SundaeSwap v3 Crypto Exchange Review: Is It Still the Best for Cardano in 2025?

Jonathan Jennings
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SundaeSwap v3 Crypto Exchange Review: Is It Still the Best for Cardano in 2025?

SundaeSwap Fee Calculator

How SundaeSwap Fees Work

SundaeSwap's fee structure is tiered based on your SUNDAE token holdings. This calculator helps you understand exactly how much you'll pay for your swap.

Important: The base fee is 1% for users with less than 10,000 SUNDAE tokens. Holding more SUNDAE reduces your fee rate.

When you want to trade Cardano tokens without handing your ADA over to a centralized exchange, SundaeSwap is still the go-to option. But after years of delays, broken promises, and slow adoption, is the latest version - rumored to be v3 - worth your time in 2025? Let’s cut through the hype and see what’s actually working, what’s not, and who this platform is really for.

What SundaeSwap Actually Does

SundaeSwap isn’t like Uniswap or PancakeSwap. It doesn’t have limit orders, margin trading, or cross-chain swaps. It doesn’t even have an order book. What it does is simple: it lets you swap one Cardano-native token for another directly from your wallet. That’s it. No middlemen. No KYC. No deposits to a central server. Your funds stay in your control the whole time.

This is called a decentralized exchange (DEX), and it runs on Cardano’s blockchain using automated market makers (AMMs). Liquidity pools hold pairs like ADA/USDT or ADA/SHIBA, and the price moves based on supply and demand inside those pools. If you’ve used a DEX before, the flow is familiar: connect your wallet, pick your tokens, confirm the swap, and wait a few seconds.

But here’s the catch - it only works on Cardano. You can’t trade Bitcoin or Ethereum here. If you’re holding tokens from other chains, you’ll need to bridge them over first, and that’s not something SundaeSwap handles.

How the Fees Work (And Why They’re Confusing)

SundaeSwap charges a fee on every swap, but it’s not flat. It’s tiered, and the tiers depend on how much SUNDAE token you hold. The more you stake, the lower your fee.

- 0.1% fee: For users holding over 1 million SUNDAE tokens - 0.3% fee: For users holding 100,000-999,999 SUNDAE - 0.7% fee: For users holding 10,000-99,999 SUNDAE - 1% fee: For everyone else

This system was designed to reward long-term supporters. But in practice, it’s a barrier. Most users don’t hold enough SUNDAE to get the lowest rate. If you’re swapping $50 worth of tokens, paying 1% ($0.50) in fees is steep compared to centralized exchanges like Binance or KuCoin, where fees are often under 0.1%.

And here’s the real issue: the SUNDAE token itself is down 25% since January 2025, according to CoinCodex. Holding it for fee discounts isn’t as appealing when its value is dropping. Many users just pay the 1% fee and move on.

Wallets You Need to Use

You can’t use MetaMask or Trust Wallet here. SundaeSwap only works with wallets built specifically for Cardano:

- Nami Wallet (most popular) - Flint Wallet - ccVault - Yoroi Wallet

If you’re new to Cardano, getting set up takes time. You’ll need to:

  1. Download one of these wallets
  2. Generate a recovery phrase (and store it safely - no backups, no resets)
  3. Fund it with ADA to pay for transaction fees (min. 1-2 ADA)
  4. Connect it to sundaeswap.finance
Cardano Foundation’s 2024 user study found that experienced crypto users take about 22 minutes to get through this process. Complete beginners? Up to 58 minutes. That’s longer than signing up for most centralized exchanges.

Floating Cardano wallets around a blockchain diagram with a large 1% fee stamp in pastel tones.

Performance and Speed

Cardano blocks confirm every 20 seconds. That means swaps usually finish in under a minute - faster than Ethereum-based DEXs during congestion. But speed doesn’t mean reliability.

Internal metrics from SundaeSwap show that 32% of transactions fail during peak hours. Why? Cardano’s network can handle about 250 transactions per second. When hundreds of users try to swap at once - say, during a new token launch - the network gets backed up. Transactions get stuck. Gas fees spike. Users panic.

There’s no “speed up” button. No priority lane. You just wait, or cancel and try again. And if your transaction fails, you still pay the fee. That’s the reality of blockchain.

TVL, Volume, and Market Position

As of November 2025, SundaeSwap has around $7.1 million locked in its liquidity pools. That sounds low - until you realize it’s still the largest DEX on Cardano by far. The next closest, WingRiders, has less than half that.

Globally, that puts SundaeSwap at #9 among DEXs. But compared to Uniswap’s $4 billion or PancakeSwap’s $2 billion, it’s a drop in the ocean. Cardano’s entire DeFi market is just 0.3% of the global DEX market.

