The current global heat wave has prompted all kinds of talk about a climate emergency. This is potentially big news not just for industries that have been directly linked to climate change — such as the oil and gas industry — but also for industries only tangentially related, such as crypto. After all, crypto has been coming under increasing scrutiny by regulators for its energy consumption habits. As a result, it’s time to think about climate-proofing your crypto portfolio.
The best place to start is with a green, eco-friendly cryptocurrency like Cardano (ADA -4.88%), which also happens to be one of the top 10 cryptocurrencies in the world by market capitalization. Even before the latest debate about climate ever started, it prided itself on its eco-friendly blockchain and commitment to sustainability. As a result, Cardano is uniquely positioned to withstand a climate emergency.
A new kind of regulatory risk
The crypto industry has always functioned under a high degree of regulatory risk. But now it’s facing a new one. What happens, for example, if regulatory agencies and other government authorities start enacting climate-related executive orders to regulate, restrict, or limit certain industries? In mid-July, for example, the European Central Bank (ECB) warned that it might place a ban on Bitcoin (BTC -3.51%) mining as part of a broader crackdown on fossil fuels. It might also introduce carbon taxes on crypto transactions. The ECB compared Bitcoin to a “fossil fuel car,” primarily based on Bitcoin’s well-known energy consumption problem.
As a result, the race is now on to prove one’s green credentials and avoid the wrath of the government bureaucracy. Bitcoin miners, for example, are now struggling to prove that they don’t rely on fossil fuels for their energy. They certainly don’t want regulators thinking that Bitcoin mining has anything to do with traditional coal mining! And some cryptocurrencies are now making “green blockchain” a core part of their marketing outreach efforts. Algorand, for example, now claims to have a carbon-negative blockchain.
Cardano is eco-friendly
By nearly any yardstick, Cardano is one of the most eco-friendly, environmentally sustainable cryptocurrencies in existence. In contrast to Bitcoin, which uses proof of work to solve complex math problems and receive new coins, Cardano is proof of stake, in which users pledge their coins for the right to validate transactions and earn more coins. And that makes all the difference. Because Cardano does not rely on energy-intensive mining that uses thousands of powerful computers, that immediately reduces its carbon footprint. In fact, some Cardano backers say that it is now 37,500 times more energy efficient than Bitcoin.
As the ECB acknowledged when it was talking about banning Bitcoin, pure proof-of-stake blockchains like Cardano are the “electric vehicles” of the crypto world. The same governments that want to encourage you to buy electric cars will also want you to buy eco-friendly cryptocurrencies. That argument is going to go a long way for cryptocurrencies like Cardano that can prove their green credentials.
Cardano vs. the government regulator
Finally, one of the co-founders of Cardano, Charles Hoskinson, is one of the best-known voices advocating for the crypto industry in Washington, D.C., right now. He knows exactly how the regulatory game is played, which is something that could prove vital if the climate emergency narrative intensifies and the Biden White House starts passing a number of executive orders. This summer, media outlets praised Hoskinson after his testimony in front of Congress, in which he eloquently argued for a more rational approach to crypto regulation. This is the type of person you want making the case against regulatory overreach.
Cardano and the green crypto future
All in all, Cardano is one of the best plays out there if you are looking to climate-proof your crypto portfolio. Its blockchain is pure proof of stake and very energy efficient, and thus, very green. Other smaller cryptos may play up their green credentials, but Cardano is one of the biggest Layer 1 blockchains out there, with a total market capitalization of over $16 billion, making it a key building block of the green crypto future.
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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