fxs_header_sponsor_anchor

SundaeSwap launch on Cardano, suffers failed transactions due to network congestion

  • SundaeSwap is the Cardano ecosystem's first decentralized exchange.
  • The exchange and staking platform is the first dApp to use Cardano's smart contracts.
  • Users suffered from failed transactions within the first two minutes of SundaeSwap's launch.
  • Analysts have predicted a further drop in Cardano price, a continuation of its downtrend.

The launch of Cardano's first decentralized exchange revealed underlying problems in smart contracts on the network. Within the first two minutes of launch, users suffered failed transactions and congestion in the altcoin's network. 

Cardano network's first dApp mainnet launch suffers from failed transactions

Cardano network's first decentralized application (dApp), SundaeSwap launched, causing a stir among users. Within the first two minutes of SundaeSwap's launch, users suffered failed transactions, congestion in the smart contract network and platform errors. 

SundaeSwap's launch was scheduled for 9:45 pm UTC on January 20. Within the first two minutes, the Discord server of the decentralized exchange filled with failed transactions and network congestion messages. 

The failed transactions could be caused by a sudden influx of users and a spike in activity. The decentralized exchange was the first smart contract application to go live on Cardano's mainnet, the Ethereum-killer's ecosystem. 

Cardano price climbed consistently over the past week but suffered a drop over the past 24 hours. Cardano price has plummeted since the launch of SundaeSwap; experts believe the failure of the decentralized exchange's launch is one of the key factors fueling a bearish narrative for the altcoin. 

Michaël van de Poppe, a crypto analyst and trader, has predicted a continuation of Cardano's downtrend. 

@tedtalksmacro, a crypto analyst and investor, believes that the launch of SundaeSwap was the top for Cardano price, followed by exit liquidity. 

FXStreet analysts have evaluated the Cardano price trend and predicted that the Ethereum-killer is on track to hit $2. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.