MuesliSwap

A decentralized order book style DEX supporting limit orders, swaps, and token staking. MuseliSwap is live on Cardano and the Milkomeda C1 sidechain.

MuseliSwap’s DEX is based on a decentralized version of the traditional order book style exchange used in stock markets. Users submit trades to a smart contract and decentralized matchmakers scan the blockchain to settle trades, charging a small fee to do so.

The MuseliSwap team also operates a DEX on Smart Bitcoin Cash

MuseliSwap supports limit orders only, and users can adjust or cancel their order at anytime. The platform does not support market orders and, instead, the protocol offers a suggested price that can potentially offer an automatic fill, thereby acting like a market order.

How Trades Happen

Traders lock a UTXO containing the parameters and tokens for their trade into a smart contract on-chain. A matchmaker bot scans the blockchain for open buy and sell orders and when it finds matching orders it unlocks the smart contracts and executes the transaction, sending the assets to the correct parties. The matchmaker takes the place of the traditional centralized entities in stock markets, acting as a trustless initiator of trades.

Matchmakers charges a small fee, 0.6ADA, for each trade which also covers the Cardano Network fees for the transaction. If the matchmaker finds two trades that match and fulfill both users' requirements but have some leftover funds then the matchmaker keeps those as a reward too.

Everyone can run the matchmaker bot and help to further decentralize the MuesliSwap protocol and earn matchmaking incentives. The smart contract address for MuesliSwap can be viewed by clicking here and the MuesliSwap smart contract code is open-sourced on their Github.

MILK - A Utility Token

Holders of the MILK token get:

Access to premium exchange features (advanced monitoring and stock analysis)
To vote on community proposals
To stake MILK to earn rewards
Access to the upcoming MuesliPad, a token launchpad

Test on Testnet

There is a testnet version of MuesliSwap's DEX running here for those that want to test the DEX out before committing to making an trade on mainnet.

The team is also developing an NFT marketplace and token launchpad for Cardano

Industry

DeFi

DEX

Tags

Order Book

Open Source

AMM

Milkomeda Ecosystem

Partnerships

View 2 partnerships

Viewpoints

builtoncardano

carsten.raun

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Links

Project Website

Glossary

Order Book

Order books are used to record and settle buy and sell orders placed by users in a traditional financial market. On decentralized exchanges, DEXs, operating an order book orders are placed into a smart contract at either a specific price or “market price” i.e. the current price. Market price orders are executed immediately against existing trades but orders placed at a specific price are locked into the smart contract and wait for orders to come along to fill them. This often means waiting for the price of the asset to move to the price they stipulated for their order. During this time the user’s assets are locked in the smart contract and are not available to the user.

Users are often given the ability to put “limits” on their orders, which is a time limit that automatically cancels the order if it is not fulfilled in the stated amount of time. This returns the locked assets to the user unchanged. Users are also given the ability to cancel these trade at any time, which, again, returns the assets to the user unchanged.

On-Chain

These are all the on-chain NFTs, and on-chain NFT collections, that currently exist on Cardano. Many people consider on-chain NFTs to be better, or more special, than off-chain NFTs.

In regards to the on-chain vs off-chain NFT argument, the image represented by an off-chain NFT is found by following a link, typically stored on the IPFS, from the NFTs metadata. This can be changed by the person who uploaded it. The image represented by an on-chain NFT is coded into the metadata and is, therefore, immutably coded into the blockchain's history. This is usually, but not always, in the form a language that your browser understands, allowing your browser to interpret that information and display the NFT.

NFT Marketplace

A Cardano NFT marketplace, a.k.a. CNFT marketplace, is where you can go to find the NFTs from Cardano NFT projects for sale. This Cardano NFT marketplace list provides you with independent information about each of the CNFT marketplaces that you can shop for Cardano NFTs on.

Many Cardano NFT degens will tell you that Cardano NFT projects are unique because Cardano NFTs are native tokens, unlike on other chains where they’re managed by smart contracts. The best Cardano NFT marketplace is up for debate, and the best Cardano NFT marketplace is often the one that has the NFT you want for sale.

Some of these marketplaces are art focused, bringing artists to Cardano. Other marketplace on this Cardano NFT marketplace list have a social impact focus. Others are just focused on bringing you a great user experience when buying Cardano NFTs, and are steadily upgrading their features to offer you a greater experience when buying Cardano NFTs. There are also some marketplaces here that are dedicated to a specific Cardano NFT collection.

NFT

If you’re looking for a Cardano NFT then you’ve found the place for you! listed here are all the projects that feature NFTs in some form on Cardano. NFTs are no longer just the PFP collections that made them famous, although many do still exists and you can find Cardano NFT projects here, NFTs are assets with multiple different types of utility, depending on which project’s NFTs your buying.

A Cardano NFT is a native asset on Cardano which means that, unlike on other (specifically EVM-based) chains, an NFT is not managed by a smart contract, meaning that it behaves and is managed differently to the chain’s base asset, ada. On Cardano NFTs behave the same as the chains base asset as they are native to the chain.

On this page you’ll find everything from Cardano NFT projects to DeFi projects and decentralized identity (DID) solutions that have incorporated NFTs, to the Cardano NFT marketplaces you can use to purchase NFTs.

Launchpad

The term launchpad is often used in the same sentence as the terms incubator and accelerator, but the three have their own subtle differences. Many launchpads also operate an accelerator and/or an incubator. But what does a launchpad do?

A launchpad connects new projects to investors, and allows the project to raise funds by giving investors access to an exclusive, early, and often discounted, token sale. So the project gets the funds in needs to proceed with development and investors get tokens at a discounted rate before they’ve even hit the market. To offer security to their investors, and to uphold their name, launchpads will conduct through KYC into the projects applying to be on their launchpad.

Some launchpads will also offer many of the same services offered by incubators to the fledgling projects that conduct token sales through them.

Launchpads are often a sidearm of an exchange, of both the centralized or decentralized varieties, as they already have the capacity to sell tokens and can then offer a guaranteed place for the tokens to be listed once the project is ready to release them to the public.

DEX

Here is a Cardano DEX list for you to explore all the decentralized exchanges built on Cardano. There are multiple Cardano DEX projects for you to choose from, each with a different take on the DEX concept and the way of managing a decentralized exchange protocol.

Listed here are Cardano DEX projects that are based on both the automated market maker (AMM) and the traditional order book style of exchange. Both types of DEX on Cardano, like any other exchange, require a good amount of liquidity to operate effectively. This leads many to say that the best Cardano DEX is the one with the most liquidity. However, there are many other factors that the users of these DEXes would tell you to take into account before deciding which is the best Cardano DEX, and which one you should interact with (although a high amount of liquidity is a good indicator for users).

Interestingly, many Cardano exchanges, such as Sundaeswap, use the concept of “batchers” to collect, order, and execute transactions. This reliance on a small group of batchers to order and execute user transactions reduces the decentralized nature these exchanges as these entities could easily collude to front run transactions from particular wallets or to censor transactions from other wallets.

How Trades Happen

MILK - A Utility Token

Test on Testnet

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