This week’s guest on the Cardano SPO Column is a stake pool operated by a software engineer from the US, who’s working on several projects within the Cardano ecosystem: Hedges Stake Pool [HEDGE].
Last week’s guest was a bare metal stake pool that describes itself as reliable, high-performance and committed to offering a secure, stable, and profitable staking service for all delegators.
This initiative is a point of reference for everything Cardano and every week or two we will invite a Stake Pool Operator (SPO) to answer some questions and give us an update directly from within the Cardano community.
Considering that many of our readers are new to the crypto space, we will have a mix of simple and technical questions.
Cardano SPO, interview with Hedges Stake Pool [HEDGE]
Hey there. Please tell us something about yourself, where are you based and what is your background?
Hi everybody! *Charles Hoskinson voice* I’m Keith, I’ve always lived in the Midwest region of the United States and am based in Indianapolis, Indiana.
I’m a software engineer with experience at a large fortune 500 company before deciding to take the plunge to go full-time Cardano! It’s a grind (especially in a bear market) but it is awesome being surrounded by so many hard-working individuals.
How did you learn about cryptocurrencies and what led you to become a Cardano Stake Pool Operator (SPO)?
I learned about crypto at my old job in 2017. A few employees were building an internal fork of Ethereum and I had the chance to tinker around with it. I’ve been hooked ever since. It’s funny thinking back to those days as I really had no idea what was going on, I stayed in because I loved the ethos of it all.
I experienced the crash in 2018 which allowed me to research in more depth the mechanics of the different projects and through that I became more intrigued with Cardano.
Running a stake pool was something I wanted to do since the ITN but never found the time but in March of 2021 in epoch 254 Hedges Pool was born. It’s definitely had its ups and downs but overall it’s been a great experience with the pool is currently just over 1 million $ADA delegated and selected to be a clan SPO for Enter The Mandala.
What is the Vasil hard fork? What improvements does it bring to the Cardano ecosystem? And how does the HFC (Hard Fork Combinator) differ from regular hard forks?
The Vasil hard fork is all about scalability, aligning in tandem to the 4th phase of where we are at with the Cardano roadmap. Most of the changes come from the CIP (Cardano Improvement Proposal) process which is neat to see as these changes can be known and discussed publicly by everyone in the community. The three main CIPS being added are:
- CIP-31 = reference inputs
Allows outputs of UTXOs to be looked at without spending them, this will vastly improve oracle capabilities on Cardano;
Reduces the size of transactions, thus reducing fees as well;
- CIP-33 = reference scripts
Instead of a script being included and consumed in each transaction it can be referenced which removes redundancy and increases throughput for dapp developers.
For these changes, the Cardano ledger needs to be upgraded but uptime and performance need to be maintained, and that is where the HFC comes in. Picture the HFC like a lazy river, it ensures a smooth experience no matter when and where you get in the water. Other hard forks can be seen as a winding river that could potentially separate into two different streams (Ethereum & Ethereum Classic). Vasil is seen as “Plutus 2.0” and many projects building on Cardano are excited for its release. More in-depth information can be found here.
Besides running the stake pool, are you working on any other projects? Tell us more.
Yes, for starters I am a core contributor for Freeloaderz. At the base level Freeloaderz is a way for Stake Pools (or anyone running a full node) to provide infrastructure to help spread the distribution of transactions on-chain but we are doing more including a token distribution platform.
Other than that my main focus is ‘Woolly Map’ which aims to be a spot for anyone of any experience level to get their hands dirty within the Cardano ecosystem. This includes an event app that will highlight when certain events are happening, from a Twitter Space to a mainnet launch as well as a job board to help enable ideas to grow. The goal of the site is to provide as much value to people that post on there to make it a robust community hub. For example, if you are an SPO who lists your pool people will be able to delegate directly from the site.
We have three Catalyst proposals:
Thank you kindly for your time. Any additional comments? How can people contact you?
Many thanks to Patryk for being featured! It has been an amazing journey in the Cardano community from knowing no one to now being connected with so many motivated and friendly people. I am always willing to chat and connect so feel free to contact me at @HedgesPool or @WoollyMap on Twitter.
Disclaimer: The opinions and views of the SPOs are their own and do not necessarily reflect those of the Cardano Foundation or IOG.
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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