Cardano fails again and is obliterated by the market crash


The Cardano community and the rest of the cryptocurrency industry were excited when smart contracts were enabled on the Cardano network (ADA) following the Alonzo update last year. However, there have been some “minor” problems since then.

Mainly regarding the launch of the SUNDAE token on SundaeSwap which boosted the price of ADA to US$ 1.54 (R$8.56), with an appreciation of +11% in 24 hours and almost +30% in 7 days, on Saturday (17). ).

SundaeSwap live and in color: red

For a coin whose death has already been declared a few times, the reaction to the launch of SundaeSwap was very positive, but it only brought palliative comfort.

The first major decentralized application (dApp) based on Cardano, SundaeSwap, launched its mainnet on January 20 after a series of public and private tests.

Decentralized exchange (DEX) allows users to trade, bet and lend tokens on the platform, with traders paying small fees and liquidity providers earning returns on their deposits.

Even before the launch of the SUNDAE token – which will take place on January 25th, the experience did not please users. As a consequence, ADA has accumulated the biggest 24-hour drop (-12.68%) among the top 10 cryptocurrencies, according to coingolive.

Cardano fails again
Cryptocurrency Ranking – Source: CoinGoLive.com

Just five minutes after staking was activated, users who were initially excited to join DEX were frustrated with multiple platform errors and many failed transactions caused by network congestion.

As more users submitted their complaints on SundaeSwap’s Discord server, the platform’s CEO, Mateen Motavaf, posted at exactly 22:07 UTC:

“IF YOUR ORDER IS ON-CAHIN, ORDERS FAIL DUE TO CONGESTION WILL BE PROCESSED, PLEASE BE PATIENT.” (said in capital letters is because he was angry)

To further address other issues, SundaeSwap organized an AMA session on Twitter Spaces around 1:00 UTC today, January 21st.

Since there are thousands of pending orders on the platform, a user asked what effect the long-awaited Cardano node update would have on SundaeSwap.

In response, project CTO Matt Ho said, “Once the change happens on the 25th, we expect a greater than 2X throughput increase, strictly from the memory increase alone, as protocol parameters change. additional ones become available”.

Several others users pointed to other areas of concern.

Cardano learns by making mistakes

While network congestion on the SundaeSwap platform may come as a surprise to many, it is not for the core project team.

The team announced before the official launch of the SundaeSwap mainnet that transactions can take hours or even days to complete, depending on the overall network load.

The blog post read: “To be as transparent as possible, we want to inform everyone that while orders may take days to process, everyone’s orders will be processed fairly and in the order they were received and enforceable. ”.

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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