Muesliswap Decentralized Exchange Review

Muesliswap is a DEX platform that enables you to trade your favorite Cardano tokens. It is supported by a newly developed token swapping protocol, and it aims to become the go-to DEX on Cardano. This platform was launched on November 26, 2021. We don’t know where the headquarters of the company is located, and the identities of the developers have not been revealed.

Muesliswap overview 

Here are the main features of the platform:

• Cryptocurrencies supported

On this platform, you can trade every native Cardano token. The team does not closely monitor unverified tokens. Some of the tradeable tokens on this DEX include AVAX, BNB, BUSD, ETH, MILK, USDT, WBTC, and WMT,

• Native token 

The native token of this platform is known as MILK. It acts as the official utility and governance token of the DEX on Milkomeda and Cardano. By holding MILK, you can earn other tokens as reward. 

• Funding methods

To swap tokens on this platform, you need to have enough funds in your wallet. In case you don’t, you need to buy them from another exchange.

• Wallets supported

In order to trade on Muesliswap, you need a Cardano wallet that supports dApps. Currently, the platform only supports three wallets, namely Nami, CCVault, and GeroWallet. It does not support hardware wallets like Ledger and Trezor.

How does Muesliswap work?

On this platform, you can perform the following actions:

1. Trading tokens

Muesliswap is an AMM DEX where you can trade different pairs of tokens in flexible amounts. After setting up your Milkomeda wallet, you need to navigate to the Trade section. There is a small fee you need to pay for each swap.

2. Provide liquidity

You can add a given amount of tokens to a liquidity pool in this AMM. This allows other users to trade them at the price defined by the ratio. As larger trades occur with the liquidity pool, the price may change. In case the token you wish to supply is not enabled yet, you will need to manually enable your wallet access to the token you want to supply.

3. Farming and staking

By farming, you can earn the Muesli Yield token as reward. The developer has not clearly explained this feature, stating that more information on this feature will be released in the future.

What can you buy on Muesliswap?

This platform is based on the Cardano blockchain. It distinguishes two types of users, namely matchmakers and traders. While traders simply buy or sell tokens at a price, matchmakers scan the blockchain for open buy and sell orders. The top tokens on this DEX are WADA, USDC, BNB, ETH, USDC, MYIELD, WETH, AVAX, WMT, etc.

Is Muesliswap safe?

The v2 smart contract of this platform has been audited by MLabs. This code is publicly available and has been independently reviewed by community members. By using a decentralized order book, the platform manages to reduce the risk significantly. 

User reviews 

Currently, there are no reviews for this DEX on third-party websites.

Muesliswap fees, compatible wallets, and transactions 

The platform supports wallets like Nami, GeroWallet, and CCVault. You will need the browser plug-in version of the wallet. With browsers like Yandex and Kiwi, you can use some Chrome extensions like Nami on mobile. The trading fee on this DEX is 0.30%, out of which 0.25% goes to liquidity providers and the rest is used to cover project-related expenses.

What are the ways to trade on Muesliswap?

To swap tokens, visit the official website and select the Exchange option from the Trade tab. Here, you have to choose the form and tokens. You can also select the slippage tolerance, transaction speed, and transaction deadline, and enable expert mode to allow high slippage trades. For restricting swaps to direct pairs, you can disable Multihops.

Customer support 

If you have any inquiries, you can send an email at the official email address or DM the team on Twitter. There are also two official Telegram groups for this decentralized exchange where you can seek support from community members. 

Should you trade with Muesliswap?