Look I’m not someone who’s just dipping their toes into DeFi for the first time, I’ve used other networks and various protocols and I want to know what went so wrong with my first Cardano experience. So please keep an open mind.
Here’s my story:
Installed Nami wallet.
Started a withdrawal of just 5 Ada from Kraken to this wallet, it took 30 minutes (??) for funds to arrive.
Went to SundaeSwap, tried to swap 1 Ada for 1.4 Sundae but kept saying that I have insufficient funds, apparently Sundae has additional fees that I was not aware of (2.5 Ada + some refundable deposit of 2 Ada).
Waited another 30 minutes to withdraw more Ada.
Big red warning on the Sundae page that the network is heavily congested. Checked the explorer and blocks were indeed (85%+) full while running at 2 tps. How is that possible?
First 4 swap attempts failed with 0 warnings, nothing to be found on-chain in the explorer, just pending attempts that disappeared after reconnecting my wallet.
The 5th one I think was recorded on-chain and remained in pending.
40 minutes later another on-chain swap attempt magically appeared, probably from the first 4 “failed” txs. Wtf?
Tried to cancel this second order…cancellation pending with 0 feedback on what is happening, tried to cancel 3 more times… nothing.
Exactly one hour and 7 minutes later the first swap completed.
I’m used to getting near instant confirmations and swaps on other networks, 1 hour+ is definitelly the longest I’ve ever had to wait on any Dex by a factor of 1000x and combined with all the fails and weird behaviour that I got I can’t call this a good UX. What exactly went so wrong and what’s the solution? Please don’t call me a fudder because none of this is made up and anyone can try it for themselves.
36 thoughts on “I tried Cardano DeFi for the first time and it was incredibly bad”
The transfer from Kraken to Nami would be an exchange problem. I send from Coinbase to Nami and it takes less than 5 minutes.
SundaeSwap does have fees, and they’re shown when trying to place an order. There’s a network transaction fee, scooper fee and a deposit that gets returned once the order is successful or canceled.
If you look at the queue page, it shows how many orders are waiting to be processed for each pair. The ada/sundae pair is the most congested and will take longer times to process. Almost all the other pairs are fairly quick (less than 5 minutes)
In regards to the network congestion, that’s correct. Cardano is capped around the 2 tps at the moment. There are going to be improvements with the Feb/June updates. You can read more about the improvements here: [https://iohk.io/en/blog/posts/2022/01/14/how-we-re-scaling-cardano-in-2022/](https://iohk.io/en/blog/posts/2022/01/14/how-we-re-scaling-cardano-in-2022/)
I think the problem is this is still a new DEX and the network can’t handle the volume yet. The time between placing a swap, getting it on chain, and then processed by a scooper is too long. Time will tell if the network improvements will make the user experience better for Cardano dapps.
I will say all the swaps I’ve completed have worked smoothly (except the sundae/ada pair). Also checkout Muesliswap, SundaeSwap isn’t the only DEX on Cardano. Many others will launch shortly and might give a better overall experience.
One thing’s for sure, Charles Hoskinson is a good salesman lmao
Yeah it does take a long time. Check out my most recent post about my experience.
Give the network some time to catch up. Parameters will be adjusted periodically this year while they monitor its performance.
Also, what was your slippage? I had no failed transactions because I made every order at market value. Also, most of the problems were from congested pools like WMT/ADA. The rest were functioning normally
All I do is delegated in Yoroi and leave that shit for some years… hoping for the future xD
Most if not all comments in here are by people who think they know even a fraction of the necessary skills required to “get” blockchain tech. And just regurgitate things they’ve heard someone else say confidently. I’m a software dev and I don’t fucking know shit, but at-least I’m aware how little I actually know.
Blockchain technology is essentially the concept of an encrypted ledger, run on multiple independent nodes who validate, decrypt and write new data to the ledger. Making it decentralized and secure.
It’s fundamental trilemma hard problem is, how can you provide security, decentralization and scaleability/speed without sacrificing one over the other.
What IOHK did was to spend years planning and researching these things before they wrote the code. Using the scientific method which really isn’t a thing in software development. Let alone blockchain technology. They even started from scratch after realizing mid way that they fucked op and had made fundamental design flaws.
Peer review and all of this academic terms might seem la di da, but don’t forget, the scientific method is the single most successful and effective way to produce correct answers. It alone is what drove us into the golden age of technology and medicine.
The current state of Cardano is, scaleability is the current phase on the road map. The core fundamental tech is solid, it runs exactly as planned. But it’s freakishly slow on purpose. You can’t just haphazardly increase block and memory size, cause once you do you can’t ever go back. Cause you’re essentially altering how future blocks are produced.
That’s why they chose to do scaleability last, and it makes perfect sense. What’s the point on scaling something that isn’t even done? Like other chains have been doing. And now they have to replace core parts of its engine AFTER growing billions of dollars in value.
