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Cardano’s IOHK Released Its First Ethereum Sidechain

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Cardano developing firm IOHK has launched its first Ethereum-compatible sidechain on the public net. Although this isn’t the first time, as Milkomeda’s Cardano sidechain, which is EVM-compatible, has been successfully running on the main network for some time now.

However, the recently released Ethereum-compatible sidechain was the first explicitly created by Input Output.

A sidechain is a separate blockchain that operates next to the main network, sometimes known as the parent blockchain. Sidechains frequently aim to provide scalability to the mainnet, which frequently places a premium on security and decentralization.

In the series of tweets, Input Output HK invited community members and stake pool operators on Cardano to link their wallets, test the network and interact with smart contracts and decentralized applications.

This proof of concept testnet is ephemeral and will be regularly respun during its pilot phase. Ultimately, it is intended to be a community resource and we encourage developers and SPOs to get involved and collaborate.

The information comes after a previous release by the Cardano ecosystem team, which disclosed the introduction of a software toolkit designed to enable developers to deploy unique sidechains on Cardano with the goal of enhancing the ecosystem.

The announcement also included the official technical documentation for the sidechain toolkit.

It was reported earlier that IOG developers had already utilized the toolkit to construct an Ethereum Virtual Machine [EVM]-compatible sidechain public testnet as a “proof-of-concept.”

The team was waiting for the audit to be finished, and once it is, anyone can run decentralized applications, make smart contracts, and transfer tokens between testing chains.

The toolkit will also provide the sidechains creators the ability to choose their own consensus mechanism in addition to other application-specific features.

“Cardano Sidechains Will Bolster Mass Adoption”

IOG hopes that in the near future, “a family of Cardano sidechains and partner chains will emerge,” paving the door for “wide adoption” of the Cardano ecosystem.

As reported by TronWeekly, deposits, and withdrawals on ADA are to be temporarily suspended by Binance for the upcoming Valentine’s Day update of the Cardano network, called SECP.

In accordance with the blog post, the exchange will reopen deposits and withdrawals for ADA once the upgraded network is stable.

The scheduled SECP update will initially take place on the test networks from Feb. 11, before going live on the mainnet.

Cardano (ADA) Surge: Sharks & Whales Fuel 65% Price Hike In 2023

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Cardano’s (ADA) price has skyrocketed in 2023, soaring more than 65% higher and showing no signs of slowing down. This impressive rise can be largely attributed to key players in the crypto market, namely sharks and whales, who are accumulating large amounts of ADA.

In recent days, addresses holding between 100,000 and 100 million ADA have seen an increase in the number of coins stored in their combined wallets, hitting levels not seen since November 8th. Today, the number of $100k+ whale transactions reached a 12-week high, according to data from santiment.

However, the increased accumulation by these large investors, commonly referred to as whales, has had a significant impact on Cardano’s price growth. Their large investments drive demand for the cryptocurrency, leading to price increases and attracting even more investors.

It is a clear indication that major players in the market are taking a serious interest in Cardano and driving up its value. As more and more people seek to diversify their portfolios and invest in cryptocurrencies, its strong performance and increasing popularity make it a strong contender for those looking to invest in the crypto market.

Cardano Price Soars, Additional Factors

According to the CoinMarketcap, ADA is currently trading at $0.404 with a slight rise in the daily chart and 5.74% growth in seven days chart. Additionally, the price has seen a 50% increase in the last 30 days and 10% over the previous 14 days.

ADAUSDT 2023 02 04 18 40 01
Source: Tradingview

Cardano (ADA) has seen a significant price surge due to key market players accumulating the cryptocurrency. While the boost can also be attributed to macroeconomic events and the broader financial markets, along with the recent launch of the overcollateralized stablecoin, Djed, on the Cardano mainnet. 

Since its launch, 1.85 million DJED have been minted, although its growth has been modest so far, with a total value locked (TVL) of $11.67 million, according to DefiLlama’s data.

Djed is designed to use the volatility of ADA to create a stablecoin pegged to the USD, making ADA a reserve currency. The stablecoin’s reserve ratio of 633% gives it the potential to impact ADA’s price by creating a supply shortage.

However, with only 29.4 million ADA in the Djed reserve, it hasn’t yet reached the volume needed to impact the price significantly. Its total circulating supply is 34.6 billion ADA, so it remains to be seen whether Djed can continue to grow and drive a supply shortage for ADA.

