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Cardano’s stablecoin hub Ardana’s unique Initial Stake Pool Offering finally got off the ground this week, giving supporters of the Ardana Stake Pool Alliance a nice opportunity to rack up some beefy bonus multipliers on their earnings rewards.
You may already be familiar with Ardana’s ASPA stake pools, which are responsible for processing transactions on the Cardano network, helping it to maintain its long-term viability and security. Stake Pools provide a way for the Cardano community to participate in the running of the network while earning rewards, without needing to host a node.
With Ardana’s stake pools, users can delegate their ADA to a specific project and receive the tokens of that project as rewards. This is different from an traditional ICO, where investors essentially purchase the project’s native tokens up front. Instead of spending their ADA tokens, they stake them and earn rewards – while keeping their original tokens. In this way the only risk for investors is that they might lose their rewards. They’ll get their ADA back once the staking period is up. At the same time, they still get early access to the native token of the projects they back.
However, Ardana has said before that it is becoming worried by the consolidation of staked ADA in a limited number of stake pool operators that run multiple pools. This could lead to the network becoming less decentralized, which is a big no-no for any blockchain worth its salt. As a result, Ardana has come up with the ISPO to provide more incentives to smaller stake pools.
The idea with ISPOs is to reward long-term backers of ASPA stake pools with bonus multipliers – meaning that the longer they stake their ADA, the more rewards they’ll get.
Ardana’s ISPO runs from July 4 until January 5 next year, and takes place across a number of “epochs”, with rewards claimable after each one concludes. DANA tokens will be distributed at the end of each epoch via Drip Dropz.
The good news for those who staked in the ISPO before March 31 is that they’ll benefit from an “early bonus staking multiplier” that promises to significantly boost their rewards, Ardana said. They’ll earn a share of 2.5 million DANA set aside as rewards, with a maximum cap of 69,444 DANA per epoch.
The bonus multiplier starts at x1 (meaning no multiplier for the first epoch) and increases by 0.05x with each epoch that passes, until it hits a maximum of 2x. So delegates will enjoy an exponential increase in their rewards for each epoch.
Ardana spelled it out in a blog post:
“A participant decides to delegate on April 29th and remains delegated until the ISPO kicks off on July 4th. They will then have earned 14 epochs x 0.05x = 0.70x bonus multiplier. When the ISPO starts, they will earn DANA tokens with a generous multiplier of 1.70x. Remember, delegating before March 31st grants participants a 2x bonus multiplier.”
Ardana explained that participants must delegate before each new “snapshot date”, which marks the beginning of a new epoch, to take advantage of the multiplier effect. Those who unstake at any time will reset their bonus multiplier back to x1.
There will also be a “standard staking multiplier” to mark the official launch date of the Ardana ISPO. This will increase by 0.01x starting July 4 and run until the last epoch of the year on December 31.
Finally, Ardana said it’s applying a “small pool multiplier” to each Stake Pool that has less than 5 million ADS staked, as part of its incentive to boost decentralization. This is a one-off 0.1x multiplier that applies to any new delegate who stakes within one of the smaller pools, though there’s a requirement that the delegate must still remain in that pool until now. Once all of the Stake Pools within ASPA grow to more than 5 million ADA staked, Ardana said it will raise the bar to 10 million and offer a new multiplier for each pool that remains below that number. In this way, it will continue providing incentives to stake in lower volume pools.
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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