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Cardano (ADA) Transaction Count Surpasses 44 Million Surging 5.4%

Mark Brennan
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Cardano (ADA) Transaction Count Surpasses 44 Million Surging 5.4%

Users’ activity on the Cardano blockchain has continued to gain momentum despite the decline in the value of ADA cryptocurrency. 


According to an infographic shared by the Cardano Foundation, a nonprofit organization dedicated to the development of Cardano, the project recorded fair growth across various aspects in the month of June.

The infographics showed the performance of Cardano across various segments, including transactions, native tokens, wallets, ADA staked, as well as developer activity.

Highest Development Activity

Santiment reported that the development activity of Cardano was highest in June. According to the Cardano foundation High development activity indicates:

  • “The project is serious about its business proposition.
  • The project will likely ship new features in the future.
  • It’s less likely that the project is just an exit scam.”

On-Chain Transactions Soars 5.44%

The month of June saw Cardano’s on-chain transactions surge 5.44% to reach 44.8 million, thus surpassing May’s record of 42.5 million on-chain transactions.

Interestingly, the development shows Cardano’s on-chain transactions have been growing steadily since the beginning of the year, which suggests rising interest in cryptocurrency.

Last month, Cardano ranked first among the top 10 cryptocurrency projects in terms of on-chain transaction volume. Cardano’s transaction volume skyrocketed by 369% at the time, surpassing top cryptocurrency projects like Bitcoin, Ethereum, Solana, and Ripple, among others.

The milestone was applauded by Charles Hoskinson, the founder of Cardano, who commended so-called “ghost generators” for fueling transactions on the network.

It is noteworthy that the transaction volume comprises ADA purchases, sales, and staking among others.

Cardano Soars in Other Aspects in June

Meanwhile, the number of cryptocurrency wallets holding ADA throughout the month of June 2022 rose to 3.42 million, representing a 1.81% increase from May’s record.

Similarly, Cardano’s native assets soared 6.46% to hit 5.4 million in June. Another significant feat recorded last month is the growth of developers’ activity, which saw a total of 13,303 comments across all Cardano GitHub repositories.

The surge in Cardano GitHub comments may not come as a shock to many considering that Cardano developers are always looking for ways to bolster the network’s performance.

Since the beginning of 2022, ADA developers have been working relentlessly toward the launch of Vasil Hard Fork, which was originally scheduled to go live last month.

However, Vasil’s rollout was postponed to this month as the team launches efforts to identify any flaws associated with the update before it eventually goes live.

Leading Developer At Ripple Makes A Case For ‘Boring’ XRP Ledger As Different Projects Struggle With Withdrawals

Mark Brennan
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Leading Developer At Ripple Makes A Case For ‘Boring’ XRP Ledger As Different Projects Struggle With Withdrawals

 

WietseWind says boring is good.



XRPL developer WietseWind, in a tweet on Monday, has urged the crypto community to consider that boring is good; according to the developer, XRPL and its Xumm Wallet offer no bells and whistles like staking and yields, but also there are no worries about things like withdrawal limits.

“The XRP Ledger is boring. @XummWallet is boring. No staking. No yields. No magic rainbow unicorn internet money. Also: high speed. No fees. No withdrawal limits. No redemption curbs. No lock-ups. With all the recent platforms limiting withdrawals: choose wisely. Choose boring,” tweeted the developer.

 

WietseWind’s tweet comes as more crypto lending platforms and projects fold under the pressure of the crypto bear market. A number of these platforms, unable to meet up with promised returns, have either placed limits on withdrawals or halted withdrawals altogether. The latest one is Vauld, a crypto lending platform, and exchange backed by Coinbase and Pantera Capital.

Meanwhile, as previously reported by The Crypto Basic, XRP has been building steadily during this period. In addition, at the beginning of the month, the company launched Clio 1.0, an XRPL upgrade for improved scalability and efficiency. Consequently, these efforts and increased on-chain activity have seen the network hold up better than most in the current bear market.

