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Cardano Weekly Update Showcases Promising Development Milestones

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In the latest weekly Cardano development update report, significant progress has been made across various teams and projects. The core technology teams have diligently worked on node, networking, and ledger improvements to enhance the Cardano ecosystem.

The Lace team made noteworthy advancements this week. They added the capability to the cardano-js-sdk backend, enabling the import of multi-address wallets like Daedalus into the Lace wallet. 

Additionally, they laid the groundwork for integrating multi-delegation UI components, promising further wallet functionality.

Meanwhile, the Adrestia team has been focused on several important tasks. They are actively working on separating the balance TX library, enhancing the database layer, and developing multi-signature wallet delegation functionality. These efforts aim to strengthen the overall security and usability of the Cardano platform.

Smart Contracts On Cardano

The Plutus tools team has been tackling various challenges in the realm of smart contracts. They fixed a bug in the EpochState indexer, verified the correctness of the AddressUtxo indexer, and explored integrating the standalone emulator with Atlas. 

Furthermore, they formalized sums of products in Untyped Plutus Core and designed support for polymorphic built-ins in the metatheory.

The Marlowe team has been equally industrious. They created a test suite for the Marlowe validator and made improvements to the Marlowe Runtime docker and JS version. 

Moreover, they added the health check endpoint to Marlowe Explorer and ensured that the test suite passed, showcasing their commitment to stability and reliability.

The Hydra team dedicated their efforts to optimizing workflows. They improved the CI build process speed, updated coding standards, and enhanced the troubleshooting page on their website. 

Notably, they fulfilled a feature request that enables clients to submit and validate transactions to Hydra nodes using time validity ranges, aligning with layer 1 isomorphism.

Over in Voltaire, the community workshops for CIP-1694 continued in Buenos Aires and Mexico City, providing opportunities for community members to contribute to Cardano’s on-chain governance design. Those interested in participating can join the conversation on GitHub.

Additionally, the Cardano Foundation and EMURGO hosted co-hosted events in Zug and Tokyo, respectively, for further engagement.

In Project Catalyst, teams showcased their projects during the Catalyst town hall, fostering community involvement and collaboration. A special announcement was made during the town hall, revealing that Fund10 is set to launch on June 21st, marking an exciting milestone for the project.

Nonetheless, Cardano’s development progress remains robust, and the various teams actively push the boundaries to enhance the platform’s functionality and capabilities. The upcoming launch of Fund10 and the ongoing community engagement efforts indicate a bright future for Cardano and its ecosystem.

Related Reading | Liquidity Crunch: Tether CTO Warns Of Market Challenges & Potential Path To Healing

LBRY’s Ripple Effect: Lawyer’s Tweet Teases Intriguing Update On Commission’s Remedies

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In a recent development surrounding the LBRY case, lawyer James K. Filan took to Twitter yesterday to announce an intriguing update. Stirring up anticipation within Ripple’s XRP community, LBRY has filed its Supplemental Brief in Support of Its Motion to Limit the Commission’s Remedies.

Jeremy Hogan: Drawing Parallels To The Ripple Case

Notably, XRP Attorney Jeremy Hogan chimed in on the matter, sharing his insights via Twitter as well. Hogan shed light on LBRY’s motion, suggesting that they are seeking clarification from the court regarding the impact of the judgment on the secondary sales of LBRY. 

He further emphasized the significance of this ruling, drawing parallels to the ongoing Ripple case with the SEC. Hogan highlighted the SEC’s request for a broad and vague injunction in the Ripple case, while Ripple itself seeks clarity from the presiding judge.

In response to Hogan’s comment, one community member expressed curiosity about the motion’s intricacy and whether external input influenced LBRY’s defense strategy. 

Hogan replied, stating that the primary question posed by LBRY seemingly emerged unexpectedly. He acknowledged that raising such a query for the first time at this stage is atypical.

