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Cardano Founder Highlights ADA Daily Active Address Growth

Lele Jima
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Cardano Founder Highlights ADA Daily Active Address Growth

The number of Cardano’s daily active addresses soars by 90%.


The number of addresses that actively send and receive transactions on the Cardano network daily increased by nearly 100% recently. According to a tweet shared by Cardano founder Charles Hoskinson, the number of daily active addresses surged by 90%.

Commenting on the massive spike of Cardano’s daily active addresses, Hoskinson said: 

It bears mentioning that Cardano’s daily active address has gained momentum since the beginning of this month. According to data from Messari, the network’s daily active address surged to a whopping 116,249 on November 14, 2022, after hovering around 70,000 for most of this month.

The massive surge of Cardano’s daily active addresses may surprise many, given that ADA has shredded a significant percentage of its value, like most crypto assets. On Year to Date (YTD), ADA is down 76.2%. At press time, ADA is currently trading around $0.312, according to data from Coingecko. 

The surge in the number of daily active addresses may be because Investors might see ADA’s low price as the perfect opportunity to increase their position in the asset class in anticipation of a bull market.

Cardano Grows Despite Low VC Support

ADA is one of the cryptocurrencies expected to record massive growth in the next bull market. The project team has consistently released important initiatives to help Cardano rank among the top cryptocurrency projects. 

In September 2021, Cardano launched one of its most significant upgrades, the Alonzo hard fork, which introduced smart contract functionality to the network. Less than a year later, Cardano’s development team launched the Vasil hard fork to enhance the network’s throughput speed, general usability, and dApp development.

Furthermore, Hoskinson revealed last week that a new project had been added to the Cardano ecosystem. The project, dubbed Midnight, is a data protection-based blockchain that protects personal and commercial data.

Interestingly, the Cardano team has achieved these feats despite not having the support of top Venture Capitalists. Recall that Hoskinson slammed VCs for not supporting Cardano like other top crypto projects. The lack of VC support recently prompted the Cardano-based decentralized finance project Ardana to halt development due to funding and timeline concerns.

Terra Classic Developers Squabble Over Millions In Off-Chain Assets

Mark Brennan
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Terra Classic Developers Squabble Over Millions In Off-Chain Assets

Terra Classic developers exchange words as differences come to the fore over how the community should handle off-chain assets.


Members of independent Terra Classic development groups threw jabs at each other in a Twitter thread yesterday as debates over the management of newly discovered millions in off-chain funds reach a fever pitch.

It comes as an unknown community member with the alias Rabbi Jebediah Aaron-David Shekelstein made a governance proposal that effectively allocates over 40% of the fund to the Terra Rebels. In addition, the proposal also seeks to exclude former Terra Rebels Quantitative analyst Alex Forshaw from future governance in exchange for a 1% finders fee.

In response to the proposal, Rex Harrison, AKA Rexzy of the TerraCVita, asserted that he would be voting against the governance proposal describing it as “racist, elitist, and exclusive.” Additionally, he agreed with a sentiment from Forshaw that even if the proposal planned to compensate the rebels for their past work, many of the key contributors were no longer part of the group.

Notably, Rexzy’s comments attracted strong criticism from senior Terra Rebels member Vegas. The Terra Rebel asserting that the rebels had nothing to do with the proposal, urged the TerraCVita member to keep the rebels out of it.

 

The exchange devolved into a war of words between Rexzy, Vegas, Forshaw, and Tobias Andersen, AKA Zaradar, culminating in Zaradar accusing Rexzy of having a penchant for stealing people’s work. 

It is not presently clear where the community stands on the controversial proposal. However, community influencer Classy has asserted that his validator will be voting against it, saying, “You can’t exclude people from governance on LUNC.”

It bears mentioning that the handling of the off-chain assets has been the subject of several debates this month. While Forshaw, who discovered the wallet in his interactions with Terraform Labs, Do Kwon believes that the community should keep part of it in a multisig wallet to fund development, Vegas thinks the network should send it to the community pool. 