Notably, the former top 3 crypto asset by market cap has been tied down in a long legal battle with the US SEC since December 2020. However, with investors optimistic about the outcome, there has been a boost in XRP whale activity as a price pump is expected should Ripple win.

At the time of writing, XRP is up 2.81% in the last 24 hours, exchanging hands for $0.3273 on mainstream exchanges. It is the 8th largest crypto asset by market cap with $15.79 billion.

Lark Davis Says Mega OG Whales Stacking Up Bitcoin Right Now, With Biggest BTC Exchange Outflows Happening

Mark Brennan
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Lark Davis Says Mega OG Whales Stacking Up Bitcoin Right Now, With Biggest BTC Exchange Outflows Happening

 

Lark Davis, a crypto-bull, claims that Bitcoin’s “Mega OG Whales” are now accumulating the most coins.



Lark Davis, a long-time crypto enthusiast, tweeted that the largest purchasers of Bitcoin right now are “meg OG whales” and people with less than 1 BTC who know that this moment is their final opportunity to obtain a complete coin. To prove his claim, the Twitter user tweeted a screenshot of Bitcoin’s latest exchange outflow record, along with a snarky “probably nothing.” He said that some individuals comprehend that there will only ever be 21 million BTC in circulation. They are obtaining a piece of the pie before it is too late.

 

Davis also presented and shared a graphic that demonstrates how the balance of Bitcoin on exchanges is still decreasing. According to the chart shared by the famous crypto influencer. Almost 150K BTC left exchanges which is the largest BTC exchange outflow recorded.

Recent statements made by Davis indicate that the question of whether Bitcoin will reach $10,000 in value should not be the primary emphasis. Instead, one needs to concentrate on the downward trend line that has been developing since 2017. He gave an explanation for his actions: The ongoing bear market has been able to defy the majority of historical models.

After Bitcoin’s price dropped below $18,000 on June 18th, bears were able to push it down to $17,592 in an attempt to retest the low that was reached in December of 2020, which was $17,569. If sellers are unable to break below this level, purchasers are able to push prices higher until hitting a wall of resistance at $21,000, according to Davis.

 

Lark Davis with 1M Twitter followers is from New Zealand, and he uses his channel on YouTube to provide information to his audience as well as make suggestions. Lark educates his audience on how to earn money with Bitcoin and also hosts Q&A sessions in which notable people in the cryptocurrency world answer audience questions. The number of subscribers who are now subscribed to Lark Davis’s channel on YouTube is 487,000.

Cardano Founder, Joins Vitalik Buterin to Slam Bitcoin Developer Jimmy Song for Shading PoS Consensus Networks 

Mark Brennan
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Cardano Founder, Joins Vitalik Buterin to Slam Bitcoin Developer Jimmy Song for Shading PoS Consensus Networks 

Charles Hoskinson has joined his former colleague Buterin in condemning the comments made by Bitcoin developer Jimmy Song.


Shortly after Ethereum’s Vitalik Buterin called out popular Bitcoin contributor Jimmy Song for his comments about Proof-of-Stakes (PoS) networks being the worst consensus system, Charles Hoskinson, the founder of Cardano, also expressed his displeasure about the post.

Hoskinson took to Twitter to describe Song’s post on the microblogging platform as stupid. “The level of stupidity here is beyond explanation,” Hoskinson said.

Song’s Criticism of PoS Systems

Recall that Song took a direct shot at Proof-of-Stake systems like Cardano and other networks that used a similar algorithm over the weekend for not being able to solve the Byzantine Generals problem, thus failing to provide true decentralization.

“Proof-of-stake does not solve the Byzantine Generals Problem. Therefore, it does not provide a decentralized consensus. If you didn’t understand this tweet, then you are completely unqualified to make any claims about proof-of-stake,” Song disclosed earlier.

Apparently, the comment did not go down well with Buterin, who is currently working on Ethereum’s transition from a Proof-of-Work (PoW) consensus algorithm to Proof-Stake.

