“This has been a huge disappointment. I’ve tried 20 times minimum to swap ADA for Sundae and nothing has gone through,” says a disgruntled SundaeSwap user.
According to both Cardano Blockchain Insight and pool.pm, the Cardano (ADA) network has maintained record capacity for nearly two weeks due to the launch of decentralized exchange, or DEX, SundaeSwap, the first of its kind to go live on Cardano. At the same time, the total value locked for the ADA blockchain reached a record of approximately $80 million, despite the recent fall in the token’s price from the ongoing down market.
The current average blockchain load of the network hovers at 93.19%, which means that 93.19% of its blocks are being filled. In context, the metric amounted to only 32.49% on New Year’s Eve. The number of ADA wallets is also on the verge of breaking the 3 million mark.
Many ADA enthusiasts took to social media to celebrate the milestones. However, the phenomenon of the network nearing full capacity due to the addition of just one DEX raised questions about its utility, although scaling solutions are coming soon. Reddit user Additional_Till_838 pointed out:
“I dislike this because it paints a picture of Cardano’s blockchain being overloaded and struggling to handle the load. This could scare investors away from Cardano and make them think that it is not a reliable blockchain network.”
Not all went smooth during SundaeSwap’s launch either. Soon, user reports of failing transactions began circulating widely on social media. At the time of publication, users are still alleging that their DEX orders remain unprocessed, despite submitting them a few days ago. More critically, the platform is locked in a publicized commercial dispute regarding allegations of failed investor promises with Cardano accelerator program CardStarter. Even Charles Hoskinson joined in on the debacle, telling the two parties to “get your shit together!” and settle their differences via arbitration or litigation.
🎁 We have just released an update to our orders page, you should now be able to see the approximate queue depth of a pool! Simply click to expand an order for more info.
This update should provide additional info on the current state of congestion. ⌛️ 1/2
— SundaeSwap Labs 🍨 (@SundaeSwap) January 26, 2022