Earn SundaeSwap Tokens
What is SundaeSwap (Sundae) ?
SundaeSwap is a DEX, or Decentralized EXchange that runs on the Cardano network.
It will allow anyone to exchange Cardano ADA tokens for other crypto currencies.
It also allows people to borrow, lend and stake in a decentralized manner. It is similar in concept to the popular Uniswap or Sushiswap DEXs on the Ethereum blockchain.
SundaeSwap is the first DEX utilizing the Cardano smart contracts technology.
What is a decentralized exchange, or DEX ?
Unlike a centralized exchange, like Binance, Coinbase, Kraken, etc., where a single company or entity is the go-between or intermediary of a cryptocurrency exchange transaction, a decentralized exchange allows for person to person (wallet to wallet) transactions, without requiring a third party to do the transaction. A Smart contract, or “program” written in code is the intermediary. Once both parties are matched up, the transaction automatically executes according to the smart contract’s parameters. SundaeSwap is the first DEX on the Cardano Blockchain and it is promising!
Learn more about DEX
Here is an helpful video to understand what a DEX is and how a decentralized exchange works :
What is the SUNDAESWAP ISO ?
It is the Initial Stake Pool Offering. Rather than build and manage their own Cardano stake pools, Sundae Swap has turned to trusted members of the stake pool community to run the stakepools. Stake pools are the workhorses of the Cardano blockchain an process all of the transactions. The 30 community elected stake pools are referred to “scoopers”, keeping with SundaeSwap’s ice cream theme. AzureADA was voted 8th of the 30 seats.
When is the SundaeSwap ISO ?
SundaeSwap has not announced the dates yet, but they have set the expectation that it will be in November or December 2021. It will be announced on their Twitter and Discord announcements channels. Stay Tuned !
When should I delegate to a scooper pool? Should I do it now or later ?
It’s up to you. The important thing is to be delegating to one of the elected 30 scooper stake pools when the ISO starts. You want to be delegated BEFORE the epoch boundary that it begins, as ADA balances are captured at the epoch boundaries. A good strategy would be to move your delegation to one of the 30 scooper pools the epoch before the ISO launch, unless you want to get started earlier.
How do I get Sundae token (Coin) ?
There are two ways:
- Delegate to AZUR, AZUR2, AZUR3, or one of the other “scoopers” that were chosen in the initial 30 stake pools during the ISO period and earn free Sundae token based on your ADA holdings. This will be automatic and the tokens will be deposited into your wallet.
- Through participating on the DEX itself… buy the SundaeSwap token, swap some ADA for it on the DEX, or provide liquidity to the protocol.
Which wallet software should I use for Sundae coins?
Any wallet that can do Cardano staking will work to delegate to one of the 30 scooper stake pools. This includes Adalite, Atom, ccvault, Daedalus and Yoroi.
However, SundaeSwap requires a wallet that understand web3 technology to see dApps, or distributed applications, like smart contracts in order to claim and use the Sundae tokens. Currently this is a short list of Nami or Yoroi, but others are developing that capability.
SundaeSwap will make announcements around wallets as we get closer to the ISO date.
will this impact my ADA rewards ?
No. All scooper pools earn ADA just like they normally do, with the additional bonus of free Sundae tokens. This is NOT a replacement for ADA rewards. This is IN ADDITION TO. There is no negative impact to any previously delegating or newly delegating wallets.
If you’re not interested in SundaeSwap, no sweat. Just ignore it all and enjoy AzureADA’s high performance stake pools.