MuesliSwap

Overview

MuesliSwap is a Cardano trading platform that lets people swap tokens, place orders at a price they choose, earn fees by adding to shared pools, and vote on how the platform runs. It mixes two ways of trading in one app: an order book where buyers and sellers list their preferred price, and shared pools that everyone can trade against. The two work together so people get the price control of an order book with the always-on availability of pools¹².

MuesliSwap launched in November 2021 and was one of the first marketplaces to go live on Cardano³. The platform's community token is called MILK, and holders get a fee discount, earn staking rewards, and vote on changes to the platform. MuesliSwap has also announced MidStarter, a launchpad for projects on Midnight, a privacy-focused chain that works alongside Cardano⁴.

Key Features

• Two trading models in one app. MuesliSwap pairs an order book with shared pools, so a trade can fill directly against another person's order or through pool liquidity, whichever gives the better price¹.
• Earn more from less capital. Liquidity providers can choose the exact price range where their tokens are used in trades. That means more of the money goes to work, instead of sitting idle covering prices the market never reaches².
• A discount when you hold MILK. Hold more than 100 MILK tokens and you get a reduced trading fee on the platform. MILK can also be staked in the MILK Vault for rewards or used to vote on changes to the platform.
• A launchpad for Midnight projects. MuesliSwap is building MidStarter, a section for new projects on Midnight to launch their tokens, run sales, and start trading from within the same platform⁴.
• Independently checked, open code. The platform's main code was reviewed by the security firm MLabs, with the full report published on GitHub. The wider MuesliSwap code base is also open on the MuesliSwapTeam GitHub organization⁵.

What to Expect

Open MuesliSwap and connect a Cardano wallet such as Lace, Eternl, or Nami. From there you can do a quick swap against the shared pools or place an order at your own price and wait for someone to take it. Before you sign anything, the platform shows you every fee: the matching fee, the front-end fee, your MILK discount (if you qualify), and how much of your wallet is held back during the trade¹.

Beyond simple trades, MuesliSwap has an Earn section that brings together adding tokens to pools, farming for extra rewards, staking MILK, and a tool called Myield that searches for higher earning rates across the platform. Voting on changes to MuesliSwap happens through a separate portal and a discussion forum, where MILK holders cast their votes¹.

There are a few things to know if you are new to placing your own orders. An order may sit unfilled if no one matches it, and a partial match leaves the rest waiting on the book. You can cancel a waiting order at any time and get the tokens back, and a partial fill returns the unfinished part to you along with whatever already filled. The trading screen has a default Simple view for quick swaps and an Expert view for people who want full control over fees and routing¹. For wider context, see the other Cardano marketplaces in this directory.