• About Us
  • Contact Us
  • Latest Technology and artificial intelligence news updates
  • Privacy Policy
  • Term and Condition
Thursday, September 28, 2023
  • Login
  • Register
Latest Technology and artificial intelligence news updates
  • HOME
  • Techie World
    • Devices
    • APK Download
    • Dll Files
  • Crypto & Trade
    • Income
    • Startup
  • Social
    • Tasty bites
    • Sports
  • Automation
    • Future Tech
    • Digital Life
    • Science
No Result
View All Result
  • HOME
  • Techie World
    • Devices
    • APK Download
    • Dll Files
  • Crypto & Trade
    • Income
    • Startup
  • Social
    • Tasty bites
    • Sports
  • Automation
    • Future Tech
    • Digital Life
    • Science
No Result
View All Result
Latest Technology and artificial intelligence news updates
No Result
View All Result
Home Techie World Future Tech

Cardano Upgrade Aims to Improve Cross-Chain Features

Is Cardano at Risk of Becoming the Next Terra Luna?

Mark Up by Mark Up
February 20, 2023
in Future Tech, Crypto & Trade
Reading Time: 10 mins read
9
There’s new bullish news for Cardano investors though – its developers announced three major upgrades will be rolled out,

There’s new bullish news for Cardano investors though – its developers announced three major upgrades will be rolled out,

Share on FacebookShare on Twitter

“This upgrade will bring new cryptographic primitives to Cardano, encouraging greater interoperability and secure cross-chain dapp development with Plutus,” IOG said Wednesday.

An upcoming improve on Cardano will make enhancements to cross-chain performance for decentralized finance (DeFi) functions constructing on the network, builders tweeted Thursday.

Cardano Upgrade Aims to Improve Cross-Chain Features
The idea used to be submitted on Wednesday and will take impact on Feb.11 at 00:00 UTC, as per tweets from Cardano code maintainer IOG. The improve will in the beginning be examined in a digital trying out surroundings that mimics real-world overall performance earlier than it is sooner or later launched on mainnet.

In collaboration with @cardanostiftung, an update proposal was submitted yesterday to upgrade the #Cardano pre-production environment to protocol v8, which will take effect on Saturday, February 11, 2023 at 00:00 UTC.

— Input Output (@InputOutputHK) February 8, 2023

The upgrade is said to bring enhanced cryptographic features to Cardano while improving cross-chain decentralized application (dapp) development on Plutus – the smart contract platform of the Cardano blockchain.

Cross-chain bridges are software applications that enable transactions to occur between various blockchains. Such a feature on Cardano would allow developers to build applications that connect Cardano with other blockchains, which would in-turn give access to users other blockchains to interact easily with financial services offered by Cardano dapps.

Dapps rely on smart contracts instead of middlemen to offer financial services, such as lending and borrowing, to users, who often use that dapp’s token or are rewarded in those tokens.

The upgrade comes as Cardano-based DeFi applications crossed $100 million in total locked value (TVL) last week, an eight-month high. DeFi exchanges Minswap and Wingriders account for over 50% of this TVL, DeFiLlama data shows.

Interest in Cardano DeFi has heightened since the launch of the overcollateralized djed stablecoin earlier this month. As CoinDesk previously reported, djed is backed by other tokens and requires between 400% and 800% in collateral value to be posted before it is issued to a user.

This overcollateralized mechanism would allow djed’s value to be stable during market stress and prevent a repeat of terraUSD, the algorithmic stablecoin linked to the Terra system’s luna token, which fell in value by over 99% in May.

Shen, the reserve token meant to support djed’s stability, receive additional rewards when holders of Cardano’s ADA cryptocurrency stake their coins to mint djed stablecoins, which fuels liquidity for the upstart ecosystem.

This has the potential to increase user demand for shen, which may prompt a surge in price over the coming weeks as djed is integrated with more Cardano-based applications that add to its utility.

Such enhancements could ultimately benefit ADA, Cardano’s native token, as well as the tokens of projects building on Cardano. As of Thursday, ADA trades at 38 cents and has a market capitalization of $13 billion.

IOG or the Cardano Foundation did not immediately return requests for comments at press time.


Cardano Upgrade Aims to Improve Cross-Chain Features

Is Cardano at Risk of Becoming the Next Terra Luna?