Another community member, challenging Hogan’s view, contended that the court lacks the authority to make the ruling sought by LBRY. This member believed that the judge had already addressed this matter in a previous ruling and deemed it highly unlikely for the judge to change their opinion. 

Hogan responded by clarifying that judges can rule on issues not explicitly raised in the pleadings, citing the legal principle of “sua sponte.” He highlighted that such rulings occur frequently but should be approached cautiously.

The XRP community expressed various opinions regarding the implications of LBRY’s motion. Some pondered whether this development would delay or expedite the judge’s ruling on XRP. 

There were also debates surrounding the judge’s previous statement regarding secondary sales not being classified as securities. Confusion arose among some individuals, questioning whether they were confusing multiple cases or if the judge had indeed made such a remark.

Speculation also arose regarding the timing of the decisions in the XRP and LBRY cases. Some anticipated that the XRP ruling would be unveiled before the LBRY ruling.

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However, as the anticipation builds, market participants and XRP enthusiasts are eagerly awaiting further updates on both the LBRY and Ripple cases. 

The outcome of these legal battles will undoubtedly have significant implications for the respective projects and the broader cryptocurrency landscape.

Related Reading | Liquidity Crunch: Tether CTO Warns Of Market Challenges & Potential Path To Healing

Ethereum Developers Unite To Enhance Execution Layer & Address EIPs

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In a recent All Core Developers Execution (ACDE) call, Ethereum developers convened to discuss various proposals and updates related to the execution layer (EL) of Ethereum. 

Chaired by Tim Beiko of the Ethereum Foundation, the bi-weekly meeting addressed crucial topics and potential inclusions for the upcoming Cancun upgrade.

One notable discussion centered around an impact analysis presented by Neville Grech, Director of Dedaub, on Ethereum Improvement Proposals (EIPs) 4758 and 6780. 

These proposals aim to deprecate the self-destruct opcode, which transfers ETH balances and clears certain data. The analysis concluded that the impact of these EIPs is manageable and potentially beneficial.

However, concerns were raised by an Ethereum developer named William Morriss regarding the common usage pattern of self-destruct by maximal extractable value (MEV) searchers and decentralized exchange (DEX) traders. 

Morriss emphasized the need for code replacement capability to participate in priority gas auctions, proposing the introduction of a new instruction called “set code” within EIP 6913.

Ethereum: Progress On EIP 4844

Additionally, progress was made on EIP 4844, the proto-dank sharding proposal, which aims to improve Ethereum’s scalability. Discussions revolved around aligning gas pricing information for blob transactions and specifying the maximum number of blobs per block.

The potential inclusion of several EIPs in the Cancun upgrade was also debated. While EIPs 6780 and 4844 were confirmed for inclusion, the developers discussed the merits and challenges of incorporating EIPs 5920, 5656, 7069, 4788, and 2530. Due to time constraints, Tim Beiko suggested limiting future discussions to these five EIPs.

Based on its current scope, the Cancun upgrade is estimated to be at least 5-6 months away, according to Beiko. The developers agreed that further analysis and testing are required to determine the feasibility and impact of the proposed EIPs.

Nevertheless, the ACDE call highlighted the collaborative efforts of ETH developers to enhance the execution layer and prepare for the upcoming Cancun upgrade. 

However, the impact analysis, proposal discussions, and considerations for future upgrades demonstrate the community’s commitment to improving Ethereum’s functionality, security, and scalability.

Related Reading | Bitcoin Manufacturer Canaan’s Q1 2023: $55.2M Revenue But A $47.5M Loss

Bitcoin Core 25.0 Release: Enhanced Transaction Support & Improved Performance

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Bitcoin Core version 25.0 has been released, bringing with it a range of new features, bug fixes, and performance improvements. One notable change is the allowance of transactions of non-witness size 65 bytes and above by the mempool and relay policy. This modification aims to provide better protection against CVE-2017-12842 and enable smaller transaction sizes for various use cases.

