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MuesliSwap is a decentralized exchange (DEX) built on the Cardano blockchain, letting you swap and trade popular Cardano tokens. Using a recently created token-swapping protocol, MuesliSwap wants to position itself as the main DEX for Cardano users. It brings the order book approach found in conventional stock trading to the blockchain, enabling crypto traders to use tools such as limit orders. The platform also separates participants into two categories: traders and matchmakers.
Traders submit orders (buy or sell) through the web interface. An order can either sell a defined amount of a token at a specific price, or buy a defined amount of tokens for a set price. After confirming the swap with a Cardano wallet (for example, Nami), the order is secured in a smart contract on-chain as an EUTxO. A matchmaker monitors the blockchain for active buy and sell orders. When compatible orders are detected, the matchmaker carries out the required transaction, completing the trade and transferring the assets to the correct counterparties. The matchmaker charges a small fee for this service.MILK serves as the official governance and utility token for MuesliSwap on Cardano.
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