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Cardano’s Next Wave: Charles Hoskinson Hints It’s Coming This Month

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Charles Hoskinson, CEO of Cardano, teased Cardano’s “next wave” on Twitter.

The American businessman is undoubtedly alluding to the impending Vasil hard fork, which is anticipated to go live later this month.

Cardano’s IOHK posted on social media that the Vasil hard fork (epoch 215) upgrade has begun on the testnet on July 3 at 20:20 UTC. The Vasil Mainnet launch will come after this one and is anticipated to happen by the end of July 2022.

IOHK initiated the countdown for the Vasil mainnet update after submitting a new proposal to a hard fork, during the final week of June.

The Vasil hard fork will bring new functionalities to Cardano

Sebastien Guillemot, CTO and co-founder of blockchain-based product startup dcSpark, outlined how the execution of the much-awaited upgrade would make it possible to transfer new varieties of tokens from Ethereum to Cardano.

Stablecoins, non-custodial tokens, and stateful tokens were particularly mentioned by Guillemot in his tweet.

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Cardano’s Next Wave: Charles Hoskinson Hints It's Coming This Month 2

The aforementioned token types will be implemented at the protocol level; however, it will take “some time” for the tools to be developed.

One of the greatest and most anticipated changes to the ecosystem ever will be the enormous Vasil upgrade. ADA blockchain will get a number of significant Improvement Proposals (CIPs) with the upgrade that are intended to improve the network’s overall speed and throughput.

Smaller adjustments will improve Ada’s network and make it even more developer-friendly, which is a crucial development for the industry’s most actively developed network.

Decentralized Cardano apps are anticipated to improve in usability and efficiency. It is also anticipated that onboarding apps now under development would become easier.

Cardano’s Vasil Fork Is Successfully Deployed On Testnet; What’s Next

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The Cardano’s Vasil Upgrade is now live on the testnet, IOG noted while calling on stake pool operators [SPO] developers and exchanges to commence their final testing and integration processes before the mainnet hard fork in 4 weeks.

“The teams at @cardanostiftung & IOG will be working closely with exchanges and DApp/tool developers throughout this process. As soon as we are confident ecosystem partners are comfortable & ready, we’ll submit an updated proposal to upgrade the mainnet to Vasil,” the tweet read.

Once integrated on the mainnet, the new upgrade is designed to allow faster block creation and greater scalability for decentralized apps [dapps] running on Cardano.

The upgrade is widely anticipated by both developers and investors of Cardano. Since integrating smart contracts, the network has seen explosive growth in activity.

Developers rely on smart contracts to build decentralized applications like DEXs, NFTs, or other yield farming platforms.

These new dApps will likely bring more users and developers onto the blockchain. Before smart contracts, DeFi’s uses on Cardano were comparatively low, unlike its bigger rival Ethereum.

However, Ethereum became notorious for its exorbitant high fees. This is because the addition of smart contracts creates more congestion and traffic lowering the network speed and increasing transaction cost.

Cardano’s Diffusion Pipelining To Increase The Transaction Throughput

The new Vasil hard fork is an attempt to mitigate the increased congestion. To achieve the same, Cardano came up with a solution called Diffusion Pipelining.

“Vasil improvements include higher throughput through diffusion pipelining to a better developer experience via much-improved script performance & efficiency [plus lower costs].”

Earlier, validators must adhere to some specific steps in order to complete the block verification process as Cardano uses a Proof-of-Stake consensus mechanism, which was tedious and time-consuming.

Under the diffusion pipelining, each of these steps would be completed in their entirety before the block is moved to the next validator.

The team claimed the above feature would boost the transaction speed and with faster speed on a blockchain, fees tend to be lower.

With that said, the introduction of such improvements, as well as other smart contract upgrades, will likely continue to attract DeFi developers and new users.

‘Cardano Needs Additional Developers for Expansion,’ Says Charles Hoskinson

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Cardano (ADA) creator Charles Hoskinson has provided a thorough update on how things are progressing and his organization’s future goals as the cryptocurrency world gears up for the introduction of the Vasil hardfork by the end of July.

In a video broadcast on June 30, Hoskinson discussed the plans for the foundation of numerous committees.

These include things like the “governance steering committee, technical steering committee, and other committees that are associated with factors like growth and adoption.” Hoskinson described the enormous amount of work in progress.

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Cardano’s expansion needs more manpower, says Hoskinson

He emphasized the need for additional employees, saying that “you have to enable a set of individuals in the ecosystem to develop and adapt to a point where those people are capable of contributing” in order to uphold all of this work and expand the network.