Related Reading | Whale Watch: $17M In Dogecoin Departs Binance On Feb 3rd 

Ouroboros Genesis: Cardano Game-Changing Upgrade To Disrupt The Smart Contract Landscape

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Cardano (ADA), one of the leading Layer 1 blockchain protocols, is gearing up to launch its highly-anticipated Ouroboros Genesis upgrade, which has the potential to change the game in the smart contract arena. 

The upgrade aims to make Cardano the most secure PoS blockchain, surpassing even Bitcoin in terms of security guarantees, according to a January 31st blog post.

Ouroboros Genesis is the next iteration of Cardano’s consensus protocol, addressing key issues such as costless simulation and the bootstrapping problem while protecting against long-range attacks. It sets it apart from existing Proof-of-Stake (PoS) blockchains.

Proof-of-Work (PoW), the consensus mechanism used by Bitcoin, is secure due to its cryptographic hash functions. Still, it comes with limitations in terms of energy efficiency and compatibility with other systems. 

PoS-BFT protocols, on the other hand, reach consensus among nodes, eliminating forks. However, they sacrifice dynamic availability for the sake of security.

The current consensus mechanism used by Cardano Ouroboros Praos takes a unique approach that balances security and availability. 

Using a Verifiable Random Function (VRF), nodes are elected as slot leaders to create blocks in a cycle that repeats throughout each epoch. It helps maintain honest behavior while keeping the network decentralized.

Ouroboros, in its Genesis form, raises the bar by being the first proof-of-stake protocol with a mathematical proof of its ability to maintain both persistence and activity as long as the majority of participants are truthful in both fast and slow network environments.

It makes “Cardano more secure than other PoS protocols that require at least 2/3 honest participants” and equally secure as Bitcoin, but with improved energy efficiency and performance.

The Promise Of Cardano Network’s Ouroboros Genesis

Ouroboros Genesis has the potential to revolutionize the blockchain landscape, providing a level of security and efficiency not seen in other PoS protocols. 

As the first mathematically proven protocol, it eliminates the need for an extra layer of trust and offers a scalable solution for decentralized, permissionless networks.

Nevertheless, the Ouroboros Genesis upgrade is a significant step forward for Cardano and the blockchain industry.

Additionally, with its innovative approach to consensus and emphasis on security, efficiency, and decentralization, Cardano is positioning itself as a leader in the next generation of blockchain technology.

Related Reading | Ethereum Supply Takes a Dip: Deflationary Value of $16 Million In January

Cardano (ADA) Price Hinges On Critical Support Zone, Crypto Pro Predicts

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Bitcoin has been making headlines as the most popular cryptocurrency, but now it’s time to pay attention to Cardano (ADA). A leading crypto analyst and trader, Ali Martinez, has shared his thoughts on ADA’s future price trajectory on Twitter.

With the help of analytics firm IntoTheBlock, Martinez pointed to a crucial support zone for ADA between $0.365 and $0.376. This zone, where 92,000 addresses purchased roughly 4.40 billion $ADA, could determine the future of the cryptocurrency.

If the demand wall within this support zone holds, Martinez believes that Cardano has a strong chance of reaching new highs in the near future. The crypto pro is optimistic about the potential of this altcoin and encourages others to keep a close eye on the developing situation.

With the crypto market constantly evolving, it’s important to stay informed about the latest developments and trends. The insight provided by Martinez and IntoTheBlock offers a valuable perspective on the future of ADA and the potential impact it could have on the market.

Cardano ADA’s Path To Higher Highs

However, when it comes to price analysis for ADA, CoinMarketcap’s data shows that it is trading at $0.3797. Currently, the daily chart displays a 2.49% decrease, whereas the weekly chart shows a slight 0.92% increase in value.

ADAUSDT 2023 01 30 04 56 35
Source: Tradingview

Cardano, currently ranked 8th on CoinMarketCap, is preparing for a big network update on February 14th. According to reports, the update, scheduled for 21:44:51 UTC, aims to integrate popular digital signature norms into Cardano’s smart contract platform, Plutus.

It will give developers access to a broader range of multi-signature projects and enhance security. While the update will not affect most projects, it is expected to boost the value of Cardano’s native token, ADA, which is currently considered undervalued.

The move is being closely watched by the crypto community, with some speculating that Cardano may break its previous record of $3 and overtake its main competitor, Solana.

As Cardano and Solana continue to be compared and referred to as “Ethereum killers,” this update could give Cardano the edge it needs to stand out in the crowded crypto market. 

