Key takeaways:
- Popular Cardano-based DEX SundaeSwap has announced a beta mainnet launch for January 20
- SundaeSwap will launch with a full suite of features and several ways of obtaining the SUNDAE token
- The price of ADA rallied to a cycle high of $1.56 on the news, which led to Cardano overtaking Solana as the fifth largest crytpo in terms of market cap value
SundaeSwap, a native decentralized exchange (DEX) on Cardano, has announced the launch of a fully-functional beta version for Thursday, January 20. The price of ADA jumped by more than 20% on the news.
The SundaeSwap DEX will go live on Jan. 20, users will have three ways of acquiring SUNDAE
The highly-anticipated DEX launch is finally here – once the beta goes live on Thursday, SundaeSwap will introduce a much-needed liquidity boost to the Cardano ecosystem, along with enticing yield farming rewards, token swaps, and initial stake-pool offering (ISO) of SUNDAE.
The mainnet launch comes six weeks after the company launched its testnet version in early December 2021. Over its short history, SundaeSwap has managed to form a lively community, and based on its social media following numbers, it is currently very likely to be the most popular DEX on Cardano.Â
According to a Saturday’s blog post, users will be able to obtain SUNDAE by participating in ISOs, swapping tokens on eligible DEXs for SundaeSwap’s own token, and by providing liquidity in exchange for SUNDAE farming rewards. The first ISO will commence on Jan. 20, “and will continue for five epochs, with rewards (5% of the total SUNDAE supply, 1% per epoch) being distributed based on the snapshots that will be taken at each epoch boundary,” explained Sundae.
In order to qualify for ISO rewards, users will need to stake ADA with eligible SPOs before the first round begins on January 25.
The launch of a new DEX marks an important milestone for the broader Cardano ecosystem, which currently trails Ethereum and other Layer 1 networks in terms of the number of decentralized applications deployed on its chain.
Cardano’s founder Charles Hoskinson recently touched upon several key issues that need to be resolved before Cardano can become a leading decentralized finance (DeFi) platform. Hoskinson outlined his vision for the network in a Youtube appearance at the tail end of 2021 and unveiled that improvements to DeFi, a native web wallet, and a robust peer-to-peer (P2P) framework are in the pipeline.Â
Following SundaeSwap’s announcement of an upcoming DEX, the price of ADA increased from $1.28 on January 15 to a cycle high of $1.56 earlier today and managed to outperform all other digital assets in the cryptocurrency top 100 in the last 24 hours with more than 10% gains.
