SundaeSwap is a scalable decentralized exchange and automated liquidity provisioning protocol.
It is backed by cFund (“a sector-agnostic early stage venture capital firm in the blockchain industry founded by IOHK and operated by Wave Financial”); Alameda Research (a cryptocurrency quantitative trading firm and liquidity provider founded by FTX CEO Sam Bankman-Freed); and Double Peak Group (“a family office focused on digital asset and blockchain investments”).
SundaeSwap decided to build DEX on Cardano:
“… in simple terms, Cardano is faster and cheaper than alternative smart contract platforms. In addition, it is operated by a non-profit foundation and regularly collaborates with high-level academic institutions. Overall, it is more advanced and a better option for future projects.”
SundaeSwap is launched on the public testnet
On December 6, 2021, the SundaeSwap team announced the launch of the project on the Cardano public testnet, prompting the delighted Charles Hoskinson (co-founder and CEO of IOG) to invite members of the Cardano community to “go get some ice cream.”
SundaeSwap Security Audit
On December 28, 2021, SundaeSwap Labs announced that “Runtime Verification (RV) has completed the security audit of the SundaeSwap protocol. All monitoring issues have been resolved.”
The blog goes on to say that “the RV audit included a thorough review of SundaeSwap contracts using validation-based techniques, the identification of specific risk vectors, and a full review of the fixes made by the SundaeSwap development team to correct the issues identified.”
Pee Lanningham, chief information officer of SundaeSwap Labs, said the following:
“There were no rubber seals here. RV’s rigorous process revealed some flaws that we were able to quickly fix. The result was a DEX capable of safely meeting the needs of the Cardano DeFi community.”
Then he added:
“We plan to continue to interact with Runtime Verification as future protocol enhancements are created and submitted to the DAO for voting. It is critical to the long-term success of any DEX that it evolves in a secure and reliable manner.”