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Sunday, May 22, 2022

Cardano Has Massive Projects In Tow Over Failed Promises

The continuing drama between a couple of projects built on the blockchain of Cardano did escalate across several social media platforms. This took place on Monday and naturally aggrieved the entire community of ADA.

The issues began in April when CardStarter, the accelerator program, announced that it would be launching its own decentralized exchange. Shortly thereafter, its founders went on to incentivize investors to provide liquidity for the project on Uniswap in exchange for native CSWAP tokens. 

Cardano Finds Itself Amidst DEX Battles

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Cardano’s developers then landed an agreement with a third part DEX called SundaeSwap, while marketing the entire deal as a merger the previous June. As per the agreement, CardStarter will no longer be able to develop its promised DEX, and would now have to provide liquidity to existing SundaeSwap DEX.

As mentioned by a Reddit user, investors were readily promised great benefits during a YouTube AMA session for CSWAP holders in the SundaeSwap DEX. The previous week, however, it was revealed that the benefits would simply be a transition from CSWAP to CardStarter’s native CARDS tokens at a rate of 400:1. 

Both CardStarter and SundaeSwap went on social media to accredit blame over the investor fallout on each other- which was greatly disapproved by ADA enthusiasts, and Charles Hoskinson, the founder of Cardano. According to a statement by SundaeSwap cited by Hoskinson, the deal in June was purely a collaboration and marketing agreement. However, the team did acknowledge using several misguided terms on a few occasions when communicating with their users. 

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During a stream on YouTube on Monday, Hoskinson, the founder of Cardano, condemned the heated exchanges that took place between both parties.

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