EMURGO’s Adaverse Invests in DeFi Platform Stakefair to Build on Cardano
Adaverse, a Cardano ecosystem accelerator founded to boost the development of Web3-based solutions in Africa, has unveiled its participation in a fundraising round for Stakefair, a Decentralised Finance (DeFi) staking platform building an ecosystem of gaming products with digital assets on Cardano, the largest environmentally-sustainable and proof-of-stake blockchain. The recently concluded seed fund round aggregated prominent investors including EMURGO Africa, Adaverse, Timi Ajiboye, Tomiwa Olaosebikan, Peter Kisadha, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, and Echo VC Chain.
Adaverse was launched in September 2021 as a joint venture partnership between one of EMURGO’s investment arms, EMURGO Africa and Everest Ventures, to identify and provide valuable support resources to promising African founders building the next wave of Web3 dApps in DeFi, NFTs, gaming, metaverse, and more on Cardano’s third-generation blockchain.
What is Stakefair
Stakefair is a DeFi staking platform bridging the gap between blockchain and real-life experiences for predictive wins. Stakefair allows users to bet on the outcome of sports matches and other real-world events and also have a chance to earn money by staking digital currency. Users predict the outcome of events and stake on a particular outcome. If the prediction is wrong, users get their original stakes back. If the prediction is right, the payout is calculated based on the amount they staked, the total odds carried, and the day of the week they staked. Having seen an upsurge in the sports betting industry, Stakefair harnesses Web3 and DeFi tools to maximize data for bettors on the continent.
Founded in 2021 as BetDemand by Akinyemi Akindele, Stakefair has evolved beyond sports betting and intends to revolutionize predictive games on the African continent and beyond. Having completed its first seed round, Stakefair has transitioned to its mainnet that will offer a bouquet of Web3 products accessible to both B2C and B2B enterprises, including a Metaverse collection, a stand-alone aggregator, and DeFi infrastructure for Dapp protocols which will be launched on Cardano’s third-generation blockchain.
Cardano’s environmentally-sustainable smart contract platform with fast and deterministic fees allows Stakefair to build its gaming engine and provide quick settlement of events on Cardano’s blockchain. It also allows Stakefair to bring its lending and borrowing platform to Cardano’s expanding Web3 ecosystem and large global community. The mentors and resources that EMURGO Africa and Adaverse provide to build on Cardano is also a strategic advantage.
In the race to make DeFi more relatable for the end-user, especially in the sports betting space, Stakefair is exemplifying the true spirit of accessibility that Web3 infrastructures aim to achieve.
Sports betting is a continent-wide phenomenon in Africa with Nigeria, Stakefair’s prime target represents the largest betting market in sub-Saharan Africa, and comfortably accounts for 7% of the continent total betting shares and over $2 billion a year on betting.
In 2022, the global sports betting market is expected to reach $99.20 billion and is forecasted to grow to $350 billion by 2024. Despite the immense size, popularity, and potential of the sports betting market, it has been characterized by incumbents charging high fees and delivering minimal product innovation. Stakefair is setting a new standard on trust in betting, having attracted over 6,000 users from Africa, Europe, and North America, and recorded over $800,000 in stakes since its launch.
Shogo Ishida, co-CEO for the Middle East & Africa at EMURGO Africa, lauded the Stakefair initiative and commented, “Seeing the impact of sports betting on the African continent and the continued rise across the planet, an extraordinary Web3 solution that bridges the gap between financial responsibility by reducing risk while maintaining the thrill of betting is a venture we are pleased to support to scale”.
L – R; Blessing Emah(Blockchain engineer), Akinyemi Akindele (Founder and CEO), Popoola Peace(Growth lead), and Isewon Todimu(Blockchain Engineer)
Founder and CEO of Stakefair, Akinyemi Akindele said “Our mission is to onboard the next 1 billion users into DeFi and we are excited to have Adaverse with us on this journey. Stakefair is building much more than the B2C DeFi gaming products. We have also built the DeFi infrastructure that allows other developers to build DeFi apps like ours for use cases such as no-loss staking, treasury management, yield aggregation, wallets and market-making”.
“Stakefair is demystifying DeFi with a much-needed GameFi infrastructure that financially empowers both retail and enterprise users. Africa is fertile for such products that are risk-insured and Adaverse will support Stakefair as it develops its next phase with tools on Cardano’s environmentally-sustainable blockchain”, said Vincent Li, founding partner at Adaverse.
Adaverse is a catalyst for the Cardano ecosystem in Africa dedicated to invest, mentor and provide tech support for organically grown startups building the next wave of Web3 decentralized applications including NFTs, DeFi, and others on Cardano’s third-generation blockchain.
Since its launch in 2021, through a joint venture partnership between EMURGO Africa and Everest Ventures, Adaverse has concluded strategic investment in thirteen (13) crypto-native startups and aims to support more promising game-changing solutions in the African ecosystem.
Adaverse is open to applications from founders all year round. Apply for funding here.
For more information visit the Stakefair website.
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.
At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.
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 –