MuesliSwap was the first decentralized exchange on Cardano. They began by providing classic Order Book swaps via smart contracts on the Cardano blockchain in November of 2021 (check out this blog post for their explanation of the order book model). Since then, there have been several developments, including the upgrade to the V2 of MuesliSwap that solves issues with low liquidity (a common problem in the order book model) by adding to their existing offerings their Automated Market Maker (AMM) swaps, liquidity pools for 47 tokens at present, as well as farming, and staking.
MuesliSwap.com is currently a desktop-only site that offers connection with several Cardano wallets. At the time of this writing, users can connect their Nami, Gero, Eternl, Flint, Typhon, and Nufi wallets to the site.
Beyond the various investment options, MuesliSwap users can take advantage of their unique user-wallet views. Their Asset view, Open orders, Order history, and My earnings (that keeps track of any of your liquidity pools, farms, or staking) sections on the left-hand side of their site correspond to the wallet currently synced with their site.
The platform also offers its token (MILK) that you can purchase on the site and an associated NFT that you can buy on secondary that offers holders higher yields.
A couple of off-platform mentions: MuesliSwap operates inside the “swap” section of the Eternl Wallet team (a popular closed-source Cardano light wallet, formerly CCVault). The integration offers swaps within both the desktop and mobile versions of the Eternl wallet––a great addition for us MuesliSwap fans who were looking for a way to interact with out swaps via mobile! MuesliSwap also operates on Milkomedia, a platform allowing users to swap wrapped tokens on an Ethereum Virtual Machine.
In my opinion, the best thing about MuesliSwap is that they are a great example of underpromising and over-delivering––always a plus in my book. Their humble beginnings started with a quiet and un-hyped launch accompanied by such a lack of news and attention that it caused early critics to caution others as so many of them simply didn't know where it had come from and who any of the, then, un-doxxed team were! Moving forward, this is now more of a feature than a flaw as avid users see periodic un-hyped updates more like gifts than upgrades.
Another impressive offering by the MuesliSwap team is their work with their unique implementation of their AMM model that allows users to buy tokens at the lowest price (or sell at the highest price) between any popular swaps (including SundaeSwap and MinSwap). On their one-year anniversary Twitter Space, one SundaeSwap team member mentioned that they were very impressed with how MuesliSwap integrated the SundaeSwap platform in its AMM swaps since it exists at the blockchain level and not at the more simplistic website/API level. The significance of this method, the person continued, is that even if the SundaeSwap site (or the other sites MuesliSwap connects with) are down for whatever reason, you can still use them via the MuesliSwap platform (or their Eternl Wallet swap section that uses essentially the same method for their swaps).
The areas I see they need the most work on are in their UI/UX. More stylized and popular competing sites have made the MuesliSwap platform "always the bridesmaid but never the bride" in several Twitter poles that periodically pit the competing Cardano DEXs against one another. Related to that, their "starter" interface (as opposed to their toggle-enabled "expert view") is relatively complex in comparison to stripped down versions on competing sites that are often the winners of those same Twitter poles.
To their credit, anytime I've had questions that I couldn't find answers to or an issue that needed solving, I've found their Discord server quite helpful. Their extensive "?Support" channel is both easy to navigate and highly responsive.
I'm looking forward to all the new stuff that's inevitably coming that they have yet to mention publicly!
Reviews & Discussions
UI/UX Leave a review
MuesliSwap is for experts only?
More stylized and easy-to-newcomers competitors beat out MuesliSwap. If they were to strip down the chart when it's first loaded to one with a simple line graph without all the confusing-to-newbies options (that should only appear when you have "expert" toggled on), for instance, then it would be more tolerable. For now, we are really given "pretty much an expert" and "expert" as our two choices for views. Added to this are the lack of description in several areas. Perhaps "?" bubbles could appear next to more complicated topics such as farms, MYield, etc. Or at least have a small descriptor that shows when you hover over each one? Ideally, there would be an education section that would help users develop their understanding in a way that helps them use the site more and more. When building on Cardano, I think builders should keep in mind the intended Billion people + that Cardano aims to reach. Market research, a few more UX/UI designers, and an education section seem all necessary to get a higher score here. But that's just me, what do you think?
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Support Leave a review
Helpful to newcomers and power-users
One area that brings great value is MuesliSwap's support. I wasn't in their Discord in the earlier days (I began using MuesliSwap about a month after launch), and instead just DM'd them on Twitter and received prompt and helpful responses from the team. This is important since not everyone is on platforms like Discord. Later, when I joined their Discord server, I found their support section to be thorough and active. Many other platforms could learn from their expert customer service and the great weight they place on this vital component.
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Decentralization Leave a review
When you buy on MuesliSwap, you buy from one of several platforms (whichever offers the best current price). And if you stick with MuesliSwap itself and only buy through their order book model, then you are buying from other users who have put up tokens for sale at a rate they specified. Those tokens are locked in a smart contract until someone buys them or until the seller cancels the sale. That means you buy from others besides MuesliSwap almost 100% of the time (I'm not certain if some MILK purchases come from their chauffeurs or are all from other holders). Thus, they are anything but centralized in that way. You know something I don't know? PLEASE review this section! :)
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Reliability Leave a review
Pretty great at this time
For the past three months or so, I don't recall having issues with wallet connection, buying, selling, staking, or any other area. That said, I haven't been a heavy user during that time. Typical issues seem to have had more to do with the wallet end of things (collateral, UTxOs, etc.) and not so much on MuesliSwap's end (though that is part of the experience on the site and could use to be addressed somehow by the team more readily…an education section in partnership with different wallets, maybe?). Though the transition to V2 of the site several months back did come with pain points. It took months before I could cancel the sale of specific tokens from V1, though eventually, it did work. Now that they are on V2, things seem more stable than ever, and I'd give them a five if it weren't for the issues I've had in the past.
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Roadmap Leave a review
Underpromise & overdeliver
MuesliSwap has no public Roadmap. But, from time to time, they do hold Twitter Spaces and share coming update info on their Discord. As I mention in the review above, they are a great example of underpromising and over-delivering. They trade the shaky and excited feelings of announcing, then delivering for the sort of stable and surprise method of remaining constant, then updating to better iterations time and time again. By now they've proven they have the communities best interest in mind, and seek to make it easier and easier to buy, sell, swap, and view in a reliable way.
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Benjamin is a memoir ghostwriter and blockchain enthusiast, here to blend both in sharing the human side of a tech-heavy environment.
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