A big forking dealIt’s ‘major upgrade’ szn for blockchains as Cardano’s Vasil digs into the trend with its Vasil hardfork while investors are still digesting the Merge.
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An institutional inflows rushCardano looks poised to become a thorn in the side of Bitcoin as its popularity with institutional investors grows.
- Institutional investor bets on Cardano-based products quadrupled last week, coinciding with the rapidly rising popularity of shorting Bitcoin. BTC-related investment products saw outflows of $13m last week while those of ADA saw inflows of $400k… is the layer 1 chain stealing Bitcoin’s thunder?
- ADA followed wider price-drops in May, but the network’s usage is growing. The chain has seen a pretty massive 368% increase in daily on-chain transactions YTD, which has prolly got something to do with the steadily growing number dApps on the ecosystem.
- The chain might have even more good news around the corner. Its long awaited Vasil Hard Fork will reportedly lower fees and increase transaction speeds, and is expected to go live September 22. Altho, it's safe to say the eyes of most investors will be glued to the Ethereum Merge which is expected to go live tomorrow. Stay tuned for more on that.
You only hard fork onceCardano has an exciting day of testnet success that only partially manages to divert attention from a recent disaster.
- Cardano’s Vasil hard fork is almost ready to happen after multiple delays. This week, a new public testnet called “YoloNet” met the 75% threshold, basically confirming a successful hard fork for Vasil – there will be another pre-production test and then the full Vasil upgrade will happen on the main net some time in mid-September.
- It comes in the midst of a publicity problem for the blockchain that saw one of its testnet failures get leaked and cause crypto Twitter to erupt into speculation over what’s going on. Despite founder Charles Hoskinson getting up on YouTube and explaining it was actually a v small deal, it has contributed to a fair amount of FUD for Cardano.
- Its native ADA token has yet to recover from last week’s crypto sell off, which saw the token’s price plummet 19% for its worst week since May, now trading only a few cents away from an all-time low. Another delay to the hard fork could make things a whole lot worse tho so hopefully this isn’t another false alarm.
Devs just love CardanoIn spite of all the recent attention afforded to its rival Ethereum, Cardano is apparently leading the way in development activity.
- Cardano is comfortably leading development activity rn, at least according to market intel platform Santiment. The platform uses the metric of Development Activity which tracks the number of GitHub events that the project organization generated. This is seen as a more intimate way of tracking development, focusing on the number of code pushes and issue interactions.
- High-scoring Dev Activity suggests a project is trying to BeReal about its business and vision, according to Santiment. They list three takings: a) the project is pretty serious, b) the project will ship new features in the future, and c) it’s less likely to be just an exit scam.
- ADA is up 9% this week, still wavering around the $0.50 as investors speculate whether or not the upcoming Vasil hardfork will up the network’s game enough to compete with Ethereum. Because while Cardano is clearly popular with developers, it has yet to match the dominance Ethereum has in the altcoin space.
🧑💻 $ADA, $DOT, $KSM, $ETH, and $MIOTA lead in development activity here in July. Measuring #github activity goes beyond just quantity of submissions. We measure via code pushes, issue interactions, & more: https://medium.com/santiment/tracking-github-activity-of-crypto-projects-introducing-a-better-approach-9fb1af3f1c32
Full data screener here: https://app.santiment.net/screener/my-screener-2583?charts=%7B%22isPriceChartActive%22%3Afalse%2C%22isPriceTreeMap%22%3Afalse%2C%22isVolumeTreeMap%22%3Afalse%2C%22isMovement%22%3Afalse%2C%22priceBarChart%22%3A%7B%22interval%22%3A%2224h%22%7D%2C%22socialVolumeTreeMap%22%3A%7B%22interval%22%3A%2224h%22%7D%2C%22priceTreeMap%22%3A%7B%22interval%22%3A%2224h%22%7D%7D
Cardano bundles upIt seems the crypto winter is upon us – now the question is: whose coat is warm enough to make it to the other side?
- ADA has dropped 7% this week, serving somewhat as a silver lining for Cardano fans considering Bitcoin has already dropped 24% in that time, while Ethereum has tanked 29%. As alt coins usually perform particularly badly against the front runners during bear markets, ADA seems like a bit of an outlier atm.
