate is to bring world-changing ideas and solutions on the Cardano blockchain to market faster,” said David Roebuck, of Wave Financial who runs the day-to-day of cFund. “We do this by finding ambitious founders who have solid business ideas and the skills to turn those ideas into reality. The SundaeSwap team is developing a platform that is well-positioned to become a market leader, and we’re pleased to be able to help them reach their goals through this investment.”

cFund was joined by Alameda Research and Double Peak Group in this venture round.

“We made a commitment to our community early-on that if we took any private capital, it would be from partners who can provide significant value above and beyond the book value of the deal,” added Motavaf. “The team of investors that cFund is leading not only meets that promise, but exceeds it, and together they will bring an incredible amount of value not only to us, but to the entire Cardano ecosystem.”

About SundaeSwap

SundaeSwap Labs develops decentralized finance (DeFi) platforms that enable economic empowerment for all. At the heart of its development efforts is the SundaeSwap DEX, a decentralized exchange where Cardano-based peer-to-peer transactions can be conducted quickly, safely and inexpensively. The SundaeSwap DEX allows participants in the Cardano blockchain to provide liquidity and create a market for others to exchange their native tokens. In return, swappers pay a small fee and liquidity providers earn a return on their deposit. Cardano is a third-generation blockchain noted for its transactional efficiency, relatively low environmental footprint and peer-reviewed secure technology. SundaeSwap Labs is a Wyoming corporation.

SundaeSwap’s website: https://sundaeswap.finance/

About cFund

Anchored by IOG/Charles Hoskinson and managed by Wave Financial, an SEC- registered investment advisor with ~$1 billion of AUM, cFund is an early-stage, sector agnostic early-stage venture fund that invests in innovative technology companies building Cardano-based apps, services, and products or deploying on other IOG R&D initiatives. The purpose of the fund is to accelerate adoption/development of the Cardano blockchain and its ecosystem.

cFund’s website: https://cfund.vc/

Wave Financial’s website: https://wavegp.com/

Source: Medium