The launch of a new algorithmic stablecoin appears to be receiving mixed reviews from investors.

When it comes to the cryptocurrency sector, Cardano (ADA 0.38%) has been gaining traction as a major player. It’s a highly anticipated project that has already generated its fair share of buzz, given its pure proof-of-stake consensus mechanism and status as a top-10 crypto by market capitalization.

That said, some investors wonder if Cardano could go the way of Terra Luna (LUNA 3.54%), a cryptocurrency that failed to live up to its hype and ultimately faltered. That’s because Cardano has just launched its own algorithmic stablecoin, Djed, this week.

How might this launch affect Cardano’s risk profile, and is it a good or bad thing for investors?

Cardano Upgrade Aims to Improve Cross-Chain Features

Cardano: the next algorithmic stablecoin ecosystem?

This week has been a big one for Cardano, with developer Coti announcing the launch of Djed (DJED) on Tuesday. This launch followed a successful security audit and some serious testing (which lasted for more than a year). Indeed, if there’s anything the Cardano developer team is known for, it’s taking the proper time to vet various upgrades and releases.

In that regard, there’s probably a lot to like about the Djed stablecoin. Cardano’s ADA token rallied roughly 5% immediately after it was announced that the stablecoin hit the Cardano mainnet. However, ADA has given up most of these gains today.

 

The reasons for this uncertain price movement appear to be tied to concerns around the recent fate of other algorithmic stablecoins. The collapse of Terra’s LUNA stablecoin is still relatively fresh in the minds of many investors.

Thus, whether Djed will be able to right the wrongs of Terra and become a stablecoin that can avoid losing its peg and collapsing remains to be seen. Today’s decline seems to suggest there’s just as much trepidation around this launch as there is anticipation.

Bulls note that this decentralized algorithmic stablecoin could be a big catalyst for Cardano, since it could become the foundation for other opportunities for the Cardano ecosystem. It’s anticipated that up to 40 partnerships will materialize around the Djed stablecoin. These partnerships and associated upgrades (Djed is expected to introduce dynamic fees and pricing to the Cardano ecosystem) could bolster demand for ADA tokens as collateral to mint more Djed.

Of course, the grand plans of co-founder Charles Hoskinson and his developer team will depend upon Cardano’s ADA token avoiding a death-spiral scenario, similar to what we saw with Terra. That’s where the uncertainty comes in for many investors.


Can Cardano avoid the fate of Terra?

It’s really hard to predict or project how Djed will be able to perform relative to other algorithmic stablecoins that came before it. In some ways, there’s an argument to be made that Cardano’s Djed stablecoin has the upper hand, knowing what went wrong with previous collapses. Sometimes, learning from the mistakes of others can be extremely valuable, and Djed certainly ought to benefit from the historical record we now have.

One of the key things that makes me more confident about Djed’s ability to not only survive, but potentially to thrive in the long term, is the ultra-conservative approach the Cardano team has taken to its various major upgrades. Whether we’re talking about the launch of this algorithmic stablecoin, or the network’s previous Vasil upgrade, Hoskinson and his team clearly take the slow-and-steady approach.

In the world of crypto (at least up to last year), speed has been rewarded over quality. Cardano’s focus on quality could be the differentiating factor that leads this project’s algorithmic stablecoin to success, after others have failed.

 


Cardano (ADA) Founder Slams SEC’s “One-Size-Fits-All” Staking Regulation

  • The SEC might impose regulations on cryptocurrency staking services in the U.S.
  • Charles Hoskinson has shared his view on the possible crypto staking regulations.
  • Hoskinson has opined that it is an “inconvenience to the industry as a whole” when nuanced staking models are placed under the same umbrella.

The U.S. Securities and Exchange Commission (SEC) has been on a regulatory spree as of late, raising alarm bells across the crypto community.

Recently, the possibility of a ban on crypto staking in the U.S. has been imparted by Coinbase (NASDAQ:COIN) CEO Brian Armstrong, saying regulation on crypto staking would be a “terrible path for the U.S.”

As a second part of his heated reply to this conversation, IOG and Cardano founder Charles Hoskinson shared a video discussing the possible staking regulations in the U.S., which has been a hot topic on Crypto Twitter this week.

