The race to be the first Decentralised Exchange on Cardano is heating up or has it already been won? MuesliSwap DEX launched on the Cardano Mainnet and had been operating smoothly.
Overview of the MuesliSwap Decentralised Exchange (DEX)
First Impressions of MuesliSwap
From the first impression, the MuesliSwap looks good. It's easy enough to navigate, use and execute swaps on the platform. There are minor user experience and interface issues that can be improved as the DEX is still a work in progress with more key features yet to be integrated.
The DEX is quite different in terms of its layout and does take a while to understand and get used to compared to DEXes such as UniSwap. The decentralised exchange appears to look more like a centralised exchange compared to a swap decentralised exchange that many are familiar with.
There is still a lot of development required to improve the user interface and experience. Additional features, such as Liquidity Pools and yield farming, that many are used to on other DEX such as Uniswap would be required before existing DEX users to fully recognise this as a working DEX.
In digging into the development of the DEX, there were several clues as to how the DEX may have been built so quickly.
The team have built a working DEX on SmartBCH which is an EVM based sidechain that allows for Solidity based smart contracts. This experience with building a DEX, working with another UTXO blockchain and an EVM sidechain may have been an easy transition for their team to transition their knowledge from the Bitcoin Cash DEX to the Cardano DEX.
MuesliSwap Plutus Script
At the time of writing this article, the number of times the MuesliSwap Plutus scripts have been executed now exceeds 44,000. The data can be viewed at Cardano Block Insights.
There are some major differences between DEXes on Ethereum and EVM based blockchains compared to Cardano. With the way the blockchain works with UTxO, we can have certain functionality that is similar to that of what we see in Centralised Exchanges.
Users can set limit orders. This is what you find in order book exchanges where a user can
Unlike other DEXes at the moment, the team have released their Plutus scripts online in their Github repositories. As far as we know, MuesliSwap is the only project to have released their code in a show of transparency of the DEX. We haven't been able to verify the code and get it working but will pursue the verification process to ensure what they have provided is indeed valid and the code they are running on the Cardano Mainnet.
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