Upgrading To Bitcoin Core 25.0: How-To Guide

For users looking to upgrade, the process is relatively straightforward. If you’re using an older version, simply shut it down and wait until it has completely closed. Then, depending on your operating system, either run the installer (Windows), copy over the /Applications/Bitcoin-Qt directory (macOS), or use bitcoin/bitcoin-qt (Linux).

Bitcoin Core is extensively tested and supported on operating systems such as Linux, macOS 10.15+, and Windows 7 and newer. While it should also work on other Unix-like systems, it is not as frequently tested and, therefore, not recommended for unsupported systems.

Several changes have been made to the P2P and network aspects of Bitcoin Core. As mentioned earlier, transactions of non-witness size 65 bytes and above are now permitted by the mempool and relay policy. 

Additionally, new RPCs (Remote Procedure Calls) have been introduced, including the scan blocks RPC, which scans block filters in a given range, and the rescan blockchain RPC, which facilitates fast wallet rescans.

Various RPCs have also been updated. JSON-RPC methods now accept a newly named parameter called “args,” allowing for more conveniently passing parameter values. 

The verify chain RPC will now return false if checks can’t be completed at the desired depth and level, and the send raw transaction RPC has a new optional argument, max burn amount, which filters out transactions containing unspendable outputs above a certain value.

Changes have been implemented in the wallet section as well. Wallet-related RPCs now include options to specify the minimum and a maximum number of confirmations for spent UTXOs. Wallet passphrases can now contain null characters, and the address purposes string is limited to “send,” “receive,” and “refund.”

The graphical user interface (GUI) has seen some changes too. The option to “Mask values” is now persistent, and it affects both the “Overview” and “Transaction” views.

Additionally, the REST interface has a new endpoint (/rest/deployment info) for retrieving information about consensus change deployments.

Lastly, the binary verification script has been updated to ensure that binaries are signed by a threshold of trusted keys rather than a single “release key.”

However, the update brings improvements and enhancements to various aspects of the software, further solidifying its role as a leading cryptocurrency implementation. Users are encouraged to upgrade to take advantage of the latest features and improvements in security and performance.

Related Reading | Bitcoin Manufacturer Canaan’s Q1 2023: $55.2M Revenue But A $47.5M Loss

Whales Ride The Ripple: $22.9M Worth Of XRP Purchases In 3 Weeks

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Renowned analyst Ali took to Twitter to share some exciting news for Ripple enthusiasts. According to Ali’s recent tweet, it seems that the whales have shown a bullish sentiment toward Ripple. 

In the span of just three weeks, these influential investors have acquired a staggering 52 million XRP, which amounts to an impressive value of approximately $22.9 million. This significant investment by the whales could potentially have a profound impact on the future of Ripple’s market dynamics.

While Ripple, a digital currency known for its prowess in the realms of cross-border transactions and distributed ledger technology, has experienced its fair share of turbulence in the past, this recent move by the whales has reignited a fervor among cryptocurrency enthusiasts.

It serves as a beacon of hope, a sign that the tides may be turning in favor of Ripple and its ardent supporters.

Some experts posit that the whales’ resolute investment in Ripple could signal an impending surge in value, potentially catapulting the cryptocurrency to new heights.

Ripple (XRP) Price Analysis

According to the latest data from CoinMarketcap, the intriguing world of cryptocurrency continues to captivate investors. XRP is currently trading at $0.4677, showcasing a modest uptick of approximately 0.55% within the past 24 hours. The weekly chart displays a noteworthy surge of $0.4677, signifying a touch of market volatility.

XRP 1D graph coinmarketcap 1
Source: CoinMarketcap

Drawing attention to XRP’s trading volume, it has observed a notable rise of 36.07%, soaring to a staggering $940,862,238. In tandem with this surge, the market capitalization has also experienced a commendable increase of 1.66%.

Delving into the depths of XRP’s technical analysis, a bullish trend becomes apparent when examining the long-term perspective. Consequently, experts predict a promising rise of $0.00891 in XRP’s price over the upcoming week, ultimately reaching $0.4764 by the auspicious date of June 3rd, 2023.

