Cardano, a leading proof-of-stake blockchain network, is experiencing a surge in activity thanks to the successful launch of SundaeSwap V3, a decentralized exchange (DEX) built on the Cardano blockchain.
This development comes amid continuous innovation on the Cardano network, with founder Charles Hoskinson expressing optimism about the future. Prompted by positive performance metrics surrounding SundaeSwap V3, Hoskinson in a post on X remarked, “Remember that so much amazing tech is coming over the next few years, Cardano is waking up”.
Read Also: Charles Hoskinson Unveils Major Upgrade For Cardano (ADA). Here’s the Significance
About SundaeSwap V3
Launched last month, SundaeSwap V3 boasts a significantly improved architecture compared to its previous iterations. The new DEX utilizes a more efficient pricing model within its smart contracts, enabling smoother and faster transactions. Additionally, SundaeSwap V3 demonstrates a substantial leap in transaction processing capability, reaching 35 transactions per second.
According to Pi Lanningham, the CTO of Sundae Labs, SundaeSwap V3 in the past 24 hours has already processed over 9,000 orders, with the vast majority of the orders being executed in under a minute.
Historically, Cardano has faced challenges with network congestion. However, SundaeSwap V3’s enhanced scalability could improve transaction throughput significantly on the Cardano network. This, in turn, could lead to a rise in the total value locked (TVL) on the Cardano blockchain.
At the time of press, Cardano sits at 29th place in terms of TVL, as per DefiLlama’s data, trailing behind various DeFi protocols. The five leading DeFi projects on Cardano include Minswap, Lindogo, Liquid, Astarter, and SundaeSwap.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Cardano-Based Decentralized Exchange, SundaeSwap, Is Finally Live On Public Testnet
The arrival of SundaeSwap V3 marks a significant milestone for the Cardano ecosystem. By addressing scalability concerns, this upgrade paves the way for wider adoption of decentralized applications (dApps) built on Cardano. This could lead to a growth in DeFi activity and an overall increase in the network’s utility.
Looking ahead, the Cardano team is focused on continuous development efforts, including the highly anticipated Chang Hard Fork upgrade scheduled for this June. This upgrade is expected to introduce further improvements to the network’s functionality and scalability. With these advancements, Cardano is well-positioned to solidify its place as a prominent player in the ever-evolving blockchain landscape.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