- In the last month, ADA has gained 38% on ETH and 14% on BTC. XRP has also proven its strength against market leaders in the last month, up 34%.
- Cardano has a major hard fork at the end of June, so ADA holding a fairly solid line recently may have something to do with investors looking to get in before the launch. Called the “Vasil” hardfork, it’s set to make the Cardano blockchain quicker and more scalable.
Dishing out gainsCardano gets a satellite to orbit its ecosystem, helping native token ADA continue its green week.
- Satellite TV big-shot DISH Network is building on Cardano, with plans to offer its clients a platform to earn loyalty-based tokens through minting them on the crypto’s blockchain. It also aims to create a decentralized application to identify its users.
- Is blockchain tech gonna emerge in telecommunications? DISH clearly thinks so – the creation of these tokens is just the first step. Ultimately, the satellite company hopes for it to become part of the larger “CRONUS project” – AKA Input Output and DISH’s combined effort to make blockchain tech a central part of DISH’s ecosystem.
- ADA is up over 15% this week and was one of the only cryptos in the green on Wednesday. Input Output (they develop Cardano) announced on Monday that 1k new projects were building on the network, with NFT-related projects top of the list. It seems these projects are flooding into the ecosystem to get in before the Vasil hard fork later this month.
A fork in the road for investorsCardano, infamous for its delays, is on course to release its hard fork on time - and whales are getting inb4 the hype.
- Rejoice, Cardano fans – Vasil is on schedule to launch on June 29, with parent company Input Output confident a hard fork of its testnet should go live before the end of May. On a side note, this also means it’s likely to launch before Ethereum’s highly anticipated merge.
- Amid the news, whale transactions have hit a four-month high. Despite ADA falling to a pretty ugly $0.50, on-chain data showed whale addresses with 1 to 10m ADA have been stockpiling almost 200m additional ADA in the last five weeks, with a big spike in whale transactions coming as the token hit new lows.
- Off the back of its hard fork, Cardano will be hoping for an influx of adoption that will increase liquidity on the network. Plutus (Cardano’s smart contract platform) will be getting a serious upgrade, allowing for greater speed and scalability for projects wanting to build on the blockchain.
The Djed-i OrderCardano wants to add a stablecoin of its own to the ranks, stepping up training for up its Djed token in preparation for the task.
- Cardano has hopped on the stablecoin bandwagon with its Djed token, which went to testnet on Wednesday, getting ADA fans excited that soon they’ll have a dollar-pegged coin to use on its DeFi space. The stablecoin will be powered by COTI, a well-integrated FinTech company on the Cardano network.
- Djed – or DJ-Ed (we don’t know) – is an algorithmic stablecoin, similar to Tron’s recent USDD release. The algorithmic mechanism will be deployed using smart contracts to maintain its dollar peg and will be backed with both ADA and a separate reserve coin ‘Shen’ to ensure stability.
- ADA pumped 16.5% on Wednesday after the news dropped, while managing to carry its sista COTI up 15% too – though there are prolly larger factors helping push the token up too, like rate hikes. Cardano founder Charles Hoskinson even made an appearance on Fox Business earlier this week, spreading the word of the crypto’s “tremendous growth”.
I like big blocks and I cannot lieCardano continues to be the hard worker on the block, supercharging its network speed with a new upgrade.
- Block sizes have increased by 10% on Cardano’s network. Don’t jump out of your seats just yet – we need to explain what that means first. In ELI5 terms, it’ll mean more transactions on the network can be squeezed into every block written on the blockchain, making the whole process a lot faster and efficient.
- Investors will see this as good news, especially for the network’s muscle. Throughputs (transactions-per-sec) and the general performance of dApps will improve, encouraging more volume and liquidity on top of what it handles currently.
- ADA was down almost 8% on Tuesday, even with those bigger blocks, but Cardano fans are prolly hoping for better days with the network’s Vasil hard fork on the way. It’ll increase throughputs further and improve the performance, encouraging a wider range of DeFi apps into the ecosystem.