Shifting gears to the short term, a machine learning algorithm has detected a neutral trend engulfing XRP at present. Consequently, investors should brace themselves for a slight upturn, coupled with a possibility of a minor dip in the coming hours.

Related Reading | Ethereum Whales Soars With 30.07M ETH Holdings While Exchanges Hit Lowest Levels 

Bitcoin Manufacturer Canaan’s Q1 2023: $55.2M Revenue But A $47.5M Loss

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Canaan, a prominent manufacturer of Bitcoin mining machines, recently disclosed its financial report for the first quarter of 2023. The report reveals that the company generated revenues of $55.2 million during this period. However, despite the positive revenue figure, Canaan experienced a gross loss of $47.5 million.

To align it’s reporting currency with its operations, Canaan switched from using the Renminbi to the U.S. dollar as of January 1, 2023. This change was implemented retrospectively, enabling a more accurate representation of the company’s performance over time.

During the first quarter of 2023, Canaan sold a total hashrate of 4.2 million Thash/s, a significant increase compared to the 1.9 million Thash/s sold in the previous quarter of 2022 but slightly lower than the 4.3 million Thash/s sold in the same period of 2022.

Despite the challenging start to the year, Canaan’s Chairman and CEO, Mr. Nangeng Zhang, remains optimistic about the company’s future. 

He expressed confidence in their long-term prospects and emphasized their commitment to research and development, production capabilities, and customer satisfaction. 

Additionally, Canaan intends to expand its mining strategy, diversify its operations across multiple countries, and maintain a solid financial position.

Canaan’s Bitcoin Holdings & Cash Position

Canaan’s CFO, Mr. James Jin Cheng, highlighted the industry-wide reduction in selling prices and unforeseen delays in payment and shipment, which resulted in a contraction in sales revenue. 

However, the company narrowed its operating loss by 31.4% through diligent cost and expense control.

The financial results for the first quarter of 2023 revealed a decrease in product revenue compared to the previous quarter and the same period of the previous year. 

On the other hand, mining revenue increased by 3.3% from the previous quarter and 130.2% from the same period in 2022.

Canaan incurred various costs during this period, including product, mining, and operating expenses. Despite recording a gross and net loss of $84.4 million, the company remains determined to overcome its challenges in the first quarter and expects a positive trajectory moving forward.

As of March 31, 2023, Canaan held 623 bitcoins with a carrying value of $13.4 million. The company’s cash and cash equivalents amounted to $72.0 million, compared to US$101.6 million at the end of December 2022.

With 159,432,773 American depositary shares (ADSs) outstanding, each representing 15 Class A ordinary shares, Canaan aims to leverage its cutting-edge semiconductor design capabilities to contribute to the growth of Bitcoin adoption and benefit society as a whole.

While the first quarter of 2023 presented challenges for Canaan, the company remains resilient and focused on improving its performance and financial position in the evolving Bitcoin mining industry.

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Ethereum Whales Soars With 30.07M ETH Holdings While Exchanges Hit Lowest Levels 

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In a recent tweet by analytics platform IntoTheBlock, it was revealed that Ethereum whales are making quite a splash in the crypto waters! These giant holders of Ethereum have witnessed a significant surge in their holdings, causing quite a stir among the crypto community. 

The report indicates that these whales now boast a whopping 30.07 million ETH, which marks a considerable leap from their previous holdings of 26.56 million ETH recorded earlier in 2023.

The surge in Ethereum holdings by these prominent addresses, which command over 0.1% of the total supply, strongly suggests an ongoing accumulation trend. This news has intrigued many analysts and investors, pondering the possible implications for the future of Ethereum and its market dynamics.

However, it remains to be seen how these accumulating Ethereum whales will impact the overall market sentiment and price movements. 

Ethereum On Exchanges Reaches Lowest Level 

In another related update, Ethereum reserves on exchanges have dropped to its lowest levels since 2016, as more users stake their ETH, according to data from Glassnode. 