He announced the creation of a website for signups as a result. He also stated that if ” anybody wants to be part of this members-based organization in some form may join up and then either you can pay the organization a membership fee or you do some type of labor to the organization or both.”

In other news, an official press release announced that Cardano (ADA) trading is now available on the Canadian cryptocurrency exchange Netcoins. Among Canadian platforms for legal and regulated cryptocurrency trading, Netcoins is said to have the third-highest number of coins.

Ledger, a maker of cryptocurrency hardware wallets, has expanded its support for Cardano. According to a tweet from the Ledger team, ADA is now manageable in Ledger Live on PC and Android in addition to being supported on Ledger Live.

Cardano’s Charles Hoskinson Provides Testimony About Crypto Regulations to the Congress

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Charles Hoskinson, the co-founder of Cardano, spoke before the US Congress about regulating cryptocurrencies. He gave representatives an explanation of why he believes that openness is a crucial industry value.

According to Hoskinson, the notion is that crypto regulation should be structured similarly to how banks self-regulate. He told legislators that “it’s not the SEC or CFTC going out there performing KYC/AML; it’s banks” on June 23 during a congressional session in which he equated the optimal solution for crypto regulation to that of banking self-regulation. They are the ones fighting in the front.

In the same manner, “the exchanges are going to be the ones who are handling KYC/AML” for cryptocurrencies, Hoskinson stated.

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Cardano's Charles Hoskinson Provides Testimony About Crypto Regulations to the Congress 5

Hoskinson stated that self-regulation is the best for the industry

Self-regulation, he continued, would be more efficient than “a lot of different bodies” trying to govern the market and would assist guarantee that the business is “following best practices.”

Two of the financial regulators battling it out for control in the cryptocurrency field are the SEC and the CFTC.

Hoskinson’s testimony comes at a time when Congress is debating how to regulate the cryptocurrency sector. The hearings are a part of lawmakers’ efforts to comprehend the technology and its effects on consumers, investors, and the financial system.

According to Hoskinson, a large portion of this regulatory job might be carried out automatically by cryptocurrencies because they can store and transfer data. The private banking sector, which serves as a model for regulation compliance, is another example he used to support allowing the crypto business to establish self-regulatory organizations (SRO).

Hoskinson expressed interest in working with federal authorities to develop new standards in a testimonial posted on the IOHK website on June 23. “A driving value for the blockchain sector must be compliance with rules and regulations coming from the United States.

New Bipartisan Crypto Bill Tags Cardano and Solana as Not Fully Decentralized

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Cardano and Solana are classified as commodities in the new bipartisan crypto law, stating that they are not entirely decentralized. It is the most significant crypto law ever proposed in the United States.

Cardano is now classed as a commodity, like with Solana and other coins. Cardano is more decentralized than Ethereum, according to the Twitter account ADA whale, which responded to the news. He also questioned the individual who would file the disclosures with the SEC.

The whale’s mocking response illustrates the new bill’s incapacity to properly examine different coins, implying that the bill could be a nuisance for Cardano and Solana developers and community members. On the other side, Senators Cynthia Lummis and Kirsten Gillibrand have introduced a bipartisan crypto bill.

The new crypto bill will include many significant frameworks

According to the measure, many coins will be regulated as commodities by the Securities and Exchange Commission. In addition, transactions under $200 are tax-free.

There will be more clarification on the taxation of mining and staking income as well. Self-custody wallets are protected under the new bill, which fixes the crypto broker law.

The measure also includes regulations for dealing with the stablecoin problem. Stablecoins should be fully backed, according to the new bill. This is crucial because, with the demise of UST and the terra ecosystem, trust in stablecoins appears to have waned.

The measure also addresses consumer protection and establishes a strong regulatory framework for cryptocurrency exchanges. While DeFi and NFT restrictions are not mentioned in the law, they may be addressed at a later time. If the measure passes, it has the potential to propel the digital asset sector ahead in the United States.

What investors can expect from Cardano’s weekly update report?

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Cardano’s parent firm IOHK shared a blog via Twitter detailing the latest updates on the blockchain. In it, the article highlighted various activities carried out by its development teams. With respect to decentralization, the report states that the Hydra team held a planning session and updated the Hydra development roadmap.

For the initiated Hydra Heads, the first in a suite of protocols is a critical element in Cardano’s scaling journey. It refers to a collection of Layer 2 solutions aimed at improving network security and scalability.

The status updates further read that the Adrestia team is working on finalizing a new transaction workflow to add token minting and burning capabilities. Adrestia, named after the goddess of revolt, was launched to make integration and interaction with Cardano easier and faster.