While initially valued at about $4 million, the off-chain assets are now worth only about $2.5 million, per Etherscan data, as crypto prices plummeted in the wake of contagion fears from the FTX collapse.

John Deaton Slams Crypto Influencer Lark Davis For Calling XRP Value Into Question

Mark Brennan
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John Deaton Slams Crypto Influencer Lark Davis For Calling XRP Value Into Question

Deaton asserts that XRP is misunderstood.


Attorney John Deaton, who represents XRP holders in the capacity of amicus curiae in the US Securities and Exchange Commission vs. Ripple case, has slammed crypto influencer Lark Davis for calling the value of XRP into question in a lengthy Twitter thread today.

The crypto YouTuber highlighting that JP Morgan used Polygon and Aave to conduct a cross-border transaction as part of a regulatory pilot test in Singapore questioned the need for XRP. 

In turn, Deaton, the pro-XRP attorney, called Davis’s knowledge of crypto and XRP into question. 

“…one would think that a major crypto influencer, like  @TheCryptoLark, would have a much better understanding of XRP,” Deaton wrote after pointing out that XRP has managed to remain among the top 10 cryptocurrencies by market cap for a decade despite resistance from regulators.

According to Deaton, the better question would be if JP Morgan’s venture would compete with Ripple’s business model, again highlighting that Davis may not know the difference between XRP and Ripple. 

For context, Ripple, the creator of the XRP Ledger, is a blockchain payments company that, amongst other things, provides what it calls On-Demand Liquidity (ODL) to companies that specialize in remittances. The service uses XRP as a bridge currency to enable near-instant remittances at a meager cost. Consequently, should JP Morgan build a business using Aave and MATIC to bridge currencies, it will likely compete with Ripple for market share.

But Ripple is just one company using XRP, as Deaton points out. Holders use XRP in payments, DeFi and NFTs. 

“It is very surprising that XRP remains one of the most misunderstood cryptos out there –  even though it has been around and near the top for a decade,” Deaton surmises.

Meanwhile, @digitalassetbuy noted that it was ironic to see Davis, a purported Bitcoin and DeFi believer rallying behind JP Morgan, asserting that XRP threatens Bitcoin maximalists. Notably, a user highlighted that SBI Holdings, a Japanese conglomerate and long-time Ripple partner, was working on using XRP in the foreign exchange market.

Furthermore, another user pointed out that despite Davis’s statements, Ripple’s ODL service continues to expand. Notably, the ODL service now serves nearly 40 payout markets representing about 90% of the forex market, per a recent Ripple report shared by SBI Holdings CEO Yoshitaka Kitao.

XRP Only Asset In Green Among Top 15 As Positive Social Activity And SEC Settlement Weigh In

Albert Brown
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XRP Only Asset In Green Among Top 15 As Positive Social Activity And SEC Settlement Weigh In

 

An SEC settlement on its lawsuit against Ripple could support XRP’s recently-engineered campaign to $0.45.


SEC Settlement

The Ripple community expects a settlement from the United States Securities and Exchange Commission (SEC) on its case against Ripple. Such a promising turn of events can provide ample support for XRP’s recent campaign to $0.45 following the conquest of the $0.40 price level.

As the broader cryptocurrency community anticipates the details of the reply briefs from Ripple Labs and the SEC on November 30, XRP has been making silent moves amidst a bearish market. Along with a few other risk tokens, the asset has been sustaining its winning steaks as it staged another gain for the fourth consecutive day on Thursday. The asset rose by 5.38% yesterday.

The case between Ripple Labs and the SEC remains one of the major determinants of XRP’s price direction, especially at such a pivotal stage, as recently highlighted by The Crypto Basic. In five days, both entities are expected to file reply briefs to each other’s Summary Judgement motions, as the next court date has been fixed for November 30.

These reply briefs will be made under temporary seal, as the public will have appropriate access to them on December 5, following proper redactions.

Following a series of motions and back-and-forths, the SEC was finally demanded by law to hand over documents about Bill Hinman’s speech at the 2018 FinTech Week Conference. Judge Torres had overruled the agency’s objections and ordered them to hand over the appropriate documents to Ripple two months back.

