YaySwap

A hybrid DEX utilizing AMM and order book style methods of settling trades. Fees are charged at 0.25% and both ADA and babel fees will be accepted.

Incorporating both order book and AMM styles of settling orders allows users to place their tokens for sale at a price higher than market price, or to place a buy order for tokens at a lower than market price and have them fulfilled by the protocol when the price reaches that level.

Fee Distribution

YaySwap charges 0.25% fees for trades and half of the fee goes to the Liquidity Providers, LPs, of the pool and are split proportional to their contribution to the liquidity reserves. The other half of the fee is split between those staking YAY LP tokens, again proportional to their contribution.

Babel Fees

The protocol will also offer support for babel fees, meaning that a user can pay fees in the native token they’re trading and don’t need to be holding ADA to execute their trade. These fees go straight to the stake pool operators, SPOs.

This is conditional once the support is added to the Cardano blockchain, and dependent on the token being traded.

Asset Listing

New and low market cap assets will not be listed in YaySwaps dropdown menu, and those who wish to trade them will need a custom link to do so. Once these assets have enough liquidity backing them then they will be listed in the dropdown menu.

Finally, wrapped tokens will be available in the future, allowing trading between tokens on Cardano and tokens on other blockchains.

RED FLAGS

It is worth noting that many community members in the Cardano space are warning that YaySwap is a scam. So what can make them think that?

There is little-to-no information out there about the team working on the DEX
They changed their website address from yayswap.io to yayswap.org without making an announcement about it or changing it on their Twitter or other parts of their platform
They have not been forthcoming with any updates on the progress of development (there is actually no evidence of a working platform being ready to be shipped)
They created a BETA version of an Ethereum cross-chain bridge, but there is no mention of a cross-chain bridge in their whitepaper.
Their website and whitepaper are basic yet comprehensive
They have also conducted their token sale and are not forthcoming with updates or community contact in their Telegram

Release was delayed from mid-January until June 2022

Is it a scam? Many would tell you to tread carefully.

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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.

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.

Cross-Chain

The protocols and projects tagged here are interoperable with one or multiple other blockchains. Projects with this tag include those that provide the infrastructure of this inter-chain-operability, such as the providers of blockchain bridges, or they could be protocols or projects that operate across multiple chains by utilizing these blockchain bridges. There are also projects that can be cross-chain without these blockchain bridges, however these usually rely on a 3rd party, custodial entity to facilitate this, instead of a trustless, blockchain bridge.

AMM

AMM stands for Automated Market Maker. This is an algorithm, often supplemented by oracles, that facilitates the pricing and exchange of assets between users. Assets are exchanged at market value through liquidity pools. These pools are created by Liquidity providers, LPs, who deposit assets to the exchange in pairs. This “asset pair” then allows users to swap one asset for the other through the liquidity pool. Fees are paid to the LPs who provided the liquidity. The more liquidity a pair has the less “slippage” a user experiences, meaning the less likely the user is to experience a price change in their trade.

Fee Distribution

Babel Fees

Asset Listing

RED FLAGS

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