Cardano (ADA) creator Charles Hoskinson is revealing that decentralized exchanges are just weeks away from arriving on the sixth-largest blockchain by market cap.
Hoskinson says in a tweet that he’s “really proud” of the team behind SundaeSwap, a decentralized trading protocol on Cardano, which will launch its testnet on December 5th. The purpose of a testnet is to identify bugs, if any, as well as potential bottlenecks and inefficiencies prior to the mainnet launch.
According to the Cardano creator and the CEO of Cardano-focused development firm Input Output Hong Kong (IOHK), decentralized exchanges (DEXes) could arrive on the sixth-largest blockchain by market cap during or just before the Christmas holiday.
“Really proud of this team for all their hard work and getting things done so quickly. I don’t imagine they’ll be on the testnet for long. With any luck, looks like Dexes are coming just in time for/around Christmas.”
The expected unveiling of the SundaeSwap decentralized exchange is coming weeks after Cardano entered the smart contract era following the successful Alonzo hard fork.
In a statement, SundaeSwap says it will “provide a detailed roadmap towards launch” but does not specify a date.
SundaeSwap’s announcement is coming days after IOHK upgraded the Cardano network after recording a surge in usage. The number of transactions per day had shot to 200,000 in November of 2021 from 10,000 a year earlier, according to IOHK.
The latest upgrade by IOHK will see the block size on Cardano increased by 12.5% in order to raise the number of transactions that can be processed in a second.
ADA is trading at $1.71 at the time of writing.