Getting ready for the Vasil hard forkCardano seems to be enjoying the smart contract boom, with 400 new projects flooding into its ecosystem to get on the Vasil upgrade hype.
- Smart contracts were officially launched in Sept 2021 after the Alonzo hard fork, and the Cardano ecosystem now boasts over 900 projects on its network. With the Vasil hard fork set for Q2, the crypto has seen a lot of projects join the blockchain to be inb4 the forkin’.
- Vasil is set to build on Alonzo’s hard work. This latest upgrade to the mainnet hopes to make it even easier for dApps, smart contracts, and DEXs to scale onto the Cardano network. IOHK (the parent company of Cardano) also announced improvements to ‘pipelining’ – which, simply put, means speedier transactions via better throughputs.
- ADA crept up 1.6% on Tuesday. Anticipation for the Alonzo hard fork saw a two-month bull run starting in July that sent the price of ADA up 190%, reaching a new ATH of $3.10. Vasil is set to launch on June 29, and something tells us investors will want a repeat of last year.
Blockchain polishes its shoes for schoolThe Cardano Foundation (TCF) gets out the textbooks as it links up with the University of Zurich to build the network to the top of the class.
- TCF is partnering with the Blockchain Center of the University of Zurich to develop the Cardano blockchain. The pair will collab on homework that will look to bring about the adoption of Cardano-based tech and study economic activities on the network.
- It’s not the first time Cardano has put its head down. It’s one of the most peer-assessed in the game – only last year the network announced a deal in Ethiopia that plans to give digital identity to five million teachers and students.
- However, Cardano’s native token ADA was in detention with the rest of crypto on Wednesday, falling 10%. It’s not all doom and gloom though – the number of Cardano wallets grew an impressive 500k since January, now over the 3m mark.
It was (not) a pleasure to burnAmid the Shiba Inu burning frenzy, Cardano founder Charles Hoskinson responds to the proposition of throwing ADA on the fire.
🔍 Key points:
- Cardano users won’t be seeing any mass burnings any time soon. In response to more rumors of an ADA burn-fest, Hoskinson surfaced from his weekend slumber to tell advocates to “sit on a rock, look at the sunset, and contemplate your existence”. Well, if we’ve ever seen a putdown…
- Why burn when you can earn? Burning mechanisms send tokens into dead wallets, thus increasing the value by lowering the circulating supply. Hoskinson, however, sees it simply as ‘destroying money.’ Instead, Cardano offers staking platforms for users to earn interest, but as the old adage goes: to destroy is easier than to create.
- ADA is looking pretty flameproof in the market currently, rising a modest 5% over the weekend. The token has seen some degree of recovery since the pretty chilly low of $0.78 in March, pumping 53% to its favorite $1.20 range – could Snoop Dogg's latest NFT deal with the blockchain be helping the token feel Young, Wild & Free?
Wave hello to some new fundingCardano’s been on somewhat of a bull run recently as institutional investors stake their claim, and Wave Financial reckons it’s worth investing in.
🔍 Key points:
- Institutional investment in Cardano has been popping off. The network has seen a 50x increase in its large transaction volume in 2022 so far, while total addresses have risen from 3.5m to 5m.
- Wave Financial wants to get in on the fun. The software company has just launched a $100m Yield Fund that’s designed to offer liquidity to platforms launched on the Cardano ecosystem.
- The token recently reclaimed the $1 mark and is up 25% in March for its first month in the green since August last year. Some of the attention can probs be attributed to its Vasil Hard Fork in June – the crypto has rallied significantly following its last three hard forks.
Coinbase raises the stakesCoinbase gives Cardano staking its blessing, making it easier for the retail traders to pile into the blockchain.
🔍 Key points:
- Cardano’s native token ADA is up over 30% for the week as it breaks a months-long downtrend, boosted largely by Wednesday’s Coinbase-induced gains of nearly 14%.
- Coinbase has added support for ADA staking rewards on the platform as it works towards building its staking portfolio, pointing to Cardano’s "flexible, sustainable, and scalable" blockchain design as reason for its choice.
- Cardano got another boost of confidence from Grayscale earlier this week. The investment company unveiled its “Smart Contract Platform ex Ethereum Fund” on Tuesday to give people access to the best smart contract tech out there, and Cardano is one of the 7 included.
