Cardano ADA ALERT: Official Vasil Announcement Here!

Cardano ADA ALERT: Official Vasil Announcement Here!

Cardano is hitting some very important milestones even during the bear market, so we’re going to talk about that in this video. The first milestone is that over a thousand projects are now being tracked that are being built on Cardano. There may be some more that aren’t being tracked, but for right now we’ve hit over a thousand projects, so the economy being built on top of Cardano is growing. I remember when this was a few hundred projects when they started tracking this just a few months ago. The growth is very fast and, of course, that’s what we need and it’s continuing as well.  

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Most of the projects on Cardano, as you can see, are NFT collections. Obviously, in reality, the vast majority of these are not going to be around in five years’ time and they’re not going to really be producing a ton of value for Cardano over the long term, but it’s good to know that there are potential use cases that people are using Cardano for. That’s just the reality of NFTs. In my opinion, most of these are either going to fade away.

Cardano ADA ALERT infographics

Let’s have a look. Community and socials is actually a really large part of the pie. We have developer tools and APIs, which are much more resource-intensive, and these are likely to grow. NFTs are a much smaller part of the pie. They are much easier to spin up than, you know, developer tools and marketplaces, which you know provide a much longer time period for development. On Cardano, gaming and metaverse are being built, as well as 31%, other projects totaling over a thousand.

I expect this in time to be 10,000 – 100,000 as time goes on, which is, you know, multiples of what we’re getting right now. Cadano is really just proving the concept. It has proved the concept and now we’re seeing the first project kind of built on top of it.

So in terms of the price of Cadano, this is a bear market and I want to talk a little bit about that and where we’re going in terms of what is going to drive the next bull market. In my opinion, the next bull market is going to be built off the back of fundamental business use cases, and Cardano’s specifically gone out to do this. They’re not going after the whole pie, they’re going after a specific piece of the crypto pie, which is providing a sound economic bed to build real businesses off of and to do real lending in the real world. That’s what they’re doing. It takes a lot longer to actually do this than other use cases that you know may do well in a bull market. I believe the last bull market that we had was the very last speculative bull market where essentially everyone was speculating on technology and arguing about which technology was best and kind of a lot of the ponzionomics that were happening. In my opinion, that’s the last one.

Binance copy trading is now big enough where large investors are going to come into the space, and the only way they do is when they see real-real business use cases, so actual people on the ground building businesses using these blockchains, not just Cardano for lending and borrowing and processing transactions.

Testnet hardfork

The next bit of good news is that Cardano and IOG (IO Global) have actually hard forked the Cardano test net, so the Vasil upgrade is coming essentially in four to five weeks’ time. This is really important because a lot of lending protocols and other types of applications are waiting for this upgrade. The testnet for today has been forked. This is really good and important news. This is the step that has to be taken so that everyone, from staple operators to exchanges and other participants, can now test everything on the test net.

As you can see, we’re happy to report that today IOG successfully hard forked the Cardano testnet. This is a really important step.

Cardano ADA ALERT tweet 1

From here, in four weeks’ time, the mainnet will now be forked. We’re looking at the first week of August to actually have the mainnet hard fork, and that’s a really important time because then a lot of the applications, like lending protocols, which is the big one I’m looking for, can actually launch their applications on the chain.

You can see that IOG will be working closely with exchanges and adaptable developers throughout this process. If there are any issues, they’ll obviously let everyone know.

Cardano ADA ALERT tweet 2

Vassil improvements include higher throughput for the chain. That’s really important for various types of apps that just can’t launch right now because of the use case. So, for example, on lending protocols, you need a lot of throughput in terms of smart contracts going through. They’re waiting for this because higher throughput will be made possible by diffusion pipelining, and a better developer experience is coming as well, with improved script performance and efficiency.

Cardano EVM side chain

Something else very important for Ethereum is that they’re releasing their Ethereum Virtual Machine, or EVM, sidechain alpha. So what does this actually mean?

Cardano is obviously very separate from Ethereum and it has its own thing. It’s its own blockchain. It’s very different. It uses UTXO, which is the same as bitcoin, to keep track of the ledger and all of the transactions. Ethereum is different. It uses the account-based model. They’re just completely different. The only way that Cardano can really provide a space for ethereum developers is by having a side chain that is EVM compatible.

Now, I think this is something that Cardano has to do because the reality of this situation is that all of the liquidity and size, and large institutions that are using this stuff are using Ethereum. So we’ve seen every other chain provide, you know, side chains or bridges, because that’s where the liquidity is now.

The other fact of the situation is that really the main applications that actually have real users and any type of volume are also ethereum-based. So we’re looking at apps like Aave, which have volume. Many applications now are going cross-chain. So, Cardano has to provide a solution where an Ethereum application can launch on the Cardano sidechain. This is for Cardano’s benefit, for sure, but potentially for the apps as well.

So just as an example, you have RV, which is a kind of premiere lending protocol. The total value is locked in at $10 billion. Before the drop, of course, but you can see that they’re really going cross-chain now. Are they going to jump at the chance to launch on a Cardano side chain? Maybe and probably not. But if you think of the long list of applications that are now going cross-chain, it’s because you have pockets of liquidity. If you have different users and different users on each chain, then when they go cross-chain, if you have a chain like a Cardano side chain that potentially has a lot of users, then why not link up your application to that side chain as well?

Growing ecosystem

If you have a community of real people actually doing things and creating value, then your chain will have value. So if it’s EVM or anything, it doesn’t matter. Cardano knows this. They’re building their own, you know, blockchain for certain applications built on UTXO. So if they’re building sidechains, if people want to use that, it’s just providing technology that actual, real people can use, so where the community is where the users are, that’s where the value is going to accrue over the long term. So if you think Cardano is that or another chain, obviously you make your decisions.

We’re coming to Cardano Blockchain Insights. What I’m seeing is wing riders really come out on top as the premier application on Cardano right now. This is on the Cardano blockchain, the UTXO blockchain. They are taking market share from pretty much everyone else right now. Lending protocols are going to be launched very soon.

Cardano ADA ALERT chart

This is TVL per DApp, which is one way of measuring success. Lending protocols usually have very high TVL as well, because obviously you’re lending money out and people put a lot of assets on there to collateralize the loans and lend money out to obviously earn a yield. WingRiders are taking it most of the time, and there’s a reason for that, and it’s stable coins.

WingRiders was the first to implement stable coins, and it is undoubtedly the most successful. You can see the trading pairs here by trading volume; USDC wrapped around bitcoin wrapped ETH, and then USDT down here. That’s what people want to copy trade crypto against across all of crypto. The most active pairs are the US dollar versus Tether, as well as whatever cryptocurrency ETH and BTC are. These are what people want to trade. The wing riders are providing one of the criticisms. I had said a few months back that volumes and trading volumes on these DeXes were just so low that it really needed to pick up to show that they’re actually useful for more and more people, but volumes are picking up. Even during a bear market, volumes are decent and growing. It’s definitely something that is good news to actually have real trading pairs and people can just simply do this in a decentralized way, so that’s really great.

Cardano ADA ALERT ranking

These trading pairs exist against the US dollar. WingRiders were really the first to implement it, and sometimes just being the first to do something in a good way. You get the ball rolling and more people use it, so that’s definitely an advantage here, but DeXes is providing real value here with wrapped versions of the biggest tokens on the market.

[This article is a transcription of a video made by MoneyZG]

Original video: https://youtu.be/ihTlTIHZvm4]