Related Reading | TRON’s Justin Sun Urges TRX As Legal Tender In 5 Nations

Cardano Founder Lock Horns Over NFT Profile Picture

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Cardano’s Charles Hoskinson stirred up controversy once more when he changed his Twitter profile picture to a replica of a Cardano NFT that featured a drawing of himself.

This time, Hoskinson was locked in a verbal battle with the CEO of large Cardano NFT marketplace JPGstore, Blakelock Brown, who insisted that Hoskinson should have purchased a real NFT and set an example, for the NFT industry.

In response, the IOHK founder refused to buy the NFT or sign any contract.

“I don’t think Blake is getting my broader point about the contractual relationships and rights of the purchaser”, Hoskinson tweeted.

He then said an NFT is the same as that of a lithograph a painting.

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Cardano Founder Lock Horns Over NFT Profile Picture 4

It’s worth noting that the NFT Hoskinson used as his profile picture the day prior cost 10,000 ADA, or $2,700.

The Cardano founder started receiving flak after justifying right-clicking and saving the image because he liked it and that the owner of the genuine NFT had nothing against it, because the action, as per him, elevated the digital collectible’s worth.

He concluded his tweets by saying that he had a cool profile picture and had saved money at the end.

Outside of the crypto community, there has been significant discussion over right-clicking and saving NFT as an image, which seems to invalidate the idea of NFTs altogether.

That being said, in Dec last, Cardano-based NFT sales surged by more than 30% over the daily index. The joint photo of Hoskinson and hip-hop legend Snoop Dogg was likely the catalyst for such a significant change.

Cardano NFTs Gather Steam

Overall, the Cardano ecosystem has witnessed fast growth in the world of Web3 and non-fungible tokens. The blockchain is slowly becoming a go-to platform for different players to launch their unique digital collectibles.

The layer-1 protocol has recently gained momentum for NFT projects. The floor price of The Ape Society’s NFTs, Cardano’s largest NFT project, hit a record high of 10,000 ADA, indicating strong user demand.

It’s interesting to note that ADA Ape demand has also surged recently, pushing up prices even further. According to the most recent information provided by wab.eth, Cardano Ape Francisque sold for a staggering $250,000, directly competing with the extremely well-liked Bored Ape NFTs.

It’s intriguing that such a development occurred at a time when market sentiment is bearish.

Cardano’s Charles Hoskinson labelled Black Swan Author “Garbage”

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Cardano founder Charles Hoskinson came down heavily at controversial crypto fan-turned-foe Nassim Nicholas Taleb who authored the book, Black Swan.

Hoskinson has gathered a reputation for coming down hard on crypto critics irrespective of their stature even calling the economist, a “piece of human garbage”.

This was in response to the latter’s tweet detailing his reasons for refusing to appear at MIT scientist Lex Fridman’s podcast multiple times.

In a series of tweets, Taleb earlier explained how he declined 10 requests to be on Fridman’s podcast between 2019 and 2022.

Taleb claimed that Fridman was exploiting his role as a “Research Scientist” at MIT as according to him “Research Scientist could be an unpaid external status that allows library access”.

The NYC professor also blamed Fridman for trying to use the name of an institution to build an image and called the whole affair “shoddy as hell”.

And sending mail with the heading “Quick Note From MIT” when a podcast has nothing to do with MIT is shoddy as hell.

Taled further labeled the MIT scientist a fraud “for pretending that programmatically reading, discussing, and digesting these books once/a week.”

Perhaps this served as the last straw for Hoskinson, who defended Fridman, calling him one of the sharpest, most intellectually curious, and humble individuals he had ever met. Hoskinson also criticized Taleb for “pretending” to read at gatherings.

The majority of influencers and bitcoin fans backed Hoskinson and claimed that there was no justification for attacking Fridman over simple podcast invitations.

Taleb’s thread also caught the attention of Fridman himself, who apologized, wished the former trader a good new year, and praised his efforts.

Cardano Founder Doubles Down On Lace Wallet

After Fridman’s tweets, neither Nassim Taleb nor the co-founder of Cardano has added any further comments about Hoskinson’s vocal message. The underlying cryptocurrency of Cardano, ADA, has kickstarted 2023 on a positive note by trading at $0.25, rising over 3% in the last 24 hours.

Recently the Cardano co-founder expressed his intention of being willing to bet on an upcoming security feature for the new Lace wallet.