Cardano sees some transaction actionIt appears that transaction volume on the Cardano blockchain is booming as crypto makes a slender recovery.
- Cardano’s daily transaction volume has surged to $17.04bn in the last 24 hours, flying past Ethereum’s (ETHUSD) daily activity to trail only Bitcoin (BTCUSD).
- The launch of the SundaeSwap DEX on the Cardano blockchain has meant that February has seen an explosion in on-chain activity, with transaction volume hitting highs of $31bn on Saturday – on the downside though, the launch has also caused crazy congestion on the network.
- Its native token was on the up and up yesterday too, along with the broader crypto market, after starting the week on a negative note. Cardano lifted 3.6% on Tuesday, Bitcoin bumped up 3.2%, and Ethereum gained 2.7% – all three are gaining in Wednesday morning along wth other tokens after $400bn was wiped off the crypto market cap in the last week.
A melting SundaeSwapCardano sees its first decentralized crypto exchange launch, but SundaeSwap’s debut tastes a lot like Rocky Road.
- The network tumbled 11% on Friday, marking its worst week since May after declining over 20% amid a crypto market sell-off.
- SundaeSwap went live on Thursday as the first DEX on the Cardano platform, but people complained that their transactions were failing and they weren’t getting the Sundae tokens they swapped for. It wasn’t actually SundaeSwap’s fault though…
- The backlash was for Cardano. It was inundated with transactions, but apparently the network couldn’t handle the volume and came to something of a halt – it faced similar issues when Miniswap tried (and failed) to launch in September.
A not-so-lazy SundaeCardano gains some weight after indulging in a hot SundaeSwap this weekend.
- Its token ballooned 24% over Sunday and Monday, erasing any of the losses it has endured this year in the face of a wider crypto sell-off.
- Momentum is building for the launch of SundaeSwap on Thursday, which will represent the first DeFi exchange on the Cardano blockchain and will boost its wider utility.
- Some say Cardano is a better bet than Bitcoin (BTCUSD) or Ethereum (ETHUSD) at the moment after it has outperformed the OGs for most of this year and is seeing its transaction volume come close to topping Ethereum.
Cardano makes the most of the MetaverseCardano leads the large cap crypto gains as investors cheer on its new Metaverse project.
- The crypto rallied over 8% on Sunday to end the week up 20%, continuing the upward march into Monday with gains of 10% in early trading. Terra (LUNAUSD) and Binance Coin (BNBUSD) joined in the fun with weekly gains of 17% and 14% respectively.
- The Metaverse has arrived on Cardano after gaming NFT application Pavia launched on the network last week.
- It’s hot on the heels of projects like Decentraland (MANAUSD) and Sandbox (SANDUSD), which have found huge success in the virtual land space and seen parabolic gains recently.
"Why the price of Ethereum rival Cardano is suddenly soaring"
Mentions http://Pavia.io Eyes One thing is for sure, as a #metaverse project we have seen a huge increase recently from the wider crypto-space and beyond.
Sampling a Cardano SundaeThe company behind Cardano is serving users a sweet SundaeSwap after weeks of waiting for the decentralized exchange (DEX).
- SundaeSwap has launched its DEX on Cardano as a public testnet. It’s one of the first Cardano dApps to be ready for public use, and Cardano has had some backlash for taking so long to get to it.
- SundaeSwap should help with the scaling issues Cardano users have been suffering since it launched smart contracts with the Alonzo upgrade in September.
- Prices stayed steady for the launch over the weekend, possibly waiting to celebrate after seeing a first DEX attempt from Miniswap fail so swiftly in September.
Talk of the townCardano bucks the crypto downturn after De-Fi platform MELD shines a light on the token.
- The token was up 11% on Thursday as one of only a few top tokens to end the day in the green.
- MELD raised over $1bn in staked Cardano in the first ever initial stake pool offering (ISPO). It’s basically a new funding technique for early adopters to support blockchain start-ups.
- There’s regulatory trouble brewing though. Trading platform eToro has just de-listed Cardano on fears that it’ll be the SEC’s next target.