Cardano’s Minswap is experiencing problems, but funds are safe
Minswap is an Automated Market Maker (AMM) Decentralized Exchange (DEX) on Cardano
cardanos Minswap reported that a problem was detected and is currently resolving it, but users’ funds remain safe. It says that while the fix is tested and implemented, the DEX will remain in maintenance mode; so users may not be able to trade, withdraw, or harvest Revenue Farming Rewards. The problem detected was not specified at the time of going to press, but the DEX promises to work out more in an autopsy in the coming days.
The DEX is still in maintenance mode, we have detected a problem and we already have protections in place. We are rewriting, testing and deploying the fixes, we take this seriously and we need to do more QA before we can roll it out. https://t.co/k79Gn021Qe
— Minswap (@MinswapDEX) March 23, 2022
The launch of SundaeSwap, a decentralized exchange (DEX) and token staking platform marked a milestone in the Cardano ecosystem by being the first dApp to leverage its smart contracts. The DEX got off to a rough start as users complained about transaction speeds.
According to the white paper, Minswap is “an automated market maker (AMM) decentralized exchange (DEX) on Cardano that supports multiple pricing functions for a single liquidity pool.” Since the launch of Minswap just a few weeks ago, the TVL has skyrocketed to reach $195.22 million, making SundaeSwap the most dominant DeFi protocol. Currently, the Minswap dominance is 62.88% while the total value locked (TVL) on Cardano is $310 million.
IOHK’s steps towards scaling up
In a series of tweets, while announcing the update proposal to extend Plutus memory scripts, IOHK says that while network congestion can occur during peak hours, the Cardano network is designed to operate safely.
The company said: “With many new DeFi projects coming to Cardano in the coming weeks and months, users can expect significant amounts of network traffic. This can be significant during peak times around launches and major NFT drops.”
It continues, “While users may experience occasional delays in executing transactions, the Cardano network is designed to operate securely under high loads and will steadily improve throughput as the network is further optimized.”
As previously discussed by U.Today, while commenting on the ecosystem’s growth, Cardano founder Charles Hoskinson explained that many decentralized applications (dApps) are waiting on the Vasil hardfork to take advantage of pipelining.