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Cardano-Native MuesliSwap To Refund Users After “Slippage” Misunderstanding
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Cardano-Native MuesliSwap To Refund Users After “Slippage” Misunderstanding

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
MuesliSwap

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MuesliSwap, a decentralized exchange (DEX) on the Cardano network, has announced its decision to reimburse its users that have been affected by high slippage over the past year. This is in response to the recent questions faced by the protocol on its slippage feature.

Slippage refers to the price difference between when a transaction order is submitted and when the transaction is executed by the market maker and confirmed on the blockchain.

MuesliSwap Acknowledges Lack Of “Adequate Clarity” 

In a post on X (formerly Twitter), the team behind MuesliSwap admitted that it failed to provide “adequate clarity” on the slippage feature within its decentralized exchange. Users have had to pay high slippage due to the manner in which the protocol’s matchmaker was designed. 

Related Reading: Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month?

The MuesliSwap team explained in the post:

Our decentralized matchmaker setup allowed each matchmaker to fill the limit order and choose whether to return the additional slippage amount or retain the difference at their discretion.

MuesliSwap claims this difference has served as an incentive for the matchmakers since the beginning. To further clarify, the protocol’s team said this “supplementary matchmaker incentive” pushes the decentralized matchmaker to prioritize users’ orders during periods of high market volatility. However, it acknowledged that pushing this under the unclear term “slippage” may have confused new users.

📣 Clarifying Slippage on MuesliSwap: We want to address confusion about advanced matchmaker slippage on our platform. Quick heads-up: This impacts only a handful of users so please be careful about what others state on Twitter. 🔍

1️⃣ Trades through the MuesliSwap DEX aggregator… pic.twitter.com/SBpBZUWxnb

— MuesliSwap Team🥛 (@MuesliSwapTeam) August 8, 2023

In a bid to rectify the situation, the MuesliSwap team disclosed that it would be refunding users who were affected by the high slippage on the protocol’s pools in the last 12 months. The team claims that the funds for users’ reimbursement will come from the “project funds”.

Additionally, MuesliSwap said that a comprehensive analysis of all trades will be carried out to ensure fair refunds. “This process may take approximately 3 to 4 weeks as we gather and validate the necessary data, and implement the distribution code,” the team noted.

MuesliSwap To Remedy The Situation?

At the end of the post, MuesliSwap stated that swift action has been taken to fix the high slippage issue in the DEX order book. 

Related Reading: Cardano (ADA) Price Prediction: 28% Upswing Or 23% Drop Coming Next?

The team also said:

Going forward, our DEX protocol will provide clear and accurate information on slippage when interacting with our pools.

MuesliSwap is the fifth-largest protocol on the Cardano network, with a total value locked (TVL) of $10.41 million, according to data from DefiLlama.

MuesliSwap

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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

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Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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