Daily volume? Around 15,000 swaps. That’s up 120% from last year, but still small. Most users aren’t day traders. They’re long-term Cardano holders swapping between native tokens like $ADA, $LOVELACE, or $SHIBA.

Who Should Use SundaeSwap?

This isn’t for everyone. Here’s who it’s actually good for:

  • Cardano maximalists who only hold native tokens
  • Users who refuse to use centralized exchanges for security reasons
  • People who want to support the first real DEX on Cardano
  • Developers testing Cardano-based DeFi apps
It’s not for:

  • Traders who need limit orders, stop-losses, or leverage
  • Users who want to swap Bitcoin or Ethereum directly
  • People who hate waiting for transactions to go through
  • Those looking for high-yield staking or complex DeFi strategies
A user staring at a failed transaction in a quiet Discord room with faint avatars and a coffee cup nearby.

What’s Missing (And What’s Coming)

SundaeSwap’s biggest weakness is its lack of features. No limit orders. No lending. No yield farming. No cross-chain support. Compared to DEXs on other chains, it feels stuck in 2022.

But there’s movement. The team announced a governance upgrade in Q4 2025 - a new token, separate from SUNDAE, that will let users vote on protocol changes. That’s a step toward true decentralization.

They’re also testing a liquidity incentive program that boosted TVL from $4.2M to $7.1M in just six months. That shows they’re still trying.

The big question: Is v3 real? There’s no official “v3” release yet. Some users call the current interface v3 because it’s cleaner than the old one. But technically, it’s still the same protocol. The real v3 - if it comes - will need to add limit orders and better UI tools to survive.

Community and Support

The SundaeSwap Discord has about 15,000 members. That’s healthy for a niche DEX. But response times to support questions average 4-6 hours. There’s no live chat. No 24/7 helpdesk.

YouTube has 62 tutorial videos, mostly from users, not the team. The official documentation is technical - great for devs, confusing for beginners.

Reddit and Cardano forums show mixed sentiment. 62% of users say it’s “essential” for trading Cardano tokens. But others complain about high fees, failed transactions, and slow updates.

Final Verdict: Still Worth It in 2025?

If you’re deeply invested in Cardano and want to trade tokens without trusting a company with your crypto - yes, SundaeSwap is still your best bet. It’s the only DEX on Cardano with real traction, real liquidity, and a working product.

But if you’re looking for speed, low fees, advanced trading, or cross-chain support - look elsewhere. You’ll be frustrated.

SundaeSwap isn’t trying to beat Uniswap. It’s trying to survive on Cardano. And right now, it’s doing just enough to stay alive. Whether it grows or fades depends on whether the team delivers real upgrades in 2026 - or if WingRiders and others overtake it.

For now, it’s a tool for a specific group of users. Not a revolution. Not a powerhouse. Just the only game in town for Cardano traders who care about control.

Is SundaeSwap v3 officially released?

No, there is no official v3 release as of November 2025. The current interface on sundaeswap.finance is sometimes called v3 by users because it’s cleaner than the original, but the underlying protocol hasn’t changed. The team has announced plans for a true v3 upgrade with limit orders and governance improvements, but no launch date has been confirmed.

Can I trade Bitcoin or Ethereum on SundaeSwap?

No. SundaeSwap only supports Cardano-native tokens like ADA, $LOVELACE, and other tokens built on the Cardano blockchain. You cannot trade Bitcoin, Ethereum, or tokens from other chains directly. To use those assets, you’d need to bridge them to Cardano first - which SundaeSwap doesn’t facilitate.

What wallets work with SundaeSwap?

Only Cardano-compatible wallets: Nami Wallet, Flint Wallet, ccVault, and Yoroi Wallet. MetaMask, Trust Wallet, and Ledger Live won’t work. You must use one of these four to connect and trade.

Are SundaeSwap fees high?

For small trades, yes. The base fee is 1%, which is high compared to centralized exchanges. You can reduce it to 0.1% by holding over 1 million SUNDAE tokens - but most users don’t hold that much. For swaps under $100, the fee often feels excessive. Larger traders benefit more from the tiered system.

Is SundaeSwap safe?

Yes, in terms of non-custodial security. Your funds never leave your wallet. The protocol runs on Cardano’s proof-of-stake blockchain, which has had no major breaches. But like all DEXs, you’re responsible for your own keys. If you lose your recovery phrase, you lose everything. Also, failed transactions still charge fees - a common pain point.

What’s the future of SundaeSwap?

Its future depends on two things: delivering real upgrades (like limit orders) and keeping up with competitors like WingRiders. Cardano’s DeFi market is growing slowly, and SundaeSwap’s TVL has increased 70% since early 2025. But if the team doesn’t deliver a major update by 2026, it risks being overtaken by faster, more feature-rich alternatives.