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