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Highlights
- SundaeSwap, a decentralised exchange, has announced the launch of a public testnet on Cardano’s network.
- This caused the native token of Cardano, ADA’s prices to shoot up.
- However, the launch got delayed due to some bugs and technical glitches.
SundaeSwap, a decentralised exchange on Cardano, has recently launched Cardano’s public testnet, a highly anticipated event in the cryptocurrency market.
Related Read: Why is Cardano in news amid falling prices of cryptocurrencies?
Source: Copyright © 2021 Kalkine Media
Why is SundaeSwap interested in Cardano?
Backed by cFund (a venture firm focusing on the blockchain industry), Alameda Research (a crypto trading firm), and Double Peak Group (a business based on digital assets’ investments and the blockchain space), SundaeSwap is a scalable decentralised exchange, which is built on an automated liquidity provision protocol.
It decided to build a DEX on the Cardano platform as the latter is much cheaper and faster than the other available smart contract platforms.
Moreover, run by a non-profit foundation, Cardano often collaborates with high-profile academic institutions and hence, is more advanced and a superior alternative to all future projects of SundaeSwap to be built upon.
Teething issues ahead of the launch
As announced, SundaeSwap was supposed to launch the Cardano testnet on 5 December. However, due to certain technical glitches, the launch got delayed and shifted by a day.
It is noted that the said launch is a mere testnet, which requires few steps to participate.
However, SundaeSwap has not revealed the duration of the testing.
Also, it has stated that its users were likely to experience congestion and snags on the testnet, which proves that the network is getting the required traffic volume needed for evaluation.
Rise in Cardano’s value ahead of its Testnet Launch
Following the announcement of its DEX Testnet launch, ADA, which is Cardano’s in-house token, surged by 4.8% on 4 December, taking it to US$1.66.
Do Read: When will Cardano overtake Ethereum?
It became the top performer amongst all the native tokens belonging to the leading smart contract protocols.
Currently, Cardano is valued at US$1.36 with US$45.2 billion as its market cap.
Must Read: Why is Cardano in news? Can it tame crypto giants Bitcoin, Ethereum?
Bottom Line
Crypto investors are getting attracted to Cardano’s soaring DEX ambitions. The crypto may continue to get an upward lift with such collaborations.
