Sundae Swap: What is it and what's going on?

Disclamer:This is an impression and experience-based post about Sundae Swap. I have no connection to the project what so ever, other than being genuinly interested. Some info might be misinterpreted, but I will update and correct any mistakes as I get informed. ​ https://preview.redd.it/jgysk48egs081.png?width=1500&format=png&auto=webp&s=f5f9d5a365b3132203d02fcd5a653986626e4363 What is SundaeSwap? Sundae Swap is an upcoming decentralized exchange on the Cardano blockchain. It's the first of its kind and it might be about to make waves. As a direct result of the Alonzo upgrade in September allowing dApps to be deployed on the blockchain, it set the stage for a new decentralized exchange - not unlike what we've seen on the Ethereum blockchain for swapping ERC20-tokens (only Sundae Swap will allow for trading the up-and-coming Cardano-blockchain tokens). The Team It consists of ten members with seemingly extensive experience in a wide array of fields. They certainly seem competent enough to go through with creating a solid project, allowing the users to be at ease with both using and investing in the project. https://preview.redd.it/0fx6l4lggs081.jpg?width=1773&format=pjpg&auto=webp&s=446555c315716160d8d8155ef304476599790789 SUNDAE native token Not unlike what we see in other decentralized exchanges SundaeSwap will have its own token called SUNDAE. So far we know of three ways to obtaining the SUNDAE-token: Stake ADA with one of the SPO winners (more info in ISO-section) Exchange ADA for SUNDAE on their website once the project launches (late November/early December) Providing liquidity for the protocol (keep the project alive and well) The Tokenomics A grand total of two billion SUNDAE tokens will be minted, and the distribution of the tokens are as following: ​ https://preview.redd.it/n3aoz17ggs081.jpg?width=717&format=pjpg&auto=webp&s=3ce4e191f48660bfad3cbfaa37985596ae4b52d4 Worth keeping in mind is that the total supply is not released all at once, meaning that more and more tokens will be released as the DEX matures. As we can see the Team is given 25% of the tokens, consisting of ten members resulting in each of them being given 50 million tokens each (given equal distribution among the members). If this will affect anything at all I don't know, but it is mearly a fun-fact. One thing that i really do like regarding the tokenomics is that they use an algorithm restraining large wallets (aka. whales) in such a way that large wallets give less SUNDAE per ADA staked. There is probably a work-around to this that whales can take advantage of, but it is at the very least one bump in the road to make the distributions a little more balanced. ​ https://preview.redd.it/vq4kjhohgs081.png?width=460&format=png&auto=webp&s=2b483be31b1449fbe4b944115652adf32e9cef1e Initial Staking Operators (ISO) - how does this affect you? A few days ago user votings for Initial Stake Pool Operators ended, leaving us with 30 SPOs to choose from. I will not say too much about the way the votes were counted and the voting power of certain wallets (even though it is clear that whales had a big effect on the voting), but we have some really good options. You can find the list of selected SPOs here Now what does that mean for you? This means that you can stake your ADA with one of these operators in order to recieve SUNDAE tokens (as well as ADA rewards!). You will essentially get double staking rewards just by staking with one of these operators. The staking rewards of SUNDAE has not started yet (but it will very soon) and you still have a chance to participate in order to obtain SUNDAE tokens. Noone knows the value of these tokens or how much it is worth, but looking at other DEX tokens from release they have a tendency to increase in value. SUNDAE tokens will be staking rewards for a total of 5 epochs (25 day time period), so you should be active sooner rather than later. Staking and Wallets In order to stake your ADA and recieve SUNDEA rewards you need to use a native Cardano blockchain wallet. These can be: Daedalus (Full node wallet) Yoroi (Light wallet) NamiWallet (Web3 wallet) You will need to move your ADA from the exchange to one of the wallets and then stake them in one of the pools found in the list of SPOs. Make sure that you select a wallet that is not fully saturated in order to gain as much ADA rewards as possible. Keep in mind that all pools provide the same ADA to SUNDAE ratio rewards, so it doesnt matter which one you choose when it comes to SUNDAE rewards. ​ I hope this post was informative and that you might want to take a look at what SundaeSwap has to offer! I don't have extensive knowledge with this project more than what I provided here, so feel free to check out their social media accounts and discord chat! ​ Sources: https://cardanode.com.au/sundaeswap-iso-complete-guide-sundae-tokens/ https://iso.sundaeswap.finance/#/welcome https://sundaeswap-finance.medium.com/meet-your-sundaeswap-scoopers-76476dafa744 https://sundaeswap.finance/posts/sundaeswap-scalability submitted by /u/R1dder [link] [comments]