Cardano, Chainlink, and Binance Coin are all worth a closer look.
- Cardano may roll out its latest upgrade, assuming the tests go well.
- Binance is actively hiring staff while other crypto platforms are laying people off.
- Chainlink continues to build partnerships and has released a roadmap for Chainlink 2.0.
June was a particularly rough month for cryptocurrency investors. Bitcoin (BTC) plummeted below $20,000, and the total crypto market cap fell below $1 trillion. To put that in perspective, during the dizzy heights of last year’s crypto frenzy, Bitcoin peaked at almost $69,000, and the total market cap almost touched $3 trillion.
A lot of crypto commentators have been urging people to “buy the dip” for the past seven months. But as prices continue to fall, many investors are cautious about blindly buying more, especially as the cracks in the decentralized finance industry start to widen. For a lot of investors, the question is not whether to buy more crypto, but how to avoid panic selling their existing holdings.
While there may be a logic in trying to buy quality projects at a bargain, this is not the time to pick up any risky coins or tokens. As a result, we’re playing it relatively safe with this month’s altcoins to watch.
1. Cardano (ADA)
Cardano is a bit of a love-it-or-hate-it crypto project. Charles Hoskinson, its leader, is considered a controversial figure, and some investors have been frustrated by its slow-and-steady approach to development. Cardano peer-reviews each step before implementation, which sets it apart from other projects that rush to be first to market.
We may also see the rollout of a major Cardano upgrade. Previously scheduled for June, the upgrade will improve performance, speeding up transaction times and lowering costs. Assuming there are no issues during the four-week testnet trial, the Vasil mainnet upgrade will be launched at the end of July. Work on the upgrade could be part of the reason Cardano topped a recent development activity chart. According to Santiment analytics, Cardano was the top crypto by development activity in June.
2. Binance Coin (BNB)
Given Binance’s challenges with various authorities around the world last year, Binance Coin may seem an unlikely “safe bet” in these difficult times. There is a risk that increased regulation will hit Binance particularly hard. There are also reports that the SEC is investigating whether BNB constitutes an unregistered security. This could have a big impact on BNB’s price.
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However, Binance is also one of the few crypto platforms that did not spend a fortune on sponsorship deals and advertising last year. As a result, Binance is actively hiring staff while its competitors are laying people off. Binance Founder and CEO Changpeng Zhao tweeted: “It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance.”
3. Chainlink (LINK)
Chainlink is a behind-the-scenes crypto that solves an important problem: It provides the data that triggers smart contract activity. Let’s say a farmer buys a smart contract insurance policy that will pay out automatically when certain weather conditions occur. For that to happen, something needs to feed weather information to the smart contract. This is where oracles come in. Oracles provide real-world data to smart contract platforms.
Chainlink is a decentralized oracle network. There are a few reasons it’s on my watchlist this month. Firstly, it continues to grow and integrate with a wide range of smart contract crypto networks. This bodes well for its long-term potential. Secondly, it has recently released its roadmap toward Chainlink 2.0. The plan is to introduce staking rewards on the ecosystem, adding another layer of security and also benefiting LINK holders.
4. Bitcoin and Ethereum (ETH)
I always feel a bit bad when I include the two crypto giants on this monthly crypto watchlist. The idea of this column is to introduce readers to newer cryptos that are worth a closer look. However, there’s nothing wrong with playing it safe as we wait for the storm to pass. Ethereum may well move forward with its long-awaited merge in August — its move from proof-of-work mining to the environmentally friendly proof-of-stake. Moreover, right now, most altcoins follow crypto grandaddy Bitcoin, which has a longer track record and a better chance of surviving a prolonged crypto winter.
Expect more short-term pain
There is a small chance that crypto prices will rally in July, particularly if we see improvements in the all-important inflation data. But it is more likely that prices will move sideways or fall further. The most immediate issue is the decentralized finance industry. Several platforms have frozen withdrawals, and others are looking for bailouts.
There is a slow domino effect in play. With a high level of interconnectedness between DeFi platforms, when one fails, it may topple others, which may in turn topple even more. The industry is also braced for increased regulation, particularly as various parties respond to President Biden’s executive order on crypto.
All in all, there’s no need to rush into any crypto decisions. Take your time, shore up your other financial bases, and research any crypto projects carefully before you spend any money. Think about whether the altcoin you’re considering might survive a prolonged crypto winter and how it might perform in the long term. Bear markets can provide opportunities, but only if they are quality projects. Many projects could fail completely in the near term, so it’s good to be cautious.
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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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