Cardano (ADA -0.51%) is sowing the seeds to be a top Layer 1 protocol that could one day surpass Ethereum (ETH 1.28%). Developers can build decentralized applications (dApps) on the Cardano blockchain, as well as write smart contracts that automatically execute based on a predetermined parameter set.
But Cardano and its founder and leader Charles Hoskinson have received a fair amount of criticism for taking a slow and methodical approach to rolling out updates, a process that is basically the opposite strategy of Solana (SOL -1.05%) which more or less throws updates at the wall and hopes they stick.
The Vasil (pronounced like “fossil” with a “V”) hard fork has been a long-anticipated upgrade and is by far the most important in Cardano’s history. It will speed up transaction time and lower transaction costs, which could give Cardano a better all-around combination of decentralization, speed, security, and costs than Ethereum and Solana.
However, there have been many headlines that the Vasil hard fork has been delayed, putting pressure on Cardano’s native cryptocurrency, the Ada token, which is down over 80% from its all-time high. Here’s a breakdown of what the Cardano Foundation, Cardano’s Input Output Global (IOG) team, and Hoskinson said about the delay, and why Cardano could be a great long-term buy now with its price below $0.50.
Status of the Vasil hard fork
IOG published a blog post on June 20 that said about 95% of the Plutus V2 test scripts are complete. Scripts are basically programs that process and validate transactions based on a set of rules. Plutus is a smart contract platform unique to the Cardano blockchain.
IOG said there are seven bugs outstanding, but none are ranked as “severe.” The plan is to hard fork the Cardano testnest at the end of June as a trial run that will allow exchanges and developers to interact and get acclimated with the updates. Four weeks after that, IOG and the Cardano Foundation plan to hard fork the mainnet.
Why the delay is inconsequential
So, the project is delayed by about a month — which isn’t a good look for Cardano. But to be fair, major upgrades in the crypto space have a reputation for taking longer than expected. The final phase of the Ethereum merge, formerly known as the Ethereum 2.0 upgrade, has been delayed for several months.
Hoskinson, who often posts video updates to keep the Cardano community informed, released a video on June 20 in response to the delay.
“We’re pretty close to the target, we’re code complete,” said Hoskinson. “And what code complete effectively means is you probably could flip the switch and get away with it, and certain projects would do that. But what happened after the collapse of Terra Luna (LUNA -0.80%) is that I gave a directive to a lot of the engineers to say we should probably measure three times and cut once given the nature of things.”
The May TerraUSD (USTC) collapse shocked the crypto industry when the algorithmic stable coin lost 99% of its value in less than a week. Many stablecoins are pegged to the U.S. dollar and backed dollar for dollar with cash. However, algorithmic stablecoins don’t have reserves, and instead, use algorithms and smart contracts to control supply. Crypto volatility and a swift market drawdown exposed the holes in TerraUSD. The collapse has been one of the most extreme failures in the crypto industry and a case study in avoiding mistakes and ensuring, as Hoskinson said, that firms should “measure three times and cut once.”
Hoskinson said that his team had several constructive conversations with developers and ultimately reminded folks that the main objective of the hard fork is to make it easier, faster, and less expensive for developers to use Cardano. And ultimately, that should make it a better alternative than other Layer 1 protocols. Hoskinson continued:
At the end of the day this is not a hard fork for the average Cardano user. The Vasil hard fork has always been a hard fork specifically for dApp developers. It speeds up the transaction rate with pipelining and then all the scripts are basically here to make Plutus smart contracts easier to write. If you’re a developer, whether you’re doing it on the mainnet or the testnet, you should have the same development environment in that respect. So what’s more meaningful to the community, frankly, is making sure that the test net runs Vasil so that people that are building dApps on Cardano can deploy those dApps.
In short, the launch of the testnet should give developers about a month to play around and get used to the upgrade. It will take time for folks unfamiliar with Cardano to experiment with Plutus smart contracts. In the video, Hoskinson went on to express his frustration with the delay, but said he felt that it was within “an acceptable zone.”
Cardano could be a great long-term buy
Over the last few years, Hoskinson and his team have done an impressive job by being open with the community, not making excuses, and encouraging folks to get involved on its open-source platform. Cardano has established a reputation for trust and transparency, largely due to Hoskinson’s direct communication style that avoids exaggerating Cardano’s capabilities or trying to sell it as a better alternative to other Layer 1 protocols.
However, there’s an opportunity cost to Cardano’s patience. Ethereum continues to be the go-to Layer 1 blockchain for dApps. And Solana has emerged as a cheaper and faster alternative to Ethereum and has grown to become a hub for non-fungible token (NFT) transactions. In fact, Solana has even passed Ethereum in NFT sales volume on multiple occasions.
It remains to be seen whether Cardano’s approach will pay out over the long term. For investors who value leadership, there’s a good argument that Cardano has the best of any Layer 1 protocol. However, given how young the crypto industry is, it’s probably best to go with a basket of cryptos rather than to try and pick a single winner.
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
– Advertisement –