1) used nami which is crap
2) assume kraken queues up you send as soon as you requested it
3) didn’t read about minimum fees to do a transaction, that are literally thousands of times less than ethereum.
Well thanks for playing I guess.
I mean… did you think all the people bitching about Cardano all this time were just trolling?
This isn’t my experience at all, the one time I used Sundae it took me 10 seconds to do what I needed
Ooh now try Algo next.
Cardano is in the Basho era of its roadmap, the scaling phase. Things will improve dramatically.
Here we go again!!!
It’s a bit slow but it works just fine. It’s not like you can copy defi from ethereum just like all other projects. And don’t you think defi was bad on ethereum in the beginning? Anyway just don’t buy cardano if you don’t like it.
If you look at cardano’s roadmap, scaling is the next step. Patience friend.
I’m glad I’ve exited Cardano 100% finally, despite a whole bunch of crypto bloggers shilling it like no tomorrow.
Maybe I’m wrong.
I have high hopes for Cardano, so I will keep Hodling ADA
>Kraken to this wallet, it took 30 minutes (??) for funds to arrive.
Ask Kraken, transfers take on average 20 seconds to get 1 confirmation.
>Checked the explorer and blocks were indeed (85%+) full while running at 2 tps. How is that possible?
Because scaling is in its early stages, it will significantly improve.
Sundae/ADA is the only congested swap pair, others would have proceeded much faster.
Damn this was supposed to be an ETH killer
Algo… all I’m going to say
Should be noted defi on Cardano is like 1 month old. I hyper doubt where it is at one month old is the best it can ever or will ever be.
Actually you learned a lot by making rookie mistakes
the only expirience with defi or crypto in general that was flawless for me was Terra Lunas Terra station, so fast, easy and cheap fees.
**Havent used it in a while so I dont know if its still as good
Always funny when you read some “experienced” in crypto who doesn’t realise there’s a delay when withdrawing from a CEX. Sorry but you don’t need a lot of experience to learn that this isn’t due to the Network performance.
Literally have made so many swaps/trades etc and most took a maximum of 10 min.
If Cardano is so bad then explain why it’s at the top of the new Messari 24 hour adjusted Transaction volume every single day…
It’s a beta, learn to read before spreading fudd. Maxi’s out here shitting on a beta dex 😂 Won’t blink an eye at eth gas fees but when a project is still in beta and has potential you shit on it for not meeting expectations.
Judging by the way you described waiting for transfers and such you have no idea how defi protocols work.
Cardano DeFi appeals only to a certain demographic, which is basically masochists.
There’s no reason to inflict such miserable DeFi on yourself – even Stellar has far more capable DeFi, but god-damn if they aren’t devoted to it.
>Waited another 30 minutes to withdraw more Ada.
I am not going to call you fudder, I am just going to call you an idiot. You are withdrawing from Kraken. You waited 30 minutes, because of Kraken, not because of Cardano. Do you know, how long it takes to withdraw fiat from Kraken ? Imagine someone said, that fiat is slow, because it takes days to withdraw it from Kraken. OP please – use brain, I beg you
Welcome to the club. Cardano fans ain’t gonna like it but it’s got a long way to go.
Yes..if you are impatient, maybe Cardano is not for you.
I did the same thing you did yesterday. And since I read the notice that said the network was congested, I went and grabbed a coffee, checked it and saw it was in the queue.
A few minutes later, I got my swap.
Total time was about ~45 minutes: 19th Feb 2022, 17:17:12 – 19th Feb 2022, 16:34:12
Seems like you are upset it took long….is that the only problem?
Cardano is good with promises and promotions not with execution.
ADA army is really strong and coin holds well.
I am not sure why and TBH haven’t really looked deeply into it.
Heard complaint from people every now and then.
Mostly devs complaining on complicated platform.
I’m making 150% doing LQ/ADA LPing. Loving it! Easy money.
The Fud is real, a lot of people talking out of there butts
The only problems I’ve ever had with cardano is when I’m sending ada somewhere and it says the tx has failed but it goes through like an hour later. I can see how this could be a problem if you decide you didn’t want it to go through or tried sending the same amount for something else within that hour. Maybe it just doesn’t let you…? Otherwise I’m usually relieved my tx goes through later as I’m usually sending it to mint an nft that just dropped and I want to get in on.
I’m in cardano and believe in it long term but I understand the frustrations people have. They are/were purposefully stressing the system to scale accordingly so I knew defi would be painful and just let mine stake. Think I have some sundae from ISPO.
I believe long but it does pain me to see a lot of what I *could* have invested in moon while cardano stays relatively stagnant. On the flip side it’s relative stagnation makes it kinda a safe easy 5% APY by staking.
Wish I woulda tossed the whole bag at Harmony ONE tho that’s been doing splendid for me
I own some ADA. I tried defi on Cardano, but gave up far earlier than you. Absolutely no reason that I can find to spend time there.