.tweet-container,.twitter-tweet.twitter-tweet-rendered,blockquote.twitter-tweet{min-height:261px}.tweet-container{position:relative}blockquote.twitter-tweet{display:flex;max-width:550px;margin-top:10px;margin-bottom:10px}blockquote.twitter-tweet p{font:20px -apple-system,BlinkMacSystemFont,”Segoe UI”,Helvetica,Arial,sans-serif}.tweet-container div:first-child{ position:absolute!Important }.tweet-container div:last-child{ position:relative!Important }

Staking and Regulation https://t.co/gEIuDzTUjj— Charles Hoskinson (@IOHK_Charles) February 9, 2023

The video is part of an extended response from Hoskinson with respect to the conversation around staking differences between models like Ethereum and Cardano. Hoskinson opines that it is an “inconvenience to the industry as a whole” when regulatory bodies try to apply “one-size-fits-all” interpretations to the nuances of staking mechanisms like that of Cardano versus Ethereum.

Cardano Upgrade Aims to Improve Cross-Chain Features

Not Cut from the Same Cloth

Hoskinson mentions that some of the many differences in modes of operation between Proof of Stake models include liquid or illiquid staking, custodial or non-custodial staking, and the presence or absence of bonding and slashing mechanisms.

The Cardano founder suggests that some staking models present a custodial risk, potential information asymmetries, and the risk of returns, dependent on the efforts of a possible “regulated actor” that needs to access funds on behalf of the staker in order to generate a return.

Consequently, Hoskinson has shared that he is not wholly inclined to the idea of “exchanges getting out of the staking business,” as he would like stake pool operators and staking to be “distributed and decentralized” to mitigate the risk factor for U.S. and global stakers.

 

The Good News?

According to the Cardano founder, there are other ecosystems that have “more sensible consensus models,” which he believes could litigate strongly against the regulations and put up a good fight against potential one-size-fits-all SEC regulation.

In terms of Cardano, Hoskinson has declared that the ecosystem could work proactively with “arcane legal structures that could be put together to syndicate regulatory oversight if and when that comes to the staking pool model.”

Furthermore, Hoskinson opines that centralized regulatory concerns could possibly blow over with the U.S. changing to another political party with a more reasonable approach to the “status of cryptocurrencies in the United States.”


Cardano’s Project Catalyst Reaches New Milestone: Details

Cardano builder Input Output Global (IOG) shares an amazing milestone achieved by Project Catalyst, the decentralized funding platform for the Cardano blockchain.

BASHO (SCALING): The Hydra team completed work on the #Hydra V1 specification and improved the hydra-cluster tool. The #Mithril team worked on the new relational design of the aggregator store, and the sidechains team released the proof of concept #EVM sidechain testnet.

— Input Output (@InputOutputHK) February 10, 2023

According to it, “Project Catalyst received its 400th project close-out report, which is an amazing milestone for a grassroots innovation fund in two years.” Daniel Ribar of Cardano’s Project Catalyst shares a chart showing the milestones attained. There have been nine funding rounds, with 6,116 ideas proposed, 100 total challenges issued, and 1.74 million votes cast.

It’s Friday, #Cardano 🍻

✅ Time to load insights from #ProjectCatalyst 🏗️

👉 400+ projects now signalling complete, all about misc, dRep book club, the latest in CIPs & more updates.

Catch the latest updates via issue #65:

🔗 https://t.co/P8FkqgDaKK

#ADA $ada pic.twitter.com/KN1HukZVfS

— Daniel Ribar 🐣 (@danny_cryptofay) February 10, 2023

The total funds requested were $38,391,449, out of which $25,961,245 have been distributed, and the remaining amount is $12,430,204. Other milestones reached Input Output Global, in its most recent report, highlights some significant milestones reached in the week.

The Hydra team updated graphics and added a section about rollbacks to complete the Hydra V1 specification. The release of the proof-of-concept EVM sidechain testnet is another significant accomplishment.

Developers may now deploy smart contracts and dApps, connect wallets and test token transfers between test environments. IOG, in collaboration with the Cardano Foundation and Emurgo, is currently making preparations for the upcoming Valentine (SECP) upgrade.

This week, an SECP update proposal to upgrade the Cardano mainnet and preproduction environment was submitted.

