MuesliSwap has had a turbulent entry into the decentralized exchange (DEX) space. The Swiss crypto firm had announced its listing on the Cardano Blockchain (BC) on 28th November. In doing so, it became the premier DEX on the BC.
Despite the feat, MuesliSwap found itself embroiled in a Twitter controversy. Different users on the platform raised concerns about the project’s legitimacy. They pointed out several factors they thought made MS suspicious.
Some were quick to label the venture a scam advising crypto lovers to avoid it. But others were more measured in their views. While acknowledging red flags in MS’s product, they urged caution against condemning it prematurely.
MuesliSwap’s red flags
Smart Contract Audit Token is among those advising care while investing in MuesliSwap. Tweeting from the @ScatDao handle, the smart contract (SC) auditor applauded MS for its achievement. Nevertheless, it took issue with two aspects of the project.
Firstly, @ScatDao challenged the legality of MS’s smart contract. It noted that MS hadn’t audited its SC, a key demand before a project launch. Secondly, they found it odd that the project’s development team (Dev) remained unknown.
Notwithstanding these red flags, @ScotDao stated that MuesliSwap could still be a legit project. It only insisted on inventors exercising caution when trading on the DEX. Another user, WAFFLE Pool, also holds @ScatDao’s view. He wondered why the site had caricatures of the Dev team, not their photographs.
Others were scathing in their takes on the project. ADA whale tweeting from @cardano-whale didn’t mince his words on MS. He held that MuesliSwap was something that worked despite its terrible UI. To him, MS would take investors’ ADA but offer them random shitcoins.
A fellow tweep Giannis Christopoulos supports @cardano-whale’s assertions. He asked crypto enthusiasts to steer clear of MuesliSwap and MILK, its native token. Giannis called them scammers who hid their faces and names.
Again Giannis pointed at the lack of information on the team. He also said that their MILK is rotten and that people shouldn’t drink it as they’d die immediately. By the rottenness of the MILK, he alluded to the project’s dangers. Similarly, by dying from drinking the MILK, he implied the losses investors will incur if they invest in it.
That said, MuesliSwap had support from a cross-section of tweeps. Ricardo Burgos, for instance, confirmed that he’d traded on the platform. He found transactions on it fast and that the platform was open on fees. Again, MS had good integration with the Nami Wallet.
He wasn’t alone in showering MS with praise, either. Another tweep FELIS replying to MS’s tweet said he could confirm that it was legit. He stated that he’d traded $ADA for $HOSKY and $MILK on the DEX. Moreover, FELIS described his experience as “totally painless.”
The disquiet about MS also caught the attention of The Cardano Lounge (CL). CL is a Cardano community that discusses and advises newbies on investing in the ADA ecosystem. It took upon itself to clarify crypto-twitter’s concerns.
CL interviewed MS’s co-founder Chris. The interview tackled a wide variety of issues, including the controversy that the project had generated. Chris affirmed that they weren’t a rug pull as their structure mitigates that.
Additionally, Chris stated that they had audited their SC internally. They’d also tested it severally. He also held that since theirs was a Plutus Smart Contract, it was more robust compared to Ethereum based ones. Finally, he insisted that MS was talking to IOHK to find ways of bettering users’ safety.