Currently, only 14.85% of all ETH is held in centralized exchange wallets, a level unseen since the early days of Ethereum. In contrast, during the 2021 bull market, exchange balances were around 25-26%. 

Low exchange balances are generally considered bullish as they indicate limited ETH supply available for purchase, thereby driving up prices. The recent surge in the popularity of staking has contributed to the decline in available supply. 

The report said that since the Shapella upgrade’s introduction, over 4.4 million additional ETH coins have been staked, with large holders opting for passive income generation rather than selling their assets. 

Analysts at Binfinex predict this trend will continue, driven by expected deflationary forces pushing up ETH’s price. Meanwhile, cryptocurrency trading volumes have experienced a significant decline. 

Binance, the world’s largest crypto exchange, saw a 48% decrease in spot trading volume for the second consecutive month in April, reflecting an industry-wide decline of 40% due to macroeconomic uncertainties and U.S. bank collapses.

Nevertheless, with notable changes unfolding in the crypto market, including a dwindling supply of ETH for sale and declining trade volumes, industry observers are closely monitoring the potential effects on the overall market and the future price of Ether in the months ahead.

According to the current price analysis of Ethereum, it is trading at $1,833.33, up by about 2.10% in the last 24 hours. However, the weekly chart recorded a slight increase of about 0.48%. 

ETH 1D graph coinmarketcap 1 1
Source: Coinmarketcap

In addition, its trading volume has witnessed a decrease of 10.22%, reaching $5,842,947,055, whereas the market capitalization has increased by 2.16% in the last 24 hours.

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Liquidity Crunch: Tether CTO Warns Of Market Challenges & Potential Path To Healing

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Tether’s Chief Technology Officer (CTO), Paolo Ardoino, recently expressed his belief that the possibility of a U.S. default is unlikely due to its potentially “catastrophic” consequences for the country’s economy. 

In a conversation on The Scoop podcast, Ardoino shared his insights on the current market conditions and discussed the factors that could potentially disrupt the status quo.

Market Liquidity Drying Up, Tether CTO Warns

Ardoino highlighted the dwindling liquidity in the market, emphasizing that while Bitcoin has experienced a recovery from its previous lows below $20,000 to approximately $27,000, the space for more volatile investments has diminished. 

It is primarily due to the increasing interest rates, which make investors favor stable options with a more certain 5% yield.

The CTO noted that the overall stablecoin market, despite Tether’s market cap growth, has experienced a decline of approximately 23% from its all-time highs. 

This downward trend can be attributed to individuals opting to hold onto their dollars and earn interest on them, thereby reducing the available liquidity for reinvestment in the cryptocurrency markets.

Alongside this, in a tweet, Tether CTO said:

“The beauty of our next period plan is that we can start diversifying ourselves from the pure stablecoin offering and become a more round tech provider that provides expertise in many important fields: energy, communication and financial infrastructure”

Nevertheless, Ardoino did present a potential optimistic scenario. He suggested that if the U.S. inflation numbers begin to decrease and the Federal Reserve refrains from further escalating interest rates, it could pave the way for market healing within the crypto market and across various sectors.

While the likelihood of a U.S. default remains low in Ardoino’s estimation, he acknowledged the importance of monitoring unfolding events closely. Given the potential ramifications of such an event on the U.S. economy, market participants exercise caution and observe the situation with keen interest.

However, as the market continues to navigate through these uncertain times, Ardoino’s insights provide valuable perspectives on the delicate balance between stability and volatility and the potential factors that could influence the healing process of the broader market.

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Bitcoin and Shiba Inu Witness Lowest Global Interest Levels since 2020

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The interest and excitement surrounding cryptocurrencies have undoubtedly surged in recent years. Countries worldwide have been embracing digital assets, driven by regulatory focus and the increasing prominence of digitalization during the COVID-19 pandemic. This period has been highly advantageous for the adoption and popularity of cryptocurrencies like Bitcoin (BTC) and Shiba Inu (SHIB).