Having the documents, Ripple has leverage against the SEC regarding settlement negotiations, members of the crypto community assert. US lawyer and crypto advocate Bill Morgan recently noted that the financial watchdog could go for a settlement in favor of Ripple Labs to keep the documents relating to Hinman’s speech confidential.

Additionally, the numerous amicus briefs filed in Ripple’s favor could contribute to the technology company’s victory depending on how significant Judge Torres finds them. Out of 11 recently-filed amicus briefs, nine were in Ripple’s favor, as several entities sought to highlight XRP’s utilities and why it does not qualify as a security.

XRP Campaign to $0.45 Zone

These pointers suggest that the lawsuit might be leaning in Ripple’s favor. Consequently, XRP’s positive sentiments have picked up, overshadowing the panic dumped into the markets by the ongoing FTX saga as the contagion loses momentum. This has contributed to the asset’s recent gains, as it soared by 9.14% in the past week, per data from CMC.

With a 24-hour gain of 8.59%, XRP remains the only asset on the top 15 list of cryptocurrencies by market cap with gains in the past day. The asset is only second to LTC in terms of appreciation in the past seven days amongst the top 15 assets.

Furthermore, as a testament to the surge in positive sentiments, Lunar Crush recently revealed that XRP ranks top amongst the 3,994 assets assessed with its AltRank tool in terms of social activity. Social engagements for XRP in the past 24 hours have hit a value of 24.7M, with a social volume of 8,883.

 

Meanwhile, XRP currently trades above the $0.40 level, sitting pretty at a value of $0.4137 as of press time. Despite starting the day on a bearish note, the asset has staged a comeback, seeing a game of 8.59% in the past 24 hours. The asset recently conquered the first significant resistance point at $0.4132, as it staged a breakout following the reclamation of the high of $0.40475 yesterday.

The asset seems primed for a rally to the second crucial resistance level at $0.4244, which would be its next destination if the bulls can sustain the recently-engineered rally. Hopes of an SEC settlement could then provide ample support for the asset’s journey to the third major resistance at $0.4551.

Notwithstanding, a contrast of anticipated events is likely to introduce a rejection at the $0.4244 resistance. In this case, the asset’s first major support remains at $0.3825. If further unpropitious reports could cause a switch in investor sentiment, a break below $0.38 could cause a free fall that would bring XRP to the second significant support at $0.3629.

Gokhshtein Says Vitalik Buterin and Elon Musk Could Partner to Upgrade Dogecoin

Lele Jima
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0
Gokhshtein Says Vitalik Buterin and Elon Musk Could Partner to Upgrade Dogecoin

Gokhshtein speculates that Musk and Buterin could partner on an initiative to upgrade Dogecoin.


Prominent cryptocurrency influencer David Gokhshtein believes the crypto community could witness a collaboration between Elon Musk and Ethereum’s Vitalik Buterin to upgrade Dogecoin (DOGE).

The Duo Could Work on Dogecoin, Not Bitcoin

According to Gokhshtein, the founder of Gokhshtein Media, the two heavyweight tech titans will work on upgrading Dogecoin, not Bitcoin, the world’s largest cryptocurrency, by market capitalization.

He added that while Musk is interested in creating something useful out of a project that started as a joke, Buterin would not want to be associated with Bitcoin again after he was kicked out in the past. 

“They won’t work on Bitcoin — well, because Vitalik tried that in the past and was kicked, and Elon is interested in turning something that started as a joke into something serious,” he added.

Musk and Buterin’s Dogecoin Contributions

It is worth noting that both Buterin and Musk have strong ties with the leading canine-themed cryptocurrency. Buterin has previously made hefty donations to the Dogecoin community. As reported by TheCryptoBasic, the Ethereum co-founder donated 20 million DOGE, worth $1.7 million, on NOV 14th, to the Dogecoin Foundation. The donation adds to the previous financial support the Canadian programmer has made to the Dogecoin community. In May, Buterin donated 500 ETH (worth $1 million at the time) to the Dogecoin community. These donations are Buterin’s way of contributing to developing the leading canine-themed cryptocurrency.

