The crypto market was again predominantly green today, but within the top 10 we see a crypto standing head and shoulders above the rest. Cardano (ADA) rose in value by about 10% in the past 24 hours. Where does this relatively rapid increase come from? It seems to have everything to do with the launch of the decentralized exchange SundaeSwap.
Cardano ecosystem is slowly starting up
Last night, the team behind SundaeSwap Labs announced that the exchange will launch on Thursday, January 20. It will be the beta version. It should be fully functional. However, the team states that the platform will initially run in beta as the Cardano network itself is also still under development:
“We are launching with a Beta label because while the DEX’s smart contracts are fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.”
So it is not yet a full launch. However, traders will be able to use the exchange via the mainnet. The team expects that there can be considerable congestion during the first weeks, which means that orders can take hours, sometimes even days.
📢The moment we’ve all been waiting for has finally come!
We’re excited and proud to share that SundaeSwap and the ISO will be launching on the evening of Thursday, January 20th (EST)! 🍨
Check out the article below! 👇https://t.co/8oDYU6i3k9 pic.twitter.com/upgNZx2xH2
— SundaeSwap Labs 🍨 (@SundaeSwap) January 15, 2022
Join SundaeSwap ISO
Nevertheless, the news was received positively with the ADA price that could suddenly rise sharply. SundaeSwap, like other DEXs, has its own cryptocurrency. 5% of the total stock will be distributed through a so-called Initial Stake-Pool Offering (ISO). Selected by your ADA at one of the 30 stake pools at to strike, you can receive free SUNDAE between January 25 and February 14 as staking rewards.
“To ensure eligibility for all five ISO reward rounds, you must have staked ADA on eligible SPOs by January 25, 21:45 UTC. Your reward will be calculated based on the snapshot taken at that time and at the same time at each subsequent epoch boundary.”
The list of eligible stake pools can be found here.