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A SmartBCH DEX on the Cardano Network

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Avatar for annayks
Written by   304
5 months ago

I went on a Twitter rampage today, retweeted and liked hundreds of Bitcoin Cash posts. I don't know if this helps a lot but maybe even just a little it matters.

Twitter is boring, and it needs constantly to be looking into tweets finding information in bits and making sense by trying to find something more. The limits set by Twitter make it look like each Tweet is an advertising banner. This is probably what it wanted to be, a social media of ads.

I joined and did my share today, but I don't enjoy this too much. Maybe once daily I will just like ten posts, tweet once and try to make this all in 10 minutes, as I find it to be a loss of time.

Twitter also tells us one more thing. There are hundreds of millions that have nothing productive or entertaining to do in their free time. I could only stay on Twitter for more than an hour if I was paid for this. I am not, but if it will help my investment, I'm going to try get some more action and follow the "right" people.

Surprise, Surprise

Was hoping to read some news since I was exhausted, and I found a surprising tweet. It was from Muesli, which announced it was launcing on the Cardano blockchain. What caught my attention was not the tweet of the announcement but the reception.

Source: Twitter

Muesli was mostly an irrelevant DEX in SmartBCH and now enjoys recognition and high numbers of likes and comments from the Cardano community on Twitter. I felt sad, got to admit this. Although, then again, Muesli didn't actually proceed with what it promised more than one month ago.

And instead of Muesli, we have what I find to be more promising DEX, MistSwap receiving its certification of audit from Certik. Imagine this, Muesli promised an audit but didn't deliver. Mist was from the beginning explaining the reasons an audit can be bypassed and the devs still exit scam, yet it was MistSwap that did an audit!

To the dev and team behind MistSwap, congratulations. This is professionalism and understanding of the cryptocurrency market. (link to the audit)

From what I know, this is a cost that may reach even $30,000. Although, to be perfectly clear, I am also expecting to find the audit listed on the official Certik website as well (link to MistSwap Certik audit) where it is not published yet.

About Muesli, as I've previously explained, the lack of communication and the innability to deliver the audit, the team itself has promised, made it lose credit in the SmartBCH community.

At the current liquidity level, Muesli is not a threat to SmartBCH if the rumors or fud become true. I think the team was focused on discussions and promotion inside the Cardano community.

As we well know, Cardano has an army of shills following it and being active on many platforms. I don't want this for my investment, it looks dangerous so I also think Cardano is not a hot prospect right now. I also think this was not organic, ok, maybe it was, but what happens if Muesli indeed had a rug planned but only wanted to use SmartBCH for testing purposes. It may be far fetched since many months have passed already, yet, Muesli seems to lack conviction to compete.

Source of image: MuesliSwap

Anyway, I'm confusing the reader, so I will make this simple. There are four possibilities:

i) Muesli is a scam, but SmartBCH was not it's target

ii) Muesli is a scam, and will rug simultaneously everyone on SmartBCH and Cardano

iii) Muesli devs just have no time to honor their word and deliver a credible audit, or even proceed with hiring a person to handle the telegram and answer questions

iv) Muesli never cared for SmartBCH but was testing its software and gaining experience to use on Cardano.

The fourth option is the most probable.

Either way, I can't say that Muesli was properly handling its SmartBCH presence. Especially when there are concerns. There had been concerns with BenSwap too, and at some point, Mark Lamb reasurred the community on this DEX intentions. I don't know if Mark Lamb personally know the Ben team, but I was convinced when I read what he had to say. Anonymity is cool as I said previously but when it comes to the possibility of a rug and money lost, we need reassurances.

And trust is not completely out of purpose, we still don't manage to have perfect networks and decentralization in tokenization structure. Especially not when we are talking about preminted tokens or vast allocation percentages to the devs.

Can't claim not to trust anyone when a rug is possible, and especially when it is highly likely, although again, I stated my opinion above. Muesli didn't have SmartBCH in plans. It was already a DEX created for Cardano when it joined SmartBCH.

Finally

What we can get from this is the Tweet I posted in the above paragraph. The Cardano community embraced Muesli, although, I don't know how this community behaves and how experienced these investors are in DeFi.

I mean, if you are a Cardano investor, there was nothing there until recently, and even today, very few things are happening. It is all under construction in Cardano and nobody has a clue what it is going to be. A new DEX now appears and offers DeFi on Cardano, yet, is this safe, are the Cardano investors experienced with DeFi or they will invest too much and risk life savings? If there is even the slightest possibility of a rug pull, at least its effect on SmartBCH will not be meaningful enough to create problems, not even in the short term.

Second fact I wanted to mention. Maybe, we should all begin using Twitter more and do our part. There are hundreds of users of read.cash. How many of us use Twitter and why not go ahead and give our full support to Bitcoin Cash? I don't like Twitter either, but just entering this social media and helping out, may help us too.

We all earn BCH from Marc, why not make it count more? It doesn't matter if someone just sell everything the same day earned. You will be earning more if price of BCH doubles or maybe goes at the previous yearly all time high.

Consider this please and spend 10-20 minutes in Twitter and write a few #Bitcoincash tweets. It helps Bitcoin Cash and it will help you.

As it has helped the Cardano fans.

(images are under Creative Commons Licence without need for citation)

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Avatar for annayks
Written by   304
5 months ago
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Comments

Well expressed my friend, you speak frankly, and I very much agree with you

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5 months ago

Nice great post plus I love how you have expressed your opinion without taking sides.

Nice 👍

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5 months ago