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SundaeSwap V3 Review 2026: Cardano's First AMM DEX

SundaeSwap V3 is an AMM decentralized exchange on Cardano for swapping tokens and providing liquidity. It is an early Cardano DEX, but its listing shows modest TVL and no audits, and the team is already promoting V4.

Cardano

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.5/10

Good

Visit SundaeSwap V3

Our verdict on SundaeSwap V3

6.5/10

SundaeSwap V3 suits Cardano users who want a long-established native AMM for swaps and liquidity provision. Its main strength is its history on the network, with over 2.04 billion ADA traded since January 2022 per the homepage. The main caveats are small TVL, no audits listed on DefiLlama, and the team's focus on V4. Check the current state of V3 versus V4 before depositing, and only risk funds you can afford to lose.

Score breakdown

How SundaeSwap V3 scores

Security: 5.5/10
Ease of use: 7.0/10
Fees: n/a
Features: 6.5/10

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 V3?

SundaeSwap V3 is a decentralized exchange on Cardano. DefiLlama describes it as the first native AMM-based DEX and liquidity provision protocol on the network, and it has been listed there since May 2024.

The homepage says more than 2.04 billion ADA has been traded since January 2022. The V3 listing shows about 2.79 million USD in TVL, down 3.7% over seven days. The protocol has its own token, SUNDAE.

Sundae Labs, the company behind it, is now promoting Sundae V4, described as a rebuild with stableswaps, routing and concentrated liquidity. It also lists other products, such as an analytics tool, a debugger and a private order-book DEX. This review covers V3 only and treats V4 claims as marketing until verified.

How SundaeSwap V3 works

SundaeSwap is an automated market maker. Instead of matching buyers and sellers in an order book, it uses liquidity pools holding two or more tokens. Prices are set by a formula based on the pool's reserves, and traders swap directly against the pool.

Users who deposit tokens into a pool are liquidity providers. They receive a claim on the pool and earn a share of its trading fees, but they bear impermanent loss if token prices move apart.

On the homepage's description, a user signs one order stating what they want and a minimum amount to receive. The order is then settled on Cardano in a single transaction. The page describes this flow for V4, and the project does not detail V3's exact mechanics, including the role of scoopers.

6 features

Key features

AMM token swaps

Swap tokens and provide liquidity on Cardano through an automated market maker rather than an order book.

Liquidity provision

Users can add liquidity to pools and take a share of trading activity, with the usual impermanent loss risk.

Long trading history

The homepage says traded volume exceeds 2.04 billion ADA since January 2022, sourced from Float and on-chain data.

V4 feature set

Sundae V4 is promoted with zero-slippage stableswaps, automated routing across pools, concentrated liquidity, limit orders with partial fills, and modular pools.

Wider tool ecosystem

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

Governance and community

The site links to a help center, governance pages and a governance forum, plus Discord, Reddit, Medium and X channels.

Pros and cons

What we like

Long-running Cardano DEX, with over 2.04 billion ADA traded since January 2022 according to the homepage.
Native to Cardano, so swaps and pools use ADA and Cardano assets directly.
Active development: V4 and several related tools are published on the official site.
Governance forum, help center and community channels are linked from the site.
Has its own token, SUNDAE, which is listed by DefiLlama.

Watch out for

DefiLlama lists no audits for the V3 listing, and the project does not link to any audit reports.
TVL is about 2.8 million USD, which is small and can mean thinner liquidity for larger trades.
TVL fell 3.7% over the past seven days, a small move but not a growth signal.
The homepage now promotes Sundae V4, so V3 users may face a migration or a shrinking V3 market; the project does not say how this will be handled.
It runs only on Cardano, so users need a Cardano wallet and ADA for fees.
The homepage figures for routing are labelled illustrative, so real-world execution quality is not shown.

SundaeSwap V3 fees

Swap and pool fees for V3 are not stated. Users would see the fee tier for a pool in the swap interface before signing an order, along with Cardano network costs.

The homepage says V4 stableswaps use a fixed fee and that surplus above a user's minimum goes to the user, not the scooper. Those details describe V4, and the project does not confirm how V3 fees compare.

Is SundaeSwap V3 safe?

DefiLlama lists no audits for this V3 entry, and public sources include no audit reports, bug bounty or incident history. Users should look for audit details in the official documentation before depositing meaningful funds.

Swaps are non-custodial in the usual DEX model, since users trade from their own wallets. Risks still include smart-contract bugs, impermanent loss for liquidity providers and low liquidity on small pools. SundaeSwap Labs, Inc. publishes a Terms and Conditions and Privacy Policy on its site.

6 steps

How to get started with SundaeSwap V3

1
Check that online trading of crypto is legal where you live, and read the Terms and Conditions on the official site.
2
Set up a Cardano-compatible wallet and keep some ADA for network fees.
3
Open the official site and use the Launch SundaeSwap button, checking you are on the correct address.
4
Connect your wallet and pick the token pair you want to swap, then review the price, slippage limit and fees.
5
Sign the order and wait for it to be settled on Cardano.
6
If you want to provide liquidity, read about impermanent loss first and start with a small amount.

Open SundaeSwap V3

Who SundaeSwap V3 is for

This is for Cardano users who already hold ADA or Cardano tokens and want to swap them or provide liquidity on a native DEX. It suits people comfortable with self-custody wallets and the risks of AMM pools. It is less suited to anyone who needs audited contracts or deep liquidity for large trades.

SundaeSwap V3 FAQs

What is SundaeSwap V3?

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

Which blockchain does SundaeSwap V3 run on?

The DefiLlama listing shows Cardano as the only chain. You need a Cardano-compatible wallet to use it.

Does SundaeSwap have a token?

Yes. SUNDAE is the token named in the DefiLlama data. Public sources provided do not detail its exact utility, so check the official governance pages and documentation before relying on it.

What is the difference between V3 and V4?

The homepage introduces Sundae V4 as a rebuild with stableswaps, routing, concentrated liquidity and partial fills. The project does not give a V3 sunset date or a migration plan, so check official announcements.

Has SundaeSwap V3 been audited?

No audits are listed on DefiLlama for this V3 entry. That does not prove the contracts were never audited, but the project does not confirm any. Treat the contracts as carrying risk and only use funds you can afford to lose.

Is providing liquidity risky?

Yes. Providing liquidity to an AMM pool exposes you to impermanent loss when asset prices diverge, as well as smart-contract risk. The homepage notes V4 features designed to reduce this for some pools, but those are V4 features.

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