MuesliSwap, Cardano's first-to-market DEX

MuesliSwap was the first DEX to launch on Cardano. It runs an orderbook model on Cardano's mainnet and an AMM on the Milkomeda sidechain. It's the 4th largest Cardano DEX.

MuesliSwap DEX v2 homepage UI

Frequently asked questions about Muesliswap

Is MuesliSwap a scam?

No. MuesliSwap is a legit DEX with a considerable volume of liquidity. A lot of people were skeptical when it first launched but quickly gained confidence as they tried it and realized the DEX is actually functional.

This twitter poll shows that most MuesliSwap users have had a positive experience with the DEX and consider reusing it.

Does MuesliSwap support Yoroi wallet?

No, MuesliSwap doesn't support Yoroi. Currently Muesliswap supports Nami, Eternl (previously CCvault), NuFi, Flint and Gero Cardano Wallets. Support for other wallets is also being worked on.

Does MuesliSwap support hardware wallets?

No, MuesliSwap does not support hardware wallets like Ledger Nano & trezor yet.

Please check their FAQ resource to learn how to use MuesliSwap

MuesliSwap's orderbook model

Unlike EVM DEXs, MuesliSwap uses an order book model similar to CEX on its Cardano mainnet version. Thanks to Cardano's eUTXO model it’s easy to work with an orderbook model. Unlike on Ethereum where the accounting model and high gas fees make it difficult.

Whenever an order is placed on MuesliSwap DEX, two fees are locked into a smart contract. The first fee is used as collateral (usually ~2 ADA), while the second fee is used to incentivize decentralized match makers. If the user later cancels the trade, both fees are refunded because it wouldn't make sense to keep the fees if the transaction fails.

MuesliSwap Tokenomics

MuesliSwap native token is MILK, that also doubles up as its governance token. MILK has a total supply of 10 million MILK tokens.

MILK token allocation

Here is a table showing MuesliSwap's MILK token allocation

MILK token distributionpercentage allocation# MILK tokens
Launch sale to investors25%2,500,000 MILK
Reserves for future token burn10%1,000,000 MILK
MuesliSwap team15%1,500,000 MILK
Presale to cardano community50%5,000,000 MILK
Total tokens100%10,000,000 MILK

5 million MILK tokens were sold on a presale. The other 5,000,000 MILK tokens will be allocated over time. Most of it will be used for further sales to investors (VCs) and the rest will be allocated to the team.

For context on January 19th MuesliSwap Team announced via twitter that they would be selling 300,000 MILK token to investors at

We are doing a 24h flash sale to investors ending Thu 20th January 3pm UTC. We will be releasing 300,000 MILK tokens with a price of 1.5 ADA each. The tokens will be locked for a period of 3 month!

Muesliswap MILK price went on to hit 7 ADA per MILK back in February. It now trades for 2.2 ADA.

MuesliSwap has a secondary token i.e Muesli Yield token (MYIELD) that it will use to incentivize users to provide liquidity to its yield farms on Cardano mainnet and on Milkomeda.

MYIELD Tokenomics

There will be a total of 100 million mYield tokens. These tokens will be pegged to 1 million MILK tokens. This way, 100 MYIELD tokens will be equal to 1 MILK token.

Users can either sell their mYield tokens or stake them to earn yield tokens.

MYIELD token distributionpercentage allocation# MYIELD tokens
Yield Farming on Milkomeda30%30,000,000 MYIELD
Yield Farming on Cardano mainnent70%70,000,000 MYIELD

Development roadmap

The MuesliSwap team has a list of updates that they look to roll out over the course of 2022. These updates include:

  • Release an NFT market place.

    This feature is scheduled to release it first version in March. Via the NFT marketplace, people can trade NFTs over the Cardano network.

  • Release a trade-anything feature

    This feature is scheduled to release it first version in March. Via the NFT marketplace, people can trade NFTs over the Cardano network.

  • Introduces fees rewards for MIlK holders

  • Add governance system where MILK holders decide what tokens are available for sale on the trade-anything feature

  • Add a launchpad on MuesliSwap. The more MILK tokens you hold the more tokens you can buy from the launchpad

MuesliSwap's roadmap to v2

Muesliswap milestones & update history

  • On Saturday, 22nd Jan, MuesliSwap published an update on their medium page.

    On the report they revealed that the number of smart contracts on their platform has grown 3-fold; that's from 100k to 300k transactions. MuesliSwap TVL and stats can now be tracked via Defi Llama. At the time of this update TVL on the DEX is around 2.6 million of ADA locked.

    MuesliSwap's ADA TVL on DeFi Llama

  • True their word, the MuesliTeam have released the trade-anything feature. The team affirms that the DEX is here to stay.

  • On Jan 24, MuesliSwap was listed on CoinMarket Cap

  • On February 21st, the updated charts on MuesliSwap's mainnet.

  • On Feb 22nd, MuesliSwap announced that it would launch its AMM chain on the Milkomeda (M1) sidechain. The DEX will release a testnet in the coming days.

    Will this updates help MuesliSwap stand a better chance against SundaeSwap? Will it help keep the second position against the soon to launch Minswap?

    For the next say 3 months the TVL (liquidity) competition between Cardano DEXs i.e MuesliSwap vs SundaeSwap vs MinSwap will be interesting to watch. May the chips fall where they may.

  • On April 29th, MuesliSwap released it v2 smart contract on Cardano. This upgrade enabled partial order matches, which allows users to swap orders of different sizes. That was not possible on its v1 DEX.