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.
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!