Cardano’s token burning rumors sparks confusion

Cardano ecosystem has grown at a tremendous pace. As reported by TronWeekly, 517 projects are currently deployed on the network as of March 11. Even data from Santiment showed that Cardano remains among the top five fastest developed assets in the last 30 days. 

However, the community has been abuzz with rumors of ADA token burn activity. The source could be traced back to a tweet from Clark Alesna, developer and CEO of a company called SAIB Inc. Alesna accepted a “challenge” from Hoskinson and said he will start production of a burn smart contract for ADA. Alesna said,

It seems like no one really took Charles Hoskinson challenge to build a ADA burn smart contract challenge that he put out some time ago. So, I’m taking matters into my own hands and started to plan and code it this weekend. I’ll update you guys soon.

The tweet and its replies suggested Alesna was merely teasing. But the message generated significant media attention and news began to emerge of an upcoming ADA token burn. That triggered a reply from Cardano’s creator Hoskinson himself who send this as a response.

Most of the ADA community seems to agree a burning mechanism will never be implemented in the ecosystem and slammed the rumors as “misleading”.

Cardano-powered multi-protocol DEX makes its debut

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Cardano-based Decentralized Finance or DeFi projects have been growing at a blistering pace after the launch of its most successful DEX- SundaeSwap. The latest to join the club is Bashoswap which announced its debut on the mainnet in the evening hours of 4th March 2022. The DeFi ecosystem is aiming to be a “multi-protocol package that ensures clear and easy usability and sustainability.”

As per the press release, Bashoswap is looking to bridge the gap between early-stage Cardano developers with early adopters, by creating an accelerator and native token exchanging platform allowing for shared liquidity. Besides that, the platform is working to bring a host of other new features that would be incorporated into the platform.

According to the white paper, one of its several goals is to facilitate a token swap protocol which will be done by combining deposited Cardano native tokens and ADA into a virtual pair utilizing the AMM technology.

The platform’s launchpad will utilize Cardano smart contracts, enabled by the Alonzo hard fork. This as per the post, would provide a much-needed boost to developers and projects that are seeking financial support with a transparent, efficient, and completely decentralized fund-raising platform.

Additionally, its native token- Bash will be used for staking, farming, and governance on the network. As per the announcement post, Bashoswap is currently running a private sale whitelist for early users who want to participate in the initiative. The total number of Bash tokens created will be 500 million.

Cardano-based Bashoswap and its team

Bashoswap which is led by Beri Ardas was founded in late 2021 by a group of blockchain experts with years of experience in the traditional finance and stock exchange markets. The core founding team is composed of developers and crypto enthusiasts with a deep knowledge of native assets, smart contracts on Cardano, and the overall blockchain ecosystem.

The team behind the DEX has also developed several other projects, like BashoLaunch, BashoStake, and BashoMint.

That said, Cardano’s total value locked is at its all-time peak at $140 million as per DefilLama with SundaeSwap leading the tally at $117.35 million. However, its dominance may soon be challenged by MinSwap, another AMM DEX that is set to launch by March-end.

Cardano-backed decentralized exchange ADAX debuts on the mainnet

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A new Cardano-powered decentralized exchange ADAX went live on the mainnet and announced that it is now set to roll out the ADAX DEX v1.0. As per the announcement, the launch is a huge milestone for the whole team behind it as it took six months of work and manpower to deliver what it claims as one of the first decentralized exchange solutions to Cardano that will work in favor of the ecosystem in the long term.’

“Based on the philosophy of decentralization, ADAX DEX is going to utilize the order-book model that brings noncustodial and censorship-resistant trading. Users will be able to execute smart contract-based trades on the platform instantly by paying significantly less compared to Ethereum network fees.”

But what are its features?

The exchange is featuring on-chain swap execution and concentrated liquidity orders that it claims allow it to surpass its closest competitors in terms of efficiency and performance.

Developers of the exchange have also created a custom PAB solution with the help of Plutus smart contracts that ensure full decentralization. In order to avoid congestion and concurrency-related issues, ADAX is splitting each order into smaller UTXOs.

According to the press release, ADAX is launched in a partnership with Stockgeist.AI market sentiment monitoring platform that allows the DEX to offer a trading tool that tracks early signs of trader sentiment changes.

The tool collected data from various social media channels such as Twitter, Facebook, Reddit, and Discord. Each token will have its own metric that will allow traders to determine the “hottest” assets on the market. Having said that, it needs to be seen how the new DEX fares amongst its popular peers like SundaeSwap.