Gokhshtein commented on the $1 million donated by Buterin to the Dogecoin Foundation. The prominent crypto influencer said he expected Buterin to announce something big that would move Dogecoin to the next level.

Notably, Buterin has been making significant donations to the Dogecoin Foundation because he serves as a blockchain advisor to the organization.

Meanwhile, Musk’s role in Dogecoin’s growth cannot be overemphasized. The world’s richest man was instrumental in the massive rally Dogecoin recorded last year that shot its value to an all-time high of $0.73.

On several occasions, Musk gave Dogecoin free promotions on Twitter, leading to the token’s widespread adoption. Aside from accepting Dogecoin payments for Tesla and SpaceX merchandise, Musk is also planning to integrate DOGE on Twitter. After Musk acquired Twitter, he tweeted an image of a dog wearing a Twitter shirt. The photo suggests that Musk has plans for Dogecoin on the social media platform.

Based on the contributions of Musk and Buterin towards Dogecoin, it will not be shocking to see the duo partner on an initiative to upgrade DOGE.

Top Cryptocurrency Predictions to Keep an Eye On in 2023

Albert Brown
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Top Cryptocurrency Predictions to Keep an Eye On in 2023

Is the future of cryptocurrencies bullish or bearish for investors, or will it continue to move in mysterious ways? Do you anticipate that Bitcoin’s volatility will persist? Is there a favorite cryptocurrency to invest in for 2023?

Countless forecasts have been made about the future of cryptocurrency, just like there are analysts doing the charting. If history is any indicator of what the future of cryptocurrencies holds, then cryptocurrency investors are in for a wild trip. Here are a few exciting crypto predictions for the year 2023.

  1. Bitcoin ETF Could Get Approved

It has been speculated that this year may see the approval of the first spot Bitcoin exchange-traded fund (ETF), offering investors direct exposure to the cryptocurrency. Last year, ProShares was granted permission by the SEC to operate a Bitcoin exchange-traded fund (ETF) that follows Bitcoin’s futures contracts. But experts predict regulators will eventually greenlight a Bitcoin Spot ETF because the market is already developed enough to sustain one.

  1. Unicorns in Web3

The topic of unicorns brings us to our second cryptocurrency prediction for 2023, which is that we anticipate that next year will bring a few unicorns to the Web3 arena.

According to our own definition, a “unicorn” is a cryptocurrency that has increased in value by an amount equal to or greater than one bag in the space of a single year. Where exactly should we look for the unicorns in the year 2023? In the context of Web3, more generally:

  • Music and Web3
  • Games and Web3
  • Collectibles and Web3

The usage of Web3 and NFTs in various fields, such as gaming and music, is the overarching concept that unites all of these.

  1. Luna Classic

The final of our three cryptocurrency forecasts for 2023 is the Luna Classic coin, which we believe will be the meme coin of the year.

Incredible as it may seem, a positive reversal can be seen on the Luna Classic chart. After the failure of Luna, the Luna Classic project evolved into a genuine decentralized endeavor, which is of equal importance. Both of these things help to create a bright outlook for the very distant future. In 2023, we anticipate that Luna Classic will have a greater potential as a meme coin than both Doge and Shiba.

Feel free to leave any questions or concerns you may have below in the comments section, and a member of our staff will get back to you as soon as possible. Get started right away!

Is Bitcoin Mining Worth Your Time and Money?

Mark Brennan
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Is Bitcoin Mining Worth Your Time and Money?

Mining cryptocurrencies is one way to own crypto coins or tokens without having to invest money. But the question is, however, whether or not it is worth your time and money to mine cryptocurrency. Find out more in this blog if you wonder: Is bitcoin mining worth it?

Bitcoin Mining

The creation of new bitcoins, through the mining process, involves the resolution of extremely difficult mathematical problems used to verify Bitcoin transactions. A certain number of bitcoins are awarded to the miner whenever a bitcoin is mined successfully.

