Cardano network was marred with an unexpected slowdown as users faced hour-long swaps delay on its decentralized exchanges.
According to reports, this problem is not exclusive to any one exchange but rather to the network that supports it.
The lengthy swaps, which took 30 minutes to complete, have caused quite a commotion in the community.
Many advocated that liquidity should be shifted onto MuesliSwap, a DEX on the Cardano network which has maintained faster transaction speeds while offering a more effective and user-friendly service so far.
The network’s theoretical capacity to process one million transactions per second [TPS] has also come under the spotlight due to the swap delays.
The recent upgrade, Vasil hard fork promised high-speed transactions with its pipelining technique [that’s multiple avenues and sub-chains making the transactions faster].
However, the time-consuming swaps serve as a stark reminder that reality might be different and that its position as a major player in the DeFi market could be at risk.
Meanwhile, Cardano meme coin SNEK’s price has significantly increased, catapulting it to the top of the layer 1 blockchain’s trending list.
Cardano-Based Meme Coin 200% Price Rally
According to the data provided by TapTools, the value of SNEK skyrocketed by a whopping 200%.
At press time, SNEK is exchanging hands at $0.000458 up by over 23% in the past 24 hours. Despite being just a year old, the meme token is now among the largest in the Cardano ecosystem.
In addition, it now has a market value of 83.33 million ADA, or $30.7 million. Given that market participants are normally less active and the market itself is less volatile, the unusual gain, especially during the weekend, has caught many by surprise.
Snek [SNEK], which describes itself as the “most chill meme coin on Cardano,” was launched on April 30 riding on the wave of an unexpected meme season on the crypto market, which was in turn brought on by the Pepe currency [PEPE] explosion.
The token was created by Goofy Crisp, who is also a crypto engineer and investor.