However, there has been a noticeable decline in global interest in cryptocurrencies. Data from Google Trends indicates that this metric has reached levels not seen since December 2020. The latest data shows a score of 9 as of May 25, which corresponds to the levels observed in November 2020. During that particular period, there was minimal public engagement with the crypto space, marking one of the lowest points in terms of global interest in cryptocurrencies.

Bitcoin [BTC]

Bitcoin
Bitcoin and Shiba Inu Witness Lowest Global Interest Levels since 2020 6

Much like the broader term “cryptocurrency,” the interest in Bitcoin has also witnessed a decline. The level of engagement and enthusiasm surrounding the leading digital asset has reached its lowest point since 2020, indicating a diminishing global interest in Bitcoin over time.

El Salvador has emerged as the country exhibiting the highest level of interest in Bitcoin, thereby contributing to the overall global interest in the cryptocurrency. Following closely behind, Nigeria and Switzerland secured the second and third positions, showcasing significant engagement and curiosity towards Bitcoin.

Furthermore, alongside Bitcoin, Shiba Inu has emerged as a notable topic of interest within the related queries for Bitcoin.

Shiba Inu (SHIB) Analysis: Evaluating Its Performance and Market Trends

Shiba Inu
Bitcoin and Shiba Inu Witness Lowest Global Interest Levels since 2020 7

The excitement surrounding meme coins, such as Shiba Inu, seems to be waning. Following its peak in 2021, the interest and enthusiasm surrounding Shiba Inu have been steadily diminishing. This suggests a decline in engagement and enthusiasm for Shiba Inu compared to its previous level of popularity.

Turkey and Cyprus have emerged as the countries showcasing the highest interest volume in the meme cryptocurrency asset, Shiba Inu. These regions have demonstrated a significant level of curiosity and engagement with Shiba Inu, reflecting a notable interest in the cryptocurrency within these areas.

Chainlink Holders Suffer Over 80% In Losses: Is A Market Bottom In Sight?

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Renowned cryptocurrency analyst and consultant Katherine recently took to Twitter to share a fascinating observation regarding Chainlink, one of the leading digital assets in the ever-evolving crypto space. 

According to data sourced from Intotheblock, an esteemed analytics platform, Katherine highlighted that an astounding 80% of Chainlink holders currently find themselves in the undesirable realm of loss.

This revelation beckons attention, as the last instance of such a predicament occurred was in December 2022. During that period, the price of Chainlink plummeted mercilessly, sinking below the $6 mark. According to Katherine, could this striking similarity be an omen, hinting at the possibility of an impending market bottom?

The notion of a market bottom holds significant implications. In simple terms, it signifies the lowest point of a downtrend, ultimately leading to a potential reversal and subsequent upward movement.

If the current statistics mirror the past, it could serve as a pivotal moment for Chainlink, with the prospect of an impending price recovery.

Nevertheless, the fact that a considerable majority of Chainlink holders currently grapple with losses demands attention and prompts further analysis. 

However, as LINK’s price trajectory unfolds, market participants eagerly await developments that could offer glimpses of a brighter future or further turbulence in the ever-shifting crypto seas.

Chainlink Price Analysis

LINK is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $6.30, down by about 0.22% in the last 24 hours. However, the weekly chart recorded a decline of about 3.30%, indicating some market volatility. 

In addition, LINK’s trading volume has witnessed a decrease of 28.28%, reaching $100,273,734, whereas the market capitalization has decreased by 0.66%.

LINK 1D graph coinmarketcap 4
Source: CoinMarketcap

According to the PricePredictions site, an analysis of Chainlink’s technical indicators reveals a bearish trend in the long term. Consequently, experts predict a projected decrease of $0.10912 in the price of Chainlink over the next 7 days, with the anticipated value reaching $6.20 by June 2nd, 2023.

On the other hand, in the short term, a machine learning algorithm has identified a bullish trend for LINK. Therefore, investors should anticipate a slight increase in its value within the upcoming hours.

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