Stay tuned for more updates…

Related

Tags: CARDANOTVLM
Previous Post

Everything You Need To Know about DTS Sound Unbound

Next Post

Play station Plus Gaming information 2023

Mark Up

Mark Up

PTK is an accomplished writer and journalist, currently serving as the executive editor of The Web Noise, a renowned online publication. With a passion for exploring the digital landscape and a keen interest in technology, PTK has established themselves as a prominent figure in the realm of web journalism.

Next Post
Play station Plus Gaming information 2023

Play station Plus Gaming information 2023

Please login to join discussion
  • Trending
  • Comments
  • Latest
NASA’s Dragonfly To Search For Evidence Of Life On Titan

NASA’s Dragonfly To Search For Evidence Of Life On Titan in 2027

July 2, 2023
Hydra will vastly scale ADA to 1,000,000 tps

Hydra will vastly scale ADA to 1,000,000 tps

April 18, 2023
Djed Stablecoin Now 4th Largest Project on Network

Djed Stablecoin Now 4th Largest Project on Network

April 18, 2023
The "world's first" AI-generated news site is here - NewsGPT

The “world’s 1st ” AI-generated news site is here – NewsGPT

March 7, 2023
How AIPRM chrome How AIPRM chrome Extension Help? A Comprehensive Guide

What is ChatGPT? Can ChatGPT dethrone Google? latest updates in 2023

12
There’s new bullish news for Cardano investors though – its developers announced three major upgrades will be rolled out,

Cardano Upgrade Aims to Improve Cross-Chain Features

9
Web3 Social App Chingari Partners with Aptos Blockchain

Web3 Social App Chingari Partners with Aptos Blockchain

8
The Latest and Greatest Smartphones of 2023: What to Look Out For

The Latest and Greatest Smartphones of 2023: What to Look Out For

5
Automation anywhere - Using drones to find meteorites

Automation anywhere – Using drones to find meteorites

September 23, 2023
The 5 Best TV's in 32 inch Size

The 5 Best TV’s in 32 inch Size

September 23, 2023
LG Micro LED TV 118-inch rival of Samsung's The Wall

LG Micro LED TV 118-inch rival of Samsung’s The Wall

September 18, 2023
AI Powered Human-Machine partnerships are set to revolutionize combat.

AI Powered Human-Machine partnerships are set to revolutionize combat.

September 17, 2023

Recent News

Automation anywhere - Using drones to find meteorites

Automation anywhere – Using drones to find meteorites

September 23, 2023
The 5 Best TV's in 32 inch Size

The 5 Best TV’s in 32 inch Size

September 23, 2023
LG Micro LED TV 118-inch rival of Samsung's The Wall

LG Micro LED TV 118-inch rival of Samsung’s The Wall

September 18, 2023
AI Powered Human-Machine partnerships are set to revolutionize combat.

AI Powered Human-Machine partnerships are set to revolutionize combat.

September 17, 2023

Featured Video

Next-Gen Tech Marvels with Smart Devices, Automation Development, and Artificial Intelligence, and Stay Updated on the Latest Crypto News at TheWebNoise.

Embrace Tomorrow's Tech with Smart Devices, Automation Development, and Artificial Intelligence, and Stay Updated on the Latest Crypto News at TheWebNoise. Your Source for Future Innovations.

Follow Us

Recent News

Automation anywhere - Using drones to find meteorites

Automation anywhere – Using drones to find meteorites

September 23, 2023
The 5 Best TV's in 32 inch Size

The 5 Best TV’s in 32 inch Size

September 23, 2023
LG Micro LED TV 118-inch rival of Samsung's The Wall

LG Micro LED TV 118-inch rival of Samsung’s The Wall

September 18, 2023

Calendar

September 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930  
« Aug    
  • About Us
  • Privacy Policy
  • Term and Condition
  • Contact Us

Copyright© 2021-23 | Blogger OnlyTrending | Contact - info@thewebnoise.com

No Result
View All Result
  • Home
  • Devices
  • Techie World
  • Digital Life
  • Automation
  • Crypto & Trade

Copyright© 2021-23 | Blogger OnlyTrending | Contact - info@thewebnoise.com

Welcome Back!

Sign In with Facebook
Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Google
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.