- MuesliSwap has acknowledged confusion around the slippage feature within its Pool DEX protocol and plans to refund users affected by high slippage in the last 12 months.
- Immediate actions are being taken to rectify the slippage issue, with the refund process expected to take three to four weeks.
In a proactive response to user concerns, the MuesliSwap team has announced significant plans to refund users affected by high slippage on the Cardano network, cited from their official announcement!
📢 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
Acknowledging the Slippage Concerns
After widespread confusion regarding the slippage feature within the MuesliSwap Pool DEX protocol on Cardano, the team behind the project has expressed a firm commitment to clarify the misunderstanding and compensate the affected customers.
The team acknowledged that the decentralized matchmaker system led to a lack of clarity, allowing each matchmaker to decide whether to return the extra slippage amount or retain the difference as an incentive. However, MuesliSwap admitted that this term “slippage” had been misunderstood by newcomers, resulting in unforeseen losses for some.
Refund Process and Future Measures
The refund process, covering the past 12 months of high slippage incidents, is predicted to take between three and four weeks. This entails gathering necessary data and putting in place the distribution code to streamline the process.
Along with the refunds, immediate actions are being executed to solve the slippage issue. MuesliSwap assured that all required information will be derived from the blockchain, thus automating the process for those affected.
Communication and User Experience
Notably, not all user feedback was appreciative. Criticism arose over the company’s prior communication, with some users explicitly unhappy with how their concerns were handled on social media platforms. MuesliSwap acknowledged these feelings, emphasizing their dedication to transparency and user education.
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In their public statement, MuesliSwap declared,
“We deeply value your support and feedback as we continue to build a truly decentralized and user-friendly exchange.”
This commitment was further evidenced in their immediate plans to refund those affected and to make necessary adjustments to ensure clarity around the slippage feature within their decentralized exchange.
In conclusion, with these decisive actions, MuesliSwap is not only addressing a significant user concern but also laying down a blueprint for transparency and user-centricity within the decentralized finance space on the Cardano network. Their efforts to correct misunderstandings and refund affected users illustrate a responsive and responsible approach to community engagement in the evolving world of decentralized finance.