Things move fast in the crypto space, and plans often change. We’ve seen some confusion around Sundae’s initial launch, so we wanted to take the time to clarify things.
Originally, the plan was to launch our SUNDAE token on the Binance Smart Chain (BSC), and wait until a BSC / Cardano bridge was available. This would allow us to launch quickly, with very little technical expertise.
As we’ve grown the team, and with more reflection, we now feel confident launching on the Cardano blockchain directly, and will no longer be launching any token on BSC. Instead, we are going to use an innovative new funding mechanism called an Initial Stakepool Offering (ISO).
Deploying directly onto the Cardano blockchain, users will be able to use wallets such as Daedalus and Yoroi to stake their ADA to the SundaeSwap stake pool. In order to generate funding for our project, we will raise the block minting reward fee to 50–100%. In compensation, delegators will receive rewards in SUNDAE tokens proportional to their contribution to our stake pool. Just like staking to any other stake pool, your ADA principal remains in your wallet, safe and sound. Although you may be receiving less rewards than your average stake pool, you are getting the opportunity to be one of the first HODLers of SUNDAE token!
To participate in the staking pool once it goes live, you will simply search for our stake pool in your wallet pool and delegate to it, as you would any other stakepool. If your ADA is on an exchange like Binance, you should withdraw it to a wallet so that you can begin staking. Airdrops will begin after approximately three (3) epochs of the pool’s launch. The pool is scheduled to go live in the coming weeks. The ticker symbol and pool ID are currently unavailable and have yet to be announced. Further information will follow very soon.
~ The SundaeSwap Team