The Ethereum founder reacted to the post in a more polite manner, saying:

“Pro-tip: if there’s a long-established tradition of people debating A vs B based on deep arguments touching on math, economics and moral philosophy, and you come along saying ‘B is dumb because of a one-line technicality involving definitions’, you’re probably wrong.”

The Byzantine General’s Problem

The Byzantine Generals problem is a major issue affecting various networks that rely on consensus. The problem occurs as many actors are required to come to an agreement for a system to work, but none of these actors usually trust one another.

However, Bitcoin was the first blockchain to provide a fix to the problem via its use of an immutable public ledger to disincentivize bad actors.

Cardano Boss Has Time for Critics

Meanwhile, Hoskinson is not someone who takes shades lightly as he always comes to defend his project even if it means being seen as rude.

This is not the first time Hoskinson will publicly speak against a post or comment that he considers a direct or indirect attack on Cardano.

The Cardano exec had previously trolled Terra founder and CEO Do Kwon for making derogatory comments about ADA cryptocurrency.

The Average Bitcoin Trader Is Down 45% Lowest Since DEC 2018

Albert Brown
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The Average Bitcoin Trader Is Down 45% Lowest Since DEC 2018

 

Pain continues for Bitcoin traders with the largest 16-month profit reversal since 2018.



Santiment Feed, in a tweet on Tuesday, has revealed that the average Bitcoin trader is facing a drawdown of about 45% as profits quickly turn to loss.

“The 365-day return for the average Bitcoin trader was +119% in late February, 2021. 16 months later, the same measurement for the average trader is -45%. This -164% reversal is the largest swing since December, 2018,” Santiment tweeted.

Santiment in their chart highlights: “BTC 1-Year trading Returns Down to -45%, Now At DEC, 2018 Levels.”

It is worth noting the leading digital asset between April and June saw a 56.2% loss, diving from $45k to sub $20k price levels. It represents the worst quarter for the digital asset since Q3 2011. Additionally, according to Glass node, June was the worst month for the asset since September 2011, with the price tanking by over 37%.

This year has been difficult for all equity markets but more so for crypto. Rising inflation and central banks raising rates and reducing their balance sheet have left investors with little room for speculative investments creating a widely risk-off market environment even as fear of a recession builds. Notably, Bitcoin this year saw its longest streak of weekly losses, printing red weekly candles eight times in a row.

Consequently, market speculators have been driven out of the market, leaving only core Bitcoin believers. Glassnode reported on Monday that the on-chain activity of the digital asset had taken a significant hit, with active daily entities around 244,000, a significant low. 

However, despite these woes, whales and shrimps have been accumulating steadily, and Bitcoin supply on exchanges is at record lows. Early last week, Glassnode reported that whales now own about 8.69 million BTC, 45.6% of the available supply, accumulating at a rate of 140,000 BTC per month.

Big names like Michael Saylor’s MicroStrategy and Nayib Bukele’s El Salvador have all added to their holdings despite the uncertainty in the market. While detractors feel the move is foolhardy, Binance’s Changpeng Zhao has expressed his belief that these entities would have the last laugh.

Presently, there is no consensus on where the bottom is. Still, popular Bitcoin evangelist Michael Saylor has noted that we will see an upswing when technocrats and traders become Bitcoin believers.

Bitcoin Flashes Trends Coinciding With 2018 and 2020 Bear Markets, But Things Could Be Different Amid Growing Adoption 

Lele Jima
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Bitcoin Flashes Trends Coinciding With 2018 and 2020 Bear Markets, But Things Could Be Different Amid Growing Adoption 

BTC has shown similar stretches that coincide with previous bear markets.  

As the quest to find Bitcoin’s floor price for this season’s bear market continues, BTC investors have resorted to analyzing previous charts of the world’s largest cryptocurrency to discover if they will get a clue.

However, most of these attempts to find Bitcoin’s floor price have ended in futility. Aside from individual investors, cryptocurrency analytics platforms like Glassnode have provided a series of data that suggest the performance of Bitcoin and whether its value is likely to plunge or soar.

