Cardano Update: Scammers Minted Fake MELD Tokens and Listed Them on SundaeSwap

Someone just minted fake MELD tokens and listed them on SundaeSwap. The team behind the project said that people should beware of this and that they themselves have not minted their own tokens just yet.

Scammers Target Cardano DEX SundaeSwap

While a lot of Cardano hodlers were genuinely looking forward to the launch of SundaeSwap, aside from some slight delays and the launch being not as people would imagine it to be, there were some interesting things happening around the exchange.

Aside from the slow transactions and the scalability problems of SundaeSwap, it seems like scammers are trying to use the DEX to make money.

They are doing this by looking for other cryptocurrencies that are expected to launch on the DEX. Once scammers find their targets, as seen with MELD, they would replicate and make the replica appear to be the token.

Fake MELD Tokens Minted

Sadly, for those that have not seen this tweet and were all excited for MELD being available on SundaeSwap, these people might have fallen victim to the scammers. According to the official MELD labs page on Twitter, the fake MELD policy ID is:

78b05e44ed21e27e5480eb597e01f0f65faaf485168c5656f3c0fd3f

Buyers Struggle to Purchase SUNDAE

Sadly, not a lot of people were happy with the launch of SundaeSwap since it did not start off with a bang as many were expecting.

According to one Twitter account, SundaeSwap was called "a mess" and that despite all the talk about Cardano taking its time so that their platform with be efficient, secure, and even scalable, SundaeSwap ended up being described as a "disaster."

Sadly, even buying SUNDAE has proven difficult as some orders were delayed. This then made trading extremely difficult. Instead of buyers being able to get the price that they want or the price that they put the order for, prices could be drastically affected due to the delay.

Mixed Opinions Regarding SundaeSwap

Although the Cardano blockchain does have a lot of supporters, there are a lot of mixed opinions regarding SundaeSwap and its launch. Some have been disappointed with the launch while others are saying that it is better to go slow and steady without compromising decentralization in order to have an efficient DEX.

For those that are wondering why this is happening to Cardano, this is because they are trying to prioritize decentralization first before scaling.

Interestingly, the opposite is being said about its competitor, Solana.

Read Also: Top Crypto Fear and Greed Index Drops to Just 11 at Extreme Fear | Will the Coin Drop Even Further?

How Does Solana Differ?

When it comes to SOL, the blockchain has decided to prioritize scaling and deal with decentralization later. Although there is nothing wrong with this, some parties may argue that decentralization should be prioritized over scalability.

The race to fix the blockchain problem is still ongoing. It should be noted that although Ethereum remains a strong contender, its gas fees have made it almost unusable for smaller developers on a tight budget.

Related Article: Crypto Watch: Cardano Needs to 450x for Price to Reach $5 | Whale Defends with Staked ADA as Opposed to TVL

This article is owned by Tech Times

Written by Urian B.