Blockchain

Cardano projects SundaeSwap and CardStarter spar over failure to deliver on promises to investors

[ad_1]

The ongoing drama between two projects based on Cardano (have) blockchain was upgraded on multiple social media platforms on Monday, much to the dismay of the ADA community.

The problems started in April, when accelerator program CardStarter announced it would launch its own decentralized exchange, or DEX.Shortly thereafter, its founders inspired investors provide liquidity Used for projects on Uniswap in exchange for native CSWAP tokens. The platform’s developers later struck a deal with a third-party DEX called SundaeSwap, marketing the deal as a “merger” last June. According to the agreement, CardStarter will no longer develop its promised DEX, but instead provide liquidity to the existing SundaeSwap DEX.

as Tell Anything that Reddit user “Environmental-Law768” hosts on YouTube for CSWAP holders in the SundaeSwap DEX promises “great benefits” to investors. However, it was revealed last week that these purported benefits were only converted from CSWAP to CardStarter’s native CARDS token ($3.14 at the time of writing), at a conversion ratio of 400:1.Holder locking The $15 million worth of liquidity (at the time of disclosure) on the platform seemed to feel like a slap in the face and no meaningful reward for their efforts. Allegations of carpet pulling soon emerged.

Both SundaeSwap and CardStarter take to social media to blame each other for investor influence — largely disapprove A group photo of ADA enthusiasts and Cardano founder Charles Hoskinson.

According to a statement from SundaeSwap cited by Hoskinson, the June deal was purely a marketing and partnership agreement. However, the SundaeSwap team admits to using misleading terminology multiple times when communicating with users.To make matters worse, the just-launched SundaeSwap DEX has suffered countless User reports of failed transactions.

During a Monday afternoon YouTube livestream, Cardano founder Hoskinson condemn Intense exchanges between the two sides. Hoskinson elaborated that the trustee organizations involved, SundaeSwap and CardStarter, used Twitter, Reddit, Telegram and other channels in social media to justify their reasons as unacceptable. “It’s despicable. It doesn’t do anything other than try to abdicate your personal responsibility and damage the brand of the entire ecosystem,” Hoskinson continued:

Please, people, put your shit together. Both parties come together, agree to arbitrate, talk to each other, and figure out whatever you agreed to get done. If you cannot survive arbitration proceedings, the courts are at your disposal.