Cardano SundaeSwap rocky launch

As per data from pool.pm, the Cardano network has maintained record capacity for nearly two weeks after the launch of DEX, SundaeSwap, the first of its kind to go live on Cardano. However, not all went smoothly during SundaeSwap’s launch.

Soon, there were reports of failed transactions that began circulating widely on social media. Users then allege that their DEX orders couldn’t be processed, despite submitting them a few days ago. In the midst of these, the platform was also locked in a bitter commercial dispute regarding allegations of failed investor promises with the Cardano accelerator program CardStarter.

Cardano [ADA] price risks free falling amidst global sell-off

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Cardano [ADA] has been no longer immune to the panic selling that is currently engulfing the broader crypto market. The native token fall by 60% from its all-time high of $3.02 on 2nd September 2021. ADA saw a drop in value of 10.06% on Saturday making it one of the largest one-day percentage losses since Wednesday on October 2, this year.

The move further pushed the altcoin’s market cap downwards to $47.9 billion, which is approximately 2% of the total cryptocurrency market cap. At the time of writing, the asset is changing hands at $1.38 with a 24-hour trading volume of $2.87 billion. Cardano’s market cap was found to be at $45 billion. In the daily hours, the 6th ranked cryptocurrency registered a minor gain of 0.02% but was down by almost 9% in the past seven days.

What does Cardano [ADA] Price Chart Indicate?

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In the 4-hour chart, the concluding green candles of the Awesome Oscillator [AO] are gearing towards the upswing in the market. However, the Klinger Oscillator [KO] after undergoing a bearish crossover continued moving below the equilibrium layer further indicating a downtrend in the price of the coin. On a similar path, the Chaikin Money Flow [CMF] hovering below the zero line is projecting weak inflows but an increasing amount of capital outflows in the asset’s market.

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The Bollinger Bands [BB] depicted in the above 1-day chart does not indicate any volatility in the asset market. The MACD attempted for a crossover on the upside following a mild recovery. However, the increasing sell pressure favored the bearish narrative. On the trading aspect, the Relative Strength Index [RSI] nearing the 30 mark is signaling the impending oversold zone, and a further downtrend would confirm the same.

So, is it all over for Cardano Investors?

Though from the price perspective, Cardano has not been able to cross the $2 mark since mid-November, however development on the network has been overall healthy both on GitHub and in terms of DeFi. As a matter of fact, many prominent protocols in the ADA ecosystem like an upcoming DEX SundaeSwap, Genesis Auction House, among others have been rapidly growing.

Cardano [ADA] Plummets on Wednesday As Price Correction Takes Over Crypto Market

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After a fun run-up of the charts, the cryptocurrency market seems to have hit a correction this week. Several major coins witnessed their supports break with the rest of the price peripherals left hanging haphazardly. Cardano [ADA], which had climbed to rank 3 during the bull run, plummetted on Wednesday as the bear took control of the ecosystem.

The current price correction was predicted right as Bitcoin was skirting its all-time high of $65k. At press time, Cardano was trading for $1.98 with a total market cap of $64.895 billion. After a drop of 10 percent on the day, ADA’s trading volume had fallen to $4.2 billion. The current bear run also caused Cardano to slip to number five on the cryptocurrency charts.

Cardano 1 hour chart:

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The past 24-hours were hectic for Cardano as the cryptocurrency crashed to monthly lows. The immediate support had not settled but the last recording was clocked at $1.96. Consecutive red candles populated the current price action as the investors backed out of a receding market.

Relative Strength Index: The graph crashed below the oversold threshold. This indicated massive sell-offs by holders who did not want to see their portfolios crash.

Chaikin Money Flow: According to CMF, the capital inflow had taken a hit during the current price atmosphere. A look at the past week revealed that CMF was pulsing sinusoidally, awaiting a crash.

Parabolic SAR: All the markers stayed above the price candles as the momentum shifted drastically. Only a price stabilization would result in a positive markup.

Cardano 1 day chart:

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Even in the long run, Cardano’s price action had been hit. The daily support shifted to $1.02 as the cryptocurrency registered one of the strongest candles since the beginning of September.

Chaikin Money Flow: After staying on the zero line, the graph dipped below it on Wednesday. This was a sign that the capital leaving the market was more than the money coming in.

Parabolic SAR: The PSAR markers in the long term have not moved from the top of the price candles since mid-October.

Relative Strength Index: The RSI faced a vertical fall right as the market woke up. As more users continue to sell their ADA assets, the graph is expected to fall deeper into the oversold zone.