First decentralised exchange goes live on Cardano’s mainnet

The MuesliSwap team announced the launch of the first DEX on Cardano’s mainnet. The platform uses an order-book model common to centralized exchanges, enabling the placement of limit orders.

MuesliSwap is now live on Cardano mainnet! We are proud to announce that MuesliSwap has just launched as the first decentralized exchange (DEX) on Cardano. https://t.co/WTevels5nT #DEX #ADA #CARDANO #FIRST #MILK

— MuesliSwapTeam (@MuesliSwapTeam) November 26, 2021

“Unlike early attempts to simply copy the Uniswap architecture from Ethereum, MuesliSwap’s trading solution was developed from scratch and takes into account the characteristics of Cardano’s transaction model (Cardano EUTXO). This makes the use of an order-book model practical in a decentralized environment,” the project blog says.

On Cardano’s network, DEX offers nine trading pairs with ADA, and is conducting a presale of its governance token MILK. In the future, MuesliSwap will offer a token-launch service and NFT-marketplace.

The platform is also available on the Smart Bitcoin Cash blockchain. In this network it has been running longer and, as a result, offers broader functionality. In addition to trading, users can participate in farming and staking, as well as launch and purchase tokens of the SEP-20 standard SEP-20.

Developers emphasise that MuesliSwap is a beta project that may operate unstably. One Reddit user said that he had trouble placing a limit order to buy SNOW tokens:

I attempted to buy 10 SNOW tokens at 0.9 ADA, but the order did not go through, because the lowest sell order is posted at 1 ADA. Heads up, I tried to cancel the order and received an error message. The ADA used for the purchase is currently locked in the smart contract, and I’m not sure I’ll be able to retrieve them.

In September 2021, Cardano developers activated the Alonzo upgrade, enabling the deployment of Plutus smart contracts on the mainnet.

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