Cardano’s TVL has been skyrocketing over the past month which has been mostly due to its current #1 DEX, Minswap. However, the DEX has now been ‘under maintenance’ for over 48 hours.
- Minswap DEX ‘Under Maintenance’ For 48 Hours
- When Will Minswap Be Functional?
Minswap DEX ‘Under Maintenance’ For 48 Hours
Just about a week ago, Minswap became the number one DEX in total volume locked (TVL) on Cardano. Over approximately the past 48 hours, Minswap has been under maintenance and users have been unable to swap, withdraw, or harvest yield farming rewards.
Please note the Minswap DEX is currently under maintenance. We have detected few issues and we are currently fixing them. While the fix is tested and deployed the DEX will be in Maintenance mode.
Your funds are SAFU!
— Minswap (@MinswapDEX) March 22, 2022
Although users’ funds are safe, the ‘under maintenance’ could be just another way of saying the protocol is down. The team noted that they had “detected few issues”, but did not elaborate any further. According to their discord, there isn’t much info on why the DEX is undergoing this unexpected maintenance.
The maintenance is still underway, and it has resulted in a halt of the parabolic performance in TVL for Cardano’s #1 DEX. Although Minswap is currently sitting still at $195 million TVL, it is leaps and bounds ahead of SundaeSwap, which currently resides at about $120 million TVL.
Though, SundaeSwap appears to have benefitted slightly from the “maintenance” with a slight uptick over the last 2 days.
When Will Minswap Be Functional?
Minswap took the Cardano approach to this problem, and dealt with it at a slow and steady pace. They rewrote code, tested, and deployed the fix prior to allowing access to external users. Earlier today, they have officially deployed the fix by moving to an improved and more secure smart contract. Users can expect LPs and farm positions to appear in the next 24 hours.
We would like to inform you that we have now migrated to an improved and more secure smart contract. your LPs and farm positions will start to appear gradually during the next 24 hours.
Thank you for your patience.
The new Smart contract address:https://t.co/j0DJclUehR
— Minswap (@MinswapDEX) March 24, 2022
Growing pains like these are expected when new projects launch – especially on Cardano – due to the difficulty in understanding the program language. When comparing Minswap to SundaeSwap, Minswap has had far fewer problems with its code and functionality, so there is no need to worry about this current maintenance issue. Crypto projects are always a work in progress, and although users may be unhappy with the downtime, it’s a necessary evil to secure the protocol.
Minswap has hands down been the most successful DEX on Cardano thus far. Additionally, Cardono’s TVL has significantly increased in the past couple of weeks due to Minswap. The cat-themed DEX should continue to boost Cardano’s TVL after this issue is fully resolved, and in the next few days, Minswap is on pace to break the $200 million TVL milestone.
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