Blockchain projects have committed to further advancing their ecosystems even as the bear market weighs heavy on native tokens. Cardano’s developer Input Output Global is one of the many companies that have committed to bringing more utility to its network despite recently having a setback in the delivery timeline of the Vasil upgrade.
Taking a “safe and secure” approach
The company revealed ahead of the initial release date that it had resolved to hold back on the mainnet upgrade, justifying the decision by the need to go through all its Plutus V2 test scripts. Over the weekend, IOG shared a development update: the successful roll-out of node 1.35.0, which is an integral candidate for the anticipated hard-fork event.
The developer noted that the team had checked all key elements of its software, adding that testing on the Plutus v2 code yielded a positive outcome both performance- and cost-wise. The research and development company maintained that it would prioritize the security and safety of partnering entities within the ecosystem.
“We’re code complete on all the core #Cardano software. Testing on the new #Plutus v2 code (including new CIPs which significantly improve smart contract performance) has been successful and delivered very positive results in terms of performance and improved cost.”
The development team is now focused on getting ready for the launch of the hard fork on the testnet.
Significantly closer, but when Vasil?
In line with this, the team said it had notified stake pool operators so they could deploy the newly tagged node. Once the threshold number of SPOs required for acceptable chain density for the hard fork (more than 75%) is achieved, the team will proceed with the submission of the testnet update proposal.
The hard fork event is tentatively set to happen towards the end of July at the earliest as per the revised schedule. The specific date for the mainnet release is yet to be communicated, but it said SPOs and other involved parties need about four weeks to wrap up testing and integration tasks.
Why Cardano took a calculated delay on the Vasil upgrade
IOHK’s Head of Delivery and Projects, Nigel Hemsley, in a blog post published last Monday (June 20), explained that the delay was due to seven pending bugs that needed more time to fix, but none of them was severe. The milestones towards the upgrade have been some of the most complicated to design and integrate thus far.
Hemsley explained that it is an intricate process that demands close ecosystem collaboration in addition to tremendous effort from the involved teams. Cardano founder Charles Hoskinson remarked in a subsequent 15-minute video clip that the delay was done to accommodate additional tests necessary in delivering the best possible environment post-Vasil to dApp developers.
Cardano (ADA) price action
The Vasil hard fork is particularly massive for Cardano and could significantly affect the price of the ecosystem’s native token, ADA, depending on its reception. The majority expect the hard fork and the anticipation of the mainnet release to potentially trigger a bullish run.
Over the weekend, the ADA/USD climbed to a 7-day high of $0.524 but has since retraced. The token was, at press time, spotted changing hands at $0.50, having retreated 3.78% in the last 24 hours.
While ADA has failed to retest $0.55 for two weeks since it dipped below this price mark on June 12, analysts expect the token to break from the bear’s grip in the current $0.48 – $0.52 range soon. This projection is based on ADA managing to overcome resistance at the crucial $0.57 level defined by the 50-day Exponential Moving Average (EMA). The technical analysis suggests that ADA price can rally to $0.63 if more buyers enter the market and secure support at $0.57, where upside momentum is expected to wane.
Existing holders must also repress the impulse to lock quick profits at the latter price mark for the hypothesis to stand. A buildup of selling pressure at or slightly below that mark could force some traders to book profits, which will likely set ADA price on a descending path.
To learn more about Cardano visit our Investing in Cardano guide.
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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