Recently, Tim Harrison, Vice President Community & Ecosystem at Input Output Global (“IOG”), the company responsible for Cardano’s research and development, told the Cardano community what benefits they could expect from the hotly-anticipated Vasil upgrade (aka “Vasil hard fork” and “Vasil Hard Fork Combinator event”) to deliver.
Why Is Cardano’s Next Major Upgrade Named ‘Vasil’?
On 10 December 2021, IOG Co-Founder and CEO Charles Hoskinson explained that he was going to honour his Bulgarian friend and Cardano ambassador Vasil Stoyanov Davov — who sadly passed away in his apartment in Plovdiv, Bulgaria on 3 December 2021 “after a long combat with pulmonary embolism” — by naming the next hard fork after him. Vasil was an artist, entrepreneur, blockchain consultant, Haskell practioneer, and ginkgologist. Furthermore, it would not be an exaggeration to say that he was a highly beloved and respected member of the Cardano community.
Then, on June 6, IOG paid further tribute to Vasil by releasing a beautiful short video in which Harrison talked about Vasil’s legacy.
What Can the Cardano Community Expect From the Vasil Upgrade?
In a blog post published on February 28, IOG explained what changes we could expect to see in the June (which later got delayed to July, of course) and October hard fork events:
“Our February release is just the start. Throughout 2022 – and focused around June and October hard fork combinator (HFC) events – we will introduce an array of scaling enhancements. These include key elements of our scaling plan like pipelining, new Plutus CIPs, UTXO on-disk storage and Hydra. In combination with parameter adjustments, these features will enhance Cardano’s throughput and optimize the system to accommodate an increasing range of decentralized finance (DeFi) apps, smart contracts, and DEXs.
“Plus as outlined in our recent Cardano360 February show, IOG is working across a host of new products and features, from a DApp store and a new light wallet product, to Mithril fast sync solution and sidechains. All the while an incredible community contributes new DApps, services, sites, tools and APIs to keep building out a flourishing decentralized ecosystem.“
On March 12, The IOG CEO said that there are many Cardano DeFi apps that are waiting for Vasil hard fork combinator (HFC) event, which is expected to take place in June, and once that happens, we should see an even more impressive growth in Cardano’s TVL.
On June 20, Nigel Hemsley, Head of Delivery & Projects at IOG, published a blog post titled “Vasil upgrade – the state of play”.
“The IOG engineering team is extremely close to finalizing the core work, with just seven bugs still outstanding to complete the hard fork work, with none currently ranked as ‘severe’. After some consideration, we have agreed NOT to send the hard fork update proposal to the testnet today to allow more time for testing…
“To date, we’ve managed to get through the majority (approx 95%) of our Plutus V2 test scripts. However, we still have a few outstanding items that we need to run to confirm everything is working as expected. We have determined we’ll need a few more days for this. This puts us behind schedule on our previously communicated target date of June 29 for a mainnet hard fork…
“Today, IOG and the Cardano Foundation have agreed a new target date to hard fork the testnet at the end of June. Once completed, we will then allow four weeks for exchanges and SPOs to carry out any required integration and testing work. This is only reasonable and should not be rushed. The working assumption should therefore now be a Cardano mainnet hard fork occurring during the last week of July.“
A short time afterwards, the IOG CEO made a 15-minute video to share his thoughts on the Vasil upgrade delay.
“We’re pretty close to the target. We’re code complete, 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) is that I gave a directive to a lot of engineers to say we should probably measure three times and cut once given the nature of things.
“And so, additional tests were added in the Plutus suite and additional work was done for QA above and beyond what we normally do for hard forks. So, that was one dimension of the puzzle that made it more complicated.
“The other dimension of the puzzle was that after Consensus we did have an enormous amount of contact with dApp developers and other people, and there was a desire to be a bit more inclusive in the QA process and the testing process. A lot of them said ‘hey, we need several weeks on testnet to be able to play around with these things’. And 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 CIPs are basically there 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 testnet runs Vasil so that people who are building dAps on Cardano can deploy those dApps… We don’t anticipate that this July date is going to in any way impact the actual rollout of all the dApps have been waiting for Vasil because now they have a testing environment to do that...
“July is not too far off, you know, and all things considered, it’s kind of in an acceptable zone in my view. It’s a little frustrating because I really wanted to make sure that we got something in June, but getting it on the testnet I think is good enough for the developers because they’re the primary constituent here, and that’s not going to slow down ecosystem growth.“
On July 4, Harrison published a blog post in which he talked “the significant performance and capability enhancements to Cardano” that the Vasil upgrade (which he called “the most significant network upgrade since the deployment of staking via Shelley“) — expected to go live on the Cardano mainnet at the end of July — will deliver.
“As well as bringing improvements to smart contracts, the upgrade is part of the Basho phase of the Cardano roadmap, which focuses on scaling and network & ledger optimization and will bring multiple improvements to the ledger. Vasil will be deployed at the protocol level using Cardano’s hard-fork combinator (HFC) – innovative technology which enacts seamless protocol transitions and ledger upgrades minimizing disruption for end-users…
“The upgrade… will implement widely anticipated features such as diffusion pipelining and upgrades to Plutus – Cardano’s core smart contract language. Many of the improvements have been scoped and developed with the support of the wider development community and stem from Cardano Improvement Proposals (CIPs). Additionally, a number of new cryptographic primitives will be provided, and script validation processes will further see adjustments and optimizations contributing to consistency in block propagation times and higher transaction processing rates.“
With regard to diffusion pipelining, he had this to say:
“In essence, it streamlines the process of sharing information about newly created blocks among network participants by ensuring that blocks can be shared (propagated) in the network well within five seconds after their creation. For this, diffusion pipelining propagates blocks before their full validation, thus ‘overlapping’ the time spent on diffusion with the time needed on validation.
“Pipelining also ensures that the block header referencing the hash of a previous block is propagated correctly. The body of the block is retained within the metadata included in the next block, which is essential for DDoS attack resistance even without full block confirmation. Ultimately, diffusion pipelining will add scalability by enabling further block size increases and Plutus script improvements, as IOG continues to optimize the network throughout the rest of the year.“
Harrison then went to talk about Plutus script enhancements as well miscellaneous other important enhancements, such as Script collateral adjustment (CIP-40).
When asked about the Vasil upgrade, which is expected to go live on the Cardano mainnet by the end of this month, Coutts had this to say:
“We’re thrilled about the Vasil upgrade, and we hard forked the Cardano Testnet on Monday this week in preparation.
“Although ‘hard fork’ is probably a misleading term when talking about how we do updates. IOG’s unique hard fork combinator means Cardano continues through the hard fork without a “break”, and that there’s no need to stop block production – this ensures smooth upgrades to the network. There’s no core network disruption. It’s a rather special piece of technology.
“The Basho era of the Cardano roadmap is all about optimizing and scaling Cardano to better support Defi applications and facilitate growth and adoption, and the Vasil enhancements are a key element. With over 1000 projects building on Cardano and counting, and over five million native tokens created on the blockchain, we want to make sure we’re preparing for Cardano’s growth appropriately. The improvements that Vasil is making to Cardano’s scalability are a critical part of preparing for continuing growth.
“A key scalability-focused element of Vasil will be the introduction of ‘diffusion pipelining’. This will allow for continued network tuning and optimisation, including an increase in block size, ensuring we’re scaling Cardano as much as possible. The hard fork on the testnet is a key step towards the fork on the mainnet, and we’re keeping the community updated on our progress as we work towards that milestone.”
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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