MuesliSwap, 1st Decentralised Exchange on Cardano

December 23, 2021

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.

MuesliSwap Decentralised Exchange Order Book view

Back Story

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.

On the 12th of December 2021, the number of executions of the MuesliSwap script was 11,500 executions.

You can view the script on CardanoScan.

Difference to Traditional Decentralised Exchanges

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

The Codebase

MuesliSwap codebase and contracts on Github

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.

You can see all of their code on their GitHub repositories.

We are unsure if their code has been audited by a third-party auditor and the audit report published.

MuesliSwap Customer Support

Since the MuesliSwap DEX is still very new and early to the scene on Cardano, there is a lot of development still required to refine the DEX and get it to a perfect standard.

As a result, the MuesliSwap team have been providing stellar support via all their communication channels from Telegram, Discord and Twitter.

The MuesliSwap team have responded to refunds for failed transactions, UI/UX improvements to their DEX and listened to other feedback from the community.

The team do plan to form a Decentralised Autonomous Organisation (DAO) around the DEX and allow the community and users to control the future of the platform.

Milk Token Tokenomics

Muesli is better with milk and in this case, the team have created the MILK token which will be used across the DEX.

The tokenomics of the project seems simple and fair compared to some others. 15% of the tokens being allocated to the team is a lot less than some other projects in the Cardano ecosystem.

The MILK token will allow for a list of utilities that includes and are not limited to:

  • Priority trading: access to exclusive exchange features
  • Governance: Vote on community proposals
  • Staking: Participate in the MILK pools and earn some milky rewards.
  • Early Access: Get early access to MusliPad (the innovative launchpad)

You can find out more details about the Cardano MuesliSwap tokenomics.

Find Out More

You can find out more about the project via all their website and their social channels.

Other decentralised exchanges worth looking at include Genius Yield with their automated yield optimiser.

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