MuesliSwap
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Introduction
MuesliSwap is a decentralized exchange (DEX) on the Cardano blockchain that enables you to trade your favorite Cardano tokens.
Backed by a newly developed token swapping protocol, MuesliSwap aims to become the go-to DEX on Cardano. MuesliSwap applies the order book model used by traditional stock exchanges to the blockchain, providing crypto traders with features like limit orders.
MuesliSwap in 30 Seconds
MuesliSwap distinguishes two types of users, traders and matchmakers.
- Traders place orders (buy or sell) using the web interface. One order is selling a certain amount of token at a certain price, or alternatively buy a certain amount of tokens for a given price. Upon confirming the trade with a Cardano wallet (such as Nami), the order is locked in a smart contract on the blockchain as a EUTxO.
- A matchmaker constantly scans the blockchain for open buy and sell orders. When such matching orders are found, the matchmaker executes a transaction, fulfilling the order and sending the assets to the respective parties. For this, the matchmaker obtains a small fee.
The orders are locked in a smart contract in the form of an UTxO, and can be unlocked by matchmakers only for a trade that satisfies the trader's demanded limit price. An order may be partially filled, resulting in a new order that buys or sells the remaining token amount. A pending order may be canceled at any time by its creator, unless it has been completely filled already. If it has been partially filled, a cancel retreives the remaining order and the part of the order that has been filled already.
More details
We created an exhaustive blog post about the detailed trading concepts of MuesliSwap on Medium, check it out here: https://medium.com/@muesliswap/muesliswap-presents-the-protocol-powering-cardanos-first-dex-3db25a844245​
More details can be found in our white paper outlining the MuesliSwap Cardano DEX: https://ada.muesliswap.com/whitepaper.pdf​
Looking to get started trading? See the trading guide:
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Last modified 28d ago