The lightweight multi-chain crypto wallet Lace, created by Cardano creator Input Output Hong Kong [IOHK], aims to effortlessly link everything in Web2 and Web3 to a single interface.

Cardano Key Shark Address Grows By 331 Million After FTX Collapse

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Santiment reported on December 22nd that since the collapse of FTX, 331 million additional ADA had been added to Cardano’s key shark address tier, which currently houses 4 billion ADA.

Key Cardano sharks have been slowly building up since June 2021, according to on-chain statistics, and addresses with 10k to 100k ADA currently hold their most significant share of supply.

In addition, since the aftermath of the FTX in early November, they have elevated this level of dip buying to a new one. However, the coins at these addresses have increased by $83M.

Cardano, the industry-leading proof-of-stake blockchain, has once again emerged as the network with the highest level of development activity, despite the fact that the community is facing a tough time.

According to Santiment Insights, since November 2021, Cardano has been among the top 5 busiest crypto-building networks. It shows that the decline in crypto prices in 2022 is not significantly affecting how various projects use blockchain technology.

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Source: Santiment

Cardano ADA Price Analysis

The price of cryptocurrencies progressively declines as the market enters a negative cycle. Other well-known cryptocurrency projects, including Cardano (ADA), have experienced large losses.

Cardano’s price has been steadily declining over the last few days after hitting the $0.320 barrier level. The $0.250 support level was subsequently breached by the bears.

However, according to CoinMarketcap’s statistics, ADA is currently trading at $0.2583, with a rise of about 1% in the last 24 hours, whereas its current trading volume is also down by 53.71% in the same time period. 

ADAUSDT 2022 12 24 07 40 50
Source: Tradingview

The price may start to rise sharply if there is an upward breakout over the $0.280 and $0.284 resistance levels. If so, the price can gradually increase until it reaches $0.32.

The price of Cardano may continue to decline if it is unable to get over the $0.255 and $0.264 resistance levels. As a result, near the $0.248 level, there is a clear support level on the downside. Additionally, a negative breach below the $0.245 level may pave the way for a new slide down.

Since reaching an all-time high of $3.101 in August 2021, the price of Cardano has dropped 91.64%. The decrease hit a low of $0.255 in December 2022, as per the data from coinmarketcap.

Related Reading | OKX Publishes Second POR Report, Setting New Standard For Transparency

Cardano Leading DEX Confirms Investigation Of Potential Front-Running Activity

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MinSwap, the largest decentralized exchange (DEX) in the Cardano ecosystem, confirmed on December 8th the investigation of possible front-running on the DEX. 

Hova, a cryptocurrency investor & enthusiast, first became aware of the alleged front-running of orders and guaranteed earnings on December 8th.

Cardano DEX responded by stating, “We are aware” of that, and a fix is being developed to stop it from happening again. Additionally, they are exerting a lot of effort to do it as quickly as feasible.

Within two hours, MinSwap tweeted that “the issue is fixed now,” and due to his inability to outpace the users, the attacker is currently being watched as he creates and cancels orders. However, the DEX will publish a detailed report as soon as possible.

Front-running has a significant influence on the whole decentralized financial ecosystem and is found inside crypto’s most complex scams. In a front-running attack, a malicious user sees a broadcasted swap transaction waiting to be validated and reorders transactions to their advantage before it is finished.

The old financial system and DeFi have a lot in common. Roles like miners, traders, and arbitrageurs in DEXes use front-running processes in both foundational and malicious ways.

Scammers Targeting Cardano DeFi Projects

Cardano DEX, MinSwap, has been noticing an increase in scams lately, targeting DeFi projects on Cardano. The exchange said unlike other exchanges that require permission or have rules and set criteria for listing tokens; it is completely permissionless – anyone can list a token on it.

According to MinSwap:

As this process is open to everyone, unfortunately, scammers will often find a new legitimate token about to be listed and create a very similar listing before the official one or list a fake token.

At that time, they introduced a “verified” badge to ensure consumers choose genuine tokens and prevent them from being deceived by bogus tokens.

Nevertheless, according to analytics company Crystal Blockchain, more than $14.5 billion in cryptocurrency has been lost to hacks and frauds since 2011, and DeFi is now the attackers’ preferred target.

Crystal’s recent report founds that there have been 123 security breaches on centralized exchanges and more than 167 hacks of DeFi protocols during the previous 11 years.

However, malicious actors’ focus has noticeably turned toward decentralized protocols since 2021. According to the research, decentralized projects have been compromised more than 20 times more frequently than centralized ones this year.

