What is SundaeSwap and how can you use it?

A scalable exchange protocol with automatic liquidity provision, SundaeSwap is a decentralized exchange (DEX) running on the Cardano blockchain. The decentralized exchange has proven to be quite well-liked among the Cardano community due to its native and scalable features.

The Cardano blockchain's smart contract programming language called Plutus was used to create the immutable, permissionless, and decentralized smart contracts that make up the SundaeSwap protocol. In contrast to conventional exchanges, SundaeSwap is a decentralized organization. Cardano is now well-known as a cutting-edge and rapidly-expanding blockchain because of the DEX's ambitious road map and constant feature rollout.

What is SUNDAE: Native SundaeSwap Token?

The native SundaeSwap coin is called SUNDAE, and the DEX is well-liked in the ADA community as a result of a sizable social media following developed during the development phase. The community's dedication to decentralization and community governance is consistent with the on-chain governance concept. The community itself chose the staking pool operators to take part in the incentive distribution, demonstrating the ISO's dedication to community governance.

SundaeSwap market share

The case for SundaeSwap being the finest Cardano DEX is strong. With a 95 percent market share, SundaeSwap dominates the Cardano platform as the biggest DEX. The SUNDAE coin functions effectively as an incentive to stay onto due to its utility and potential as an investment because of the SundaeSwap community's strength, engagement, and enthusiasm. 

How to get started with SundaeSwap?

Step 1: Go to the SundaeSwap official website. From there, you can click "Enter App" to get to almost everything you need.

You can access several choices from the home menu.

Step 2: Click "Connect Wallet" in the top right corner of the screen to link the cryptocurrency wallet you'll be using to carry out all of your swaps and transactions on the platform.

You can currently collect CardWallet, GeroWallet, FlintWallet, Nami, and ccvault.io.

Step 3: Choose if you wish to swap the token or offer liquidity.

Step 3.1: Swap the token - Select Swap and choose how many tokens to use for your swap from the menu that appears.

Step 3.2: Add tokens and connect your wallet to provide liquidity.

Change the token.

Step 4: Check the Queues - With SundaeSwap, you can take a close look at the Queues. Keep in mind that every other pool not listed here is open and functioning correctly.

Who are the competitors of SundaeSwap?

On the Cardano blockchain itself, there are 2 major competitors of SundaeSwap:

1. ErgoDEX
2. ADAX

What is ErgoDEX?

A cross-chain exchange called ErgoDEX allows users to easily swap tokens on both the Ergo and Cardano blockchains. By comparing the two platforms' operational models, it can be seen that SundaeSwap operates on a single blockchain, is less complicated than ErgoDEX, and has the same advantages of smart contracts, an order book, and decentralised operations. As a result, SundaeSwap becomes the preferred option for users seeking transactional simplicity.

What is ADAX?

As a cutting-edge DEX system, ADAX takes pleasure in empowering users to manage their own assets. The peer-to-peer approach is welcome, but it also makes things more difficult because ADAX needs a complicated movement and conversion mechanism to move tokens into and off of the platform. This brings up comparisons to SundaeSwap once more, which has a user-friendly UI.

Conclusion

On top of the Cardano Network, SundaeSwap is a decentralized exchange system that makes it possible for anybody to trade native tokens and ADA. With this protocol, users can conduct a lot more things, like swap, stake, lend, and borrow. Anyone can use and comprehend it thanks to its straightforward user interface.