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Cardano-Based MuesliSwap to Refund ‘High Slippage’ Losses for Users
Users are said to have lost varying amounts of funds by setting slippage too high due to a “misunderstanding.”
Updated Aug 9, 2023, 6:35 a.m. Published Aug 9, 2023, 6:32 a.m.
MuesliSwap, a Cardano-based decentralized exchange (DEX), said on Wednesday that it would refund users who unintentionally lost money due to a “misunderstanding” about how slippage on the platform works.
Market makers — or trading participants who fill buy and sell orders — were able to “fill the limit order and choose whether to return the additional slippage amount or retain the difference at their discretion,” developers said in a Wednesday tweet.
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📢 Important Announcement! 🚀 At MuesliSwap, transparency and user education are paramount. We recognize that we fell short in providing adequate clarity on the slippage feature within the MuesliSwap Pool DEX protocol. Our decentralized matchmaker setup allowed each matchmaker to…
— MuesliSwap Team🥛 (@MuesliSwapTeam) August 7, 2023
In trading, slippage refers to a market participant receiving a different trade execution price than intended due to factors such as available liquidity. On DEXs, users can manually set a slippage level they are comfortable with.
However, MuesliSwap users have been setting – and thus paying – high slippage for at least a year due to the way the decentralized matchmaker was set up.
The custom slippage was intended to be an incentive for decentralized matchmakers but ultimately caused “some misunderstanding among new users.”
“To make amends, we will be refunding affected users who encountered high slippage on the MuesliSwap pools in the last 12 months from our project funds,” developers said. “Additionally, immediate action has been taken to remedy the slippage issue in the MuesliSwap order book”
The refund process may take up to four weeks and funds will be automatically distributed by analyzing a user’s on-chain trading history.
MuesliSwap locks over $10 million worth of various tokens and is among the most-used platforms on the Cardano network. It has traded over $500 million worth of tokens in the past year, DefiLlama data shows.
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