Since its inception, Bitcoin, the world’s first decentralized digital currency, has witnessed a meteoric rise in both its value and its level of popularity. As the prices of cryptocurrencies, and Bitcoin in particular, have surged in recent years, mining has become increasingly popular for obvious reasons.

Is making a profit by mining Bitcoin possible?

Well, that depends. Because of the high initial expenses of equipment as well as the associated costs of electricity, it is not certain that Bitcoin miners will make money from their efforts even if they are successful. This is because the costs of mining Bitcoin will continue to be high. One ASIC can consume the same amount of electricity as half a million PlayStations combined when it comes to power itself.

The amount of computational power needed to mine Bitcoin has surged in tandem with the challenge and complexity of the process. Bitcoin mining uses approximately 94 terawatt-hours of electricity annually, more than most countries’ total annual consumption.

Joining a mining pool is one option to alleviate some of the financial burden imposed by the high costs of mining. To increase their mining power, miners can join a mining pool and pool their resources. However, since the rewards from mining are split among the miners in the pool, the overall payment is lower. Because of Bitcoin’s price fluctuation, it can be difficult to estimate how much you will earn from your efforts.

Summary

Bitcoin mining may seem like a good idea, but it’s challenging and pricey to do so profitably. Its volatile pricing behavior introduces even more randomness into the mix.

Remember that Bitcoin is only a speculative asset, meaning that it does not generate any income for its owner and is not tied to any stable asset like gold. Your profit relies on reselling it at a higher price, but that price might not be high enough.

Is Bitcoin Mining Going To Yield You Profits in the Coming Times?

Albert Brown
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Is Bitcoin Mining Going To Yield You Profits in the Coming Times?

Well, our answer for this is… it’s complicated.

In the beginning, Bitcoin mining was a lucrative pastime for early investors who could earn 50 BTC from the comfort of their own homes.

If you managed to mine just one Bitcoin block in 2010 and held on to it until 2020, you would have $450,000 worth of bitcoin. Do you want to know – Is bitcoin mining profitable for you to try?

What is Bitcoin Mining?

Through a process known as “mining,” Bitcoin transactions are validated and added to the distributed ledger.

Bitcoin miners utilize extremely powerful computers to solve difficult mathematical puzzles known as hashes. It requires a lot of electricity, but miners get compensated for their efforts as they add new blocks of transactions to the blockchain.

Anyone can potentially mine Bitcoins; however, most businesses use large-scale commercial mining installations with specialized servers. Mining farms are typically close to low-cost energy generation facilities like hydropower dams, oil and gas wells, and solar power plants.

How has Bitcoin mining profit changed?

Many parallels can be drawn between the mining of Bitcoin and the mining of other tangible assets and metals. Mining gets more profitable, and less efficient miners are required to be for miners to profit as the price of cryptocurrencies and other assets continues to climb. On the other hand, it has been pointed out that the price of Bitcoin itself is only one of the numerous criteria that should be considered when determining whether or not it is profitable to mine Bitcoin.

Several factors, including price and the cost of electricity, gas, and energy, as well as the cost of transactions, influence whether or not crypto mining is profitable. The amount of electricity needed to mine Bitcoin each year is close to 139 terawatt-hours (TWh), which is greater than the amount of energy that some countries use in their whole each year.

The price of power is directly correlated to the profits that miners may make. In the past year, oil and natural gas prices have contributed to a roughly 12.6 percent increase in average electricity rates. For Bitcoin miners, there are at least a few trends that are heading in the right way, which is helpful despite the pressures of rising electricity prices and declining Bitcoin prices.

Civilization Launching New Staking Pools for ALL Shiba Inu Tokens

Lele Jima
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Civilization Launching New Staking Pools for ALL Shiba Inu Tokens

Once the pools are live, users can stake SHIB, BONE, and LEASH to earn $Stone rewards.


Civilization, the world’s first Community Investment Vehicle (CIV), has announced plans to launch DAO pools for three Shiba Inu ecosystem tokens, SHIB, BONE, and LEASH. According to Civilization, the move comes following the community’s interests in an initiative dubbed Ryoshi Tribute.

