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SundaeSwap V2 Review 2026: Cardano's First AMM DEX

SundaeSwap V2 is a Cardano automated market maker DEX from Sundae Labs, listed since January 2022. Its V2 TVL is modest, and the team is now promoting a rebuilt V4.

Cardano

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.8/10

Good

Visit SundaeSwap V2

Our verdict on SundaeSwap V2

6.8/10

SundaeSwap V2 suits Cardano users who want to swap tokens or provide liquidity on a long-running native AMM. Its main strength is its track record on Cardano since January 2022 and an actively developed roadmap. The main caveat is the small V2 TVL and the shift towards V4, so check which version and which pools you are using, and review the audits before depositing.

Score breakdown

How SundaeSwap V2 scores

Security: 6.5/10
Ease of use: 7.0/10
Fees: n/a
Features: 7.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is SundaeSwap V2?

SundaeSwap V2 is a decentralized exchange on Cardano. DefiLlama describes it as the first native AMM-based DEX and liquidity provision protocol on the chain, and it has been listed since January 2022.

The protocol is built by Sundae Labs, which says more than 2.04 billion ADA in volume has been traded since January 2022. The V2 listing shows about $468K in TVL, down 4.6% over seven days, which is small next to large multi-chain DEXs.

The homepage now leads with Sundae V4, a rebuild with stableswaps, routing, concentrated liquidity and partial fills. Readers should check which version they are actually using.

How SundaeSwap V2 works

SundaeSwap is an automated market maker. Instead of an order book, liquidity providers deposit tokens into pools, and traders swap against those reserves at a price set by a formula. Liquidity providers hold an LP claim on the pool.

On Cardano, orders are submitted and then settled in transactions by scoopers, who batch and process them. In the V4 description, you sign an order with a minimum output, and anything the swap achieves above that floor goes to you.

This review covers the V2 listing. V4 changes include modular pools, concentrated liquidity and partial fills, but the project does not say how V2 relates to it going forward.

6 features

Key features

AMM token swaps

Swap tokens against liquidity pools using an automated market maker model on Cardano.

Liquidity provision

Users can supply tokens to pools and receive an LP claim on the reserves.

Routing in V4

The homepage describes V4 routing that tries many paths across pools and splits orders, paying any surplus above your minimum to you.

V4 stableswaps and orders

The V4 materials describe stablecoin swaps at a fixed fee with no slippage, plus concentrated liquidity and partial fills for limit orders.

Wider tool ecosystem

Sundae Labs also lists Float analytics, Treasury Admin, Gastronomy, Sugar Rush, Gummiworm and Capacity Exchange.

Audits listed

DefiLlama lists two audits for the protocol, though details are not public.

Pros and cons

What we like

Native AMM DEX on Cardano with a listing history back to January 2022
Two audits are listed on DefiLlama
Sundae Labs reports more than 2.04 billion ADA in total volume
Active development shown by the V4 rebuild and a wider set of tools
Has its own SUNDAE token and a governance forum

Watch out for

TVL for the V2 listing is small, about $468K per DefiLlama, so deep trades may see price impact
Limited to Cardano, so no cross-chain swaps within the protocol itself
Orders are executed by scoopers rather than instantly, so fills depend on batcher activity
The homepage now promotes V4, so V2 may be a legacy version whose future support is unclear from public sources
Fee levels are not given publicly, so costs can't be compared before use

SundaeSwap V2 fees

The project does not publish a fee schedule for SundaeSwap V2. Swap fees, pool fees and Cardano network costs would appear in the app when you build an order, and fees on pools are set per pool.

The homepage says V4 stablecoin swaps use a fixed fee and that routing surplus goes to the user rather than the scooper. This describes V4, not V2, so confirm what applies to the version you use.

Is SundaeSwap V2 safe?

DefiLlama lists two audits for the protocol, but the project does not name the auditors or give their findings. Trading happens from your own wallet, so you keep custody, but you still carry smart-contract risk and the usual risks of low-liquidity pools.

No incidents or regulatory details are given publicly. With V4 now promoted, check which contracts hold your funds and whether V2 pools remain supported.

6 steps

How to get started with SundaeSwap V2

1
Set up a Cardano wallet that supports connecting to dApps and fund it with ADA.
2
Open the official SundaeSwap site and confirm the address before connecting.
3
Connect your wallet and choose between swapping and providing liquidity.
4
Set the tokens, amount and your minimum acceptable output, then review the fees shown.
5
Sign the order and wait for it to be settled on-chain.
6
Check which version of the protocol your pool or order uses, since V4 is now promoted.

Open SundaeSwap V2

Who SundaeSwap V2 is for

SundaeSwap V2 is for Cardano holders who want to trade ADA and native tokens or earn from liquidity pools. It is less suited to users who need deep liquidity for large trades or access to several chains.

SundaeSwap V2 FAQs

What is SundaeSwap V2?

SundaeSwap is described as the first native AMM-based decentralized exchange and liquidity provision protocol on Cardano. Users swap tokens and provide liquidity to pools.

Which blockchain does SundaeSwap use?

It runs on Cardano, according to DefiLlama. Public sources list no other chains.

Does SundaeSwap have a token?

DefiLlama lists a token called SUNDAE. The project doesn't detail its utility, so check the project's governance pages for how it is used.

Has SundaeSwap been audited?

DefiLlama shows two audits listed for the protocol, but the project does not name the auditors or findings. Check the audit reports directly before depositing funds.

What is the difference between V2 and V4?

The homepage introduces Sundae V4 with features such as stableswaps, routing, concentrated liquidity and partial fills. Whether V2 pools are being phased out is not stated publicly, so check the official announcements.

What fees does SundaeSwap charge?

The project does not state a fee schedule. Pool fees and network costs would be shown in the app before you sign an order.

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