Related Reading | Why Could The SEC Fail To Prevent FTX’s Collapse? lawmaker Ritchie Torres Asks 

Cardano Founder Likened Ardana’s Halt To The Infamous Mt. Gox

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Ardana, a Defi project on the Cardano blockchain ruffled a few features when it blamed the underlying network for “not being ideal” for any protocol development.

The project which touted itself as Cardano’s Defi hub announced halting its operations because of issues related to “funding and project timeline uncertainty.”

The platform which raised $10 million said that the remaining funds and treasury balances will be held by Ardana Labs until another dev team comes forward to continue the work.

The statements invited ire from many, including Cardano founder Charles Hoskinson who likened the “blame game” to Mark Karpeles blaming the Bitcoin protocol for Mt. Gox.

In 2014, Mt. Gox which held over 70% of all bitcoin transactions worldwide, abruptly suspended trading. The then CEO Mark Karpeles and his team issued a press release blaming the Bitcoin protocol itself.

While making the comparison, Hoskinson did not seem to agree with Ardana’s claim of fund inadequacy as it was hardly a year back since the funding round took place.

The investment was led by the now-defunct 3AC and included Cardano’s early-stage investment fund cFund, whose investor was none other than Hoskinson himself.

Just as users were coming to terms with the news, two other Cardano projects Orbis and Indigo met their untimely demise.

Two Other Cardano Projects Down in The Dumps

Orbis, a layer 2 scaling solution notified the Cardano community that it too was ending development citing “constrained funding and uncertain conditions.”

What caught community members’ attention was the project’s last-minute attempt to secure funds through an NFT sale before ceasing operations. Many believed that this was a classic rug pull, while others reiterated that failed projects are not rug pulls.

The next in line of fire was Indigo, a Cardano-based stablecoin project. Unlike the previous two, Indigo did not shut shop but its token launch INDY was marred with malicious activity.

After INDY went live on Nov 22, its price hit ATH 12 from the listing price of 9.5 ADA. The tokens were airdropped to the community members but the intense selling pressure send the price down to 7.7 ADA.

On-chain sleuths found that a single wallet dumped 35k INDY tokens for about $70k leading to the INDY falling back to 5.7.

Upon further investigation, the wallet holder turned out to be a former core team member who had a fallout with Indigo and so dumped the tokens he received early as a gift.

Cardano’s First Cross-Chain Bridge With BSC Launched

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Cardano-based P2P Game Cornucopias rolled out the first-ever bridge connecting the BSC blockchain, thanks to the partnership between research and development firm IOG and ChainPort, a permissionless crypto bridge.

This collaboration has enabled users to seamlessly port their COPI tokens from BSC to Cardano. In order to be able to conduct the transfer, they are required to have at least 5k COPI coins, the announcement read.

Cornucopias is one of the biggest play-to-earn projects on the Cardano network where players can play this metaverse to earn money and acquire real estate, and other NFT-based assets.

The platform’s community is also one of the largest in the Cardano ecosystem but this is hardly a surprise because it is a community-driven blockchain gaming project.

That said, according to a survey by DappRadar, Cardano has risen to be the third-largest nonfungible token [NFT] protocol by trading volume.

Cardano’s NFT Volume Tapped Close To $200M

In the 30-day period that ended on September 30, the network’s total NFT volume hit $191 million, trailing only Solana [SOL] 3.3% and Ethereum [ETH] 1.8%.

Per data from The Block, in the same time period, Ethereum, the network that powers the most widely used NFT protocol [ERC-721], made over $338 million, whereas Solana contributed $116 million in NFT volume.

The trading volume on the largest NFT marketplace for ADA +0.6% this quarter surged by 40%, hitting $11.2 million on the platform alone. However, none of the top 10 marketplaces listed by DappRadar support Cardano NFTs, which makes them unavailable to anybody outside the network of that blockchain.

The network’s Vasil update, which went live on Sept. 22 after a series of delays and doubled the network’s operating capacity while decreasing transaction time, is mostly responsible for the spike in trading volume.

Additionally, the hard fork triggered the release of Plutus v2, the network’s smart contract language, which facilitated chain development for developers.

In accordance with a blog article by DappRadar, Cardano remains the favored option for large projects due to its “scalability, interoperability, and sustainability,” yet its $66 million Total Value locked [TVL] is meager compared to Ethereum’s $31.4 billion and Solana’s $955.5 million.