“It’s time to introduce new DAO pools on CivFarm. For the first session of DAO pools, the community in recent weeks has expressed strong interest in an initiative called Ryoshi Tribute,” Civilization said in a recent blog post.

Based on the strong community interest in the initiative, Civilization has launched a proposal on CivFarm DAO to enable Stone holders to vote on whether the team should add three liquidity pools for the Shiba Inu community.

Civilization plans to add the SHIB-0NE LP staking pool, LEASH-0NE LP, and BONE-0NE LP staking pools. 

“So, this vote is to add three additional liquidity pools to CivFarm: SHIB-0NE LP staking pool, LEASH-0NE LP staking pool, BONE-0NE LP staking pool,” the announcement read.

 

The Proposal’s Details

Per the team, the voting commenced yesterday and will run for 72 hours. Stone holders who have staked their tokens in the new staking Stone pool are the only ones allowed to participate in the voting exercise.

After voting ends, the results will be announced by the team immediately. If the majority of voters support the addition of three pools for the Ryoshi Tribute, the team will add the pools.

Once added, the SHIB-0NE, LEASH-0NE, and BONE-0NE staking pools will be available 60 days from the pools’ activation day. Holders of SHIB, LEASH, and BONE can stake these tokens to earn Stone rewards.

“We invite you to participate and contribute to this first evolution of CivFarm. New milestones are waiting for us, CIVians!” the team stated.

At press time, the proposal has gotten only 12 votes. All votes fully support adding three staking pools for the Shiba Inu community.

Elon Musk Says Wall Street “Giving Foot Massages To A Criminal”

Mark Brennan
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Elon Musk Says Wall Street “Giving Foot Massages To A Criminal”

Elon Musk Calls Out The Wall Street Journal For Its Latest Coverage Of SBF.


Elon Musk looks to be on the warpath with mainstream media for its coverage of SBF in the wake of the FTX collapse and revelations of gross mismanagement of client and corporate funds indicative of fraud.

In a tweet yesterday, Elon Musk called out the Wall Street Journal for its latest coverage of embattled FTX founder Sam Bankman-Fried who he described as a “criminal.”

“WSJ giving foot massages to a criminal,” Musk wrote.

The WSJ article was initially titled “Sam Bankman-Fried’s Plans to Save the World Went Down In Flames.” While admitting to SBF’s criminal and fraudulent practices, mind you, without using those words, it paints the crypto founder as one who had good plans but stumbled on his way. It highlights initiatives the erstwhile crypto billionaire was funding and the peril they now face as their grants could come under scrutiny and future funding shrouded by uncertainty.

To its credit, it also shows that the contagion from the FTX collapse is wide-reaching and extends beyond just crypto. However, one can describe the article as inconsistent or intellectually dishonest. While its title and much of the story imply that SBF had good intentions, at the very end, it also factors in a statement from the SBF founder in a recent Vox interview where he admits that he only aligned with ideas like effective altruism for clout.

Unsurprisingly, like much of the mainstream media coverage of SBF and the FTX collapse in recent times, it has drawn a lot of backlash and sarcasm from the crypto community. Several users have pointed out that they could make saints of historical villains like Adolf Hitler and Pablo Escobar with the same reasoning. One user asserted that the embattled crypto founder had a better propaganda machine than North Korea.

“It was never a plan to save the world,” MicroStrategy chief and Bitcoin evangelist Michael Saylor wrote after highlighting SBF’s criminal practices. “It was a plan to steal the world.”

Last week, the crypto community expressed outrage at what it described as a puff piece on the FTX founder by the New York Times. Moreover, the embattled crypto founder has confirmed that he will go on an interview with NYT and CNBC journalist Andrew Sorkin at an NYT event next Wednesday in the US. 

FTX, once one of the largest crypto exchanges in the world, valued at $32 billion at its peak, collapsed early this month after a bank run confirmed reports of financial misconduct within the exchange. The crypto community continues to question why the crypto founder is yet to face the law in light of recent revelations.

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