Interestingly, a number of the gauges Glassnode uses to determine the performance of the top asset class are all pointing toward directions not seen before.

According to analysts from the cryptocurrency analytics company, Bitcoin’s current performance coincides with the November 2018 and March 2020 market stats, when the asset plummeted massively in value.

“The case for Bitcoin bottom formation is one grounded in observable dominance of strong-hand investors, historically significant lows in numerous macro oscillators, and a strong confluence with prices hovering within striking distance of several bear-market pricing models,” Glassnode analysts wrote in a blog post written by Bloomberg.

Bitcoin’s Recent Bearish Price Movements

Bitcoin has endured a terrible year following a series of events that have rocked the market this year. The top asset class has shredded over 71% of its gain since it peaked at an all-time high of $69,044, as it continues to struggle below $20,000.

Between April and June 2022, Bitcoin lost nearly 60% of its value, with many investors still eager to know when BTC would find its floor price.

A major determinant that has been attributed to the collapse of Bitcoin’s value is rising inflation. The Federal Reserve has continued to implement stringent approaches to curtail the rise in inflation, including raising interest rates.

Furthermore, a number of cryptocurrency projects, including Terra, Three Arrow Capital, and Celsius Network, crashed earlier, which contributed to the massive decline of Bitcoin’s value.

These actions have ushered in a bear market, forcing many investors to close their positions in various cryptos.

2022 Different From Previous Bear Markets 

Interestingly, unlike the 2018 and 2020 bear markets, there seems to be a growing adoption of Bitcoin of late.

Brett Munster at Blockforce Capital said the ongoing bear market was different from what was expected. Unlike previous bear markets, there has been no large movement of funds from external wallets to exchanges, which usually suggests investors plan to sell.

However, Bitcoin accounts with non-zero BTC have steadily increased, suggesting investors’ confidence in the asset class.

“Unlike in 2018, when demand for Bitcoin did drop during that price crash, there are no signs of adoption slowing today. Despite the recent price crash, Bitcoin’s fundamentals are arguably stronger now than at any time in its history,” Munster added.

As Bitcoin adoption grows at a steady pace, Michaël van de Poppe, the CEO and founder of Eight Global recently predicted that BTC is gearing up for a rally to $30,000.

Meanwhile, digital currency analytics data platform Santiment noted that there has been a spike in Bitcoin whale transactions in the past week, following slight gains recorded in crypto.

Shiba Inu Lead Developer Shytoshi Kusama, Has a “Lot to Say” in 24 Hours

Zabi
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0
Shiba Inu Lead Developer Shytoshi Kusama, Has a “Lot to Say” in 24 Hours

 

Major Announcement Incoming: Lead Developer of Shiba Inu (SHIB), Shytoshi Kusama, is “Writing” and Has a “Lot to Say” in 24 Hours.



The lead developer of Shiba Inu (SHIB), Shytoshi Kusama, might come up with some major announcements in 24 hours. The announcement is expected to come in the form of the medium blog post as Shytoshi Kusama recently posted a tweet stating: “Today I write. Tomorrow I will have a LOT to say #Shibarmy.”

Following the tweet, Shiba Inu Community gets excited and is eagerly waiting to hear some good news from the leader.

Shytoshi Kusama to Reveal “Shibarium Documentation”:

The Community expects there are 99% chances that the lead developer of SHIB will release an official “Shibarium Documentation” through his upcoming medium blog post, as this comes after Unification XFUND reveals the plan to deploy Shibarium Public Beta TestNet in Q3, along with the FUND TestNet upgrade incorporating the much anticipated IBC/Gravity/wFUND updates.

Shibarium is now the talk of the town. Rumors about the launch of the Shibarium Layer-2 solution are taking place all across social media – especially on Twitter.

Even Unification XFUND, a blockchain solution provider who is directly involved in the development of Shibarium blockchain, has recently released an update about Shibarium on June 24th (Friday).

