Cardano
Why More Networks Should Imitate Cardano When It Comes To Writing And Shipping Code
The crypto space is developing at an accelerated rate as projects such as Cardano continue to ship out impressive code. This fast-paced innovation has no doubt hit a few bumps in the road in terms of what is being shipped out to the community and how safe it is for investors.
Recently, a video from 2021 surfaced of Solana founders making fun of the fact that Cardano is very strict about the code which they write and ship out to the community. With so many problems such as the ones being faced by the Solana network, is this really a bad thing?
Building Out Code For Safety
If there’s one thing that Cardano is known for, it’s that all of its code is carefully written before being made available for the general public to use. This is in no way a point against the network given the amount of exploitation that is carried out on a daily basis in the crypto space. This is why the video of a Solana founder mocking the Cardano process has drawn the ire of the DeFi community, who have already voiced their displeasure with Solana’s performance.
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For comparison, while Cardano has been running non-stop for five years, the Solana network continues to experience multiple downtimes. In the space of the last month alone, Solana has experienced a total blackout two times that have left users unable to transact on the network. This is no surprise given the founders’ trial and error stance when it comes to shipping out code. However, they are never the victims of these outages as investors are always left to suffer the losses.
Given this, it is imperative to applaud networks such as Cardano who take out the time to actually make sure their code is safe before shipping out. Sure, the network is not perfect (there’s no such thing), but the continuous commitment to ensuring investors’ safety has been the bedrock of the blockchain and why it has developed such a cult-like following of loyal users.
Cardano founder highlights this in a response to the video which had resurfaced online;
So the primary criticism is that Cardano writes software carefully when billions of dollars are at stake from millions of users and thousands of businesses rely upon the infrastructure for their livelihood? I’d love to see these guys build a hospital. https://t.co/xjAmF7HPiu
— Charles Hoskinson (@IOHK_Charles) June 2, 2022
Good Things Coming For Cardano
Cardano continues to build out its network for a better experience for its users. Charles Hoskinson has teased that some amazing things will be coming out soon. Mainly, it is around the Input Endorsers which have been in development for a while.
Just got off a research call. I think everyone will be pleased about some genuinely amazing things coming together for Input Endorsers. We’ll have a video at Consensus on it
— Charles Hoskinson (@IOHK_Charles) June 2, 2022
These Input Endorsers enable the network to work faster by splitting a single block into two. Scheduled to go into effect after the Vasil Hard Fork, one half of the split block will be used as a consensus block and the other to hold transaction data. This will further accelerate the speed of the already lightning-fast network, making sending and receiving transactions a more seamless process, as explained by IOG’s Direction of Cardano Architecture, John Woods.
“If we decompose it, we split the block into two. So, we no longer have a single block on the network, but we now have two blocks. And we use one block to hold transactions and another block to achieve consensus.”
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With the upgrade coming, the price of ADA is expected to respond positively to the news. If this is the case, then it may trigger a recovery towards $1 for the digital asset.
Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
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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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