Back to the list

Cardano (ADA) Users Lament Network Congestion Issue on Minswap Decentralized Exchange

thecryptobasic.com 19 March 2022 17:18, UTC
Reading time: ~2 m

Following the support of yield farming on Cardano-based decentralized exchange Minswap, users have aired their frustration at the network delay when processing transactions on the platform. 

Some users took to Reddit to air their frustrations, saying it sometimes takes over an hour before yield farming transactions on the platform are completed. 

According to a Cardano trader, the delay arises from the fact that several traders are eager to have their ADA staked in various liquidity pools on Minswap, thus causing network congestion. 

Another Redditor with the username TheMushroomToldMe, said

Almost 8 hours to swap MIN for ADA Last night. But I don’t think it’s like Sundaeswap nightmare where you couldn’t catch the right slippage….it just feels like congestion….it is really making me realize how slow Cardano is compared to other chains in general congestion or not.” 

Minswap’s Dominance on Cardano

Prior to the official support of Cardano smart contract functionality, Minswap launched on Cardano’s testnet in September 2021. 

The multi-pool decentralized exchange came under heavy scrutiny and backlash from the Cardano community due to a concurrency issue. 

However, the DEX resolved the issue and subsequently deployed on the Cardano mainnet on March 8, 2022.  

Minswap subsequently rolled out yield farming on its platform, which has led to an increase in user activities. 

Surprisingly, Minswap has overtaken SundaeSwap as the Cardano-based DEX with the highest total value locked (TVL). Recall that as of last month, SundaeSwap enjoyed more than 90% dominance in the rankings

Per data provided by cryptocurrency analytic platform DefiLlama, total value locked (TVL) on Minswap is currently worth $131.53 million, placing the DEX in the number one spot in the rankings. 

Back to the list