In a recently published medium blog post, XFUND officially confirms the successful running of Shibarium Private Alpha TestNet for the past few weeks, allowing the team of developers to create the necessary support tools before the public Beta TestNet deployment. The company further states that the development team is busy developing the wallet application. XFUND also has shared details about the key tool, the wallet application, via an official blog post in the following words:

“The primary tool under heavy development is the wallet application, which is intended to be an all-inclusive application covering two-way asset transfers between L1 and L2, asset transfers on each respective level, staking/delegating, and in future releases, Shibaswap integration, which will also be deployed on L2.”

At the same time, XFUND reveals the plan to deploy Shibarium Public Beta TestNet in Q3, along with the FUND TestNet upgrade incorporating the much anticipated IBC/Gravity/wFUND updates.

Upcoming Announcement Might Features SHIB x RedBull:

Besides Shibairum Documentation, the community also guesses the upcoming announcement might be related to the SHIB x RedBull partnership. However, the chances are low as no official update about the meeting has been released since May 19th, when RedBull scheduled a meeting with Shiba Inu’s team for the first time via chat.

Former SEC Chief Robert Cohen Says Ripple Cannot Win From SEC

Mark Brennan
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Former SEC Chief Robert Cohen Says Ripple Cannot Win From SEC

SEC will not lose from ripple.


The former Securities and Exchange Commission chief does not think there is a chance that the SEC could become the losing party in the ongoing lawsuit against blockchain company Ripple.

Robert Cohen, a former chief of the SEC’s Division of Enforcement, said recently that the Securities and Exchange Commission would do everything to ensure it is victorious in the lawsuit.

In the event that the court rules in favor of Ripple, Cohen said the SEC would explore federal securities laws to ensure that it gets a favorable ruling.

Massive Interest in the Lawsuit

Since the nascent space emerged, the Ripple v. SEC lawsuit has been described as one of the biggest cases in the cryptocurrency industry. The outcome of the lawsuit is expected to become a major determinant of the status of cryptocurrency regulations in the United States.

As reported, a win for Ripple would prompt the SEC to establish clearer regulations for the crypto industry. However, if the blockchain company loses, it would mean that more than 20,000 digital currencies will be classed as securities and will be subject to the same treatment as Ripple.

Understandably, there is a growing interest in the lawsuit’s outcome and Cohen believes the Securities and Exchange Commission would want to maintain its clean track record even if it means “using the full force of federal securities laws to right the wrongs of rulings made by a judge.”

Previous Event Suggests SEC Will Not Accept Defeat

The former SEC chief cited a previous case filed by the agency against cryptocurrency firm Blockvest LLC. The case marked the first time the SEC had suffered its first-ever defeat against a cryptocurrency company, as the court denied the agency’s motion for a preliminary injunction against Blockvest on November 27, 2018.

However, Blockvest’s victory was cut short as the SEC filed a motion the following month seeking partial reconsideration of the court’s ruling.

Less than three months later, the court granted the SEC’s motion for reconsideration. This time, the court had to rely on new documents and evidence that it had initially ignored, and the SEC maintained its winning streak against crypto firms.

Not New

Interestingly, the SEC has exhibited a snippet of what the Ripple community should expect if it does not get a favorable ruling in the lawsuit.

Recall that the Securities and Exchange Commission has refused to accept defeat in its quest to protect internal documents related to the speech made by the former Director of Corporation Finance.

Despite being ordered to surrender the documents to Ripple, the SEC launched another effort on the basis of attorney-client privilege to ensure it keeps the documents.

Czech Republic Upcoming Presidential Campaigns To Be Conducted On Polygon-Powered Metaverse

Mark Brennan
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Czech Republic Upcoming Presidential Campaigns To Be Conducted On Polygon-Powered Metaverse

 

The Introduction of Presidential Campaigns Conducted Within the Metaverse Powered by Polygon.


 

Sandeep Nailwal, the co-founder of Polygon, went to Twitter to share that the company has formed a partnership with Karel Janecek to run his presidential campaign in the metaverse in preparation for the forthcoming election in the Czech Republic in 2023.

 

After some time had passed, Sandeep, who is also the co-founder of Polygon – MATIC and the creator of Crypto Relief, retweeted the original announcement by Somnium Space.

It, therefore, formally hints that many more presidential nominees may attempt to conduct their campaigns in the metaverse, which is an exciting development. The number of people embracing the new lifestyle has led to a fast expansion of the virtual environment.

If there is anything that can be deduced from the pattern, it serves as more evidence that the majority of people will likely move to the metaverse in the near future, at least for amusement.

In related news, the Ethereum scaling solution that is assisting in onboarding users to Web3 recently announced a collaboration with NFTically to build COMEARTH, which it claims is the first eCommerce metaverse ever created. By providing companies with the tools necessary to create immersive stores in the metaverse, COMEARTH is working toward its goal of being what the firm refers to as the “Amazon.com of Web3.”

Somnium Space

The Ethereum blockchain underpins the virtual reality (VR) universe of Somnium Space. With the Somnium Space platform, gamers may purchase virtual land, residences, and other valuable in-game properties in an online multiverse. Somnium Space’s immersive dynamics enable users to construct, script, and monetize places — all while exploring the contributions of other participants in the virtual world.. Users in the Somnium Space metaverse may go swimming, visit a museum, or dine in a restaurant created by another player. Still, the degree to which Somnium Space users can create unique experiences, worlds, and assets are almost endless.

Veteran Trader Peter Brandt Says There Is “No Way” He Would Hold Assets in Tether

Mark Brennan
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Veteran Trader Peter Brandt Says There Is “No Way” He Would Hold Assets in Tether

Peter Brandt Says He Cannot Imagine Putting Money In Tether After So Much Going On With USDT.



Peter Brandt, a seasoned trader, discusses a new report that was published on Bloomberg that demonstrates that holders of Tether (USDT) are becoming increasingly eager to sell their holdings.

 

Brandt says that there is no way he would keep assets in Tether. He went on to argue that it is, to put it mildly, incomprehensible that crypto maniacs would bash the United States Dollar while also holding assets denominated in Tether.

On Friday, a so-called liquidity pool, which enables traders to switch between the three most popular stablecoins, showed that USDT had a 65 percent share in that pool, according to the Bloomberg article. Mudrex CEO Edul Patel says it shows investors are still wary about keeping Tether in their portfolios.

In the meantime, Tether’s critics have called for a full audit in place of the third-party attestations that the stablecoin is holding. With this in mind and to keep its reserve as liquid as feasible, Tether has been boosting US treasury bills and decreasing its commercial paper exposure with a goal of eliminating it within the next few months.

Cryptocurrency markets might be devastated if a significant USDT de-pegging event occurred. Furthermore, it is not only the biggest stablecoin but also the third-largest crypto asset by market capitalization, acting as the most popular entry and exit point for other assets.

However, the well-known investor Brandt has a strong outlook on the biggest cryptocurrency, Bitcoin, and has said that he has seen a sign indicating a possible upside for the asset. 

He has found one scenario that may indicate a positive turnaround for the price of Bitcoin. Brandt is of the opinion that Bitcoin may now be able to rebound from the 70 percent drop it saw during the worst bear market for the most successful cryptocurrency of all time.

On the other hand, Brandt has forecast that the price of Ether, which is the world’s second-largest cryptocurrency in terms of market capitalization, might plummet to as low as $300. To emphasize the severity of his gloomy outlook, Brandt said that he wouldn’t be purchasing the most popular alternative cryptocurrency with the money of his worst enemy.

Investors Pulling Away From Crypto

As seen by last week’s institutional net flows, big investors are pulling out of the cryptocurrency market due to the recent recovery in the U.S. dollar. The Flash drop of Bitcoin and Ethereum assets drove investors away from the cryptocurrency market.

Large individual buyers and funds that operate entirely on the cryptocurrency market have the ability to drive up prices of digital gold without the support of conventional institutions, therefore institutional investors are generally a minority of buyers in the cryptocurrency market.

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