Cardano ADA News Update, 16th Aug 2024

00:00
A jammed pack news update for you guys. We look at some highlights that are coming out from Rare Evo at the moment. We have Flac Finance rebranding to Feo. We look at the Chang readiness as well as Dapps are now upgrading and moving towards the readiness for the Chang Hard Fork. And we also have some updates from Minswap and Wingriders. And I dig into Dedium and have a look around what it takes to be a node provider on there to mine some of those $DEDI.

00:28
tokens. All right, let’s get into this one. First news update is around Rare Evo. Look at this. This is some awesome branding. The guys have really stepped up their game this year. So I’m really, really missing out here, I think. But I’ll keep an eye out what’s happening there and bring you guys some highlights. But there are definitely some creators over there that will be bringing out some awesome content. So make sure you check out the hashtags, all the links down below for you guys.

00:55
And this was pretty cool. I don’t think it’s real, but the SNEC guys have put this on the dome and put all this awesome SNEC branding on it. It’s pretty well done. I was about to say like, you know, there might be some clipping on the end or the words aren’t in the right curves, but this is absolutely awesome. So good work, whoever put this one together. It’s absolutely amazing. I don’t know if it’s real or not. If it is, well, that’s crazy.

01:21
Now this here is one highlight that I saw and this is a big pay. He’s over at Rare Evo as well, but this is the Doom machine. This is what IOHK, Adam Dean, Sundae Labs, I believe are working on it as well. But this is what they have been playing around with this. They’ve actually built a machine, a console, a big gaming machine where you can play Doom and see Hydra in action. From what I understand, I haven’t got all the details, but

01:51
they’re probably using Hydra to track all the movements of all the players. So you can see where they’ve moved, what the actions are. And it’s just a showcase of how fast Hydra can be when interacting with a DAP. So this is going to really showcase what Hydra is capable of. And hopefully we see more DApps use it in the future too. So this is absolutely amazing stuff. Can’t wait to see some people actually playing around with it too. So it’s going to be a really cool event. Again, wish I was there.

02:21
My next new story here is around Flac Finance rebranding to Feo. And this is all because they have created a whole bunch more things behind their platform. So it’s not just a borrower lending protocol anymore that’s integrating with Fiat. It is all to do with the brand new features that they bring out. And here is a medium article that takes through what they’ve actually built. Now, the main goal of Flac Finance was to build a comprehensive financial platform.

02:49
And in doing so, they need to get the necessary liquidity onto their platform to actually make that all happen. You can’t have a financial system without any liquidity. So they had to build an exchange. So they built a robust trading engine and complete exchange platform to make this all possible. And because of all this, they thought it was best to rebrand so that it would reflect the enhanced capabilities that the platform now offers.

03:13
This is an actual screenshot of the platform itself. And what’s interesting to note is it’s not just ADA. It’s not just Kadano. It’s a BTC E. You can see all these other tokens down here. Doge, Matic, Soul, Tron. So they’re expanding beyond just Kadano. So that’s something to note there from this particular screenshot. We also have the new FNX token with a one billion supply. So from what I could see, the FLAC.

03:41
token had a 2 billion supply, so they’ve reduced the supply of tokens. So now it’s a lot more smaller cap. You’ll be able to exchange your Flak tokens one to one. So if you’re holding any Flak tokens, I am a Flak holder myself, you simply burn the Flak tokens and you’ll receive the FNX tokens in return. Now I did check out the Discord server to see how people are going with this. There’s a little bit of delays at the moment, so there’s no rush in doing this. So give it a couple of days.

04:08
Check on the Discord server to see how things and what the activities like, and then go forth and exchange based on feedback and activity that you see from other people. They also have a brand new website for all this as well, the FNX ecosystem. You can read more about their tokenomics and everything else around it on the website. Again, links down below for you guys. Now here is another interesting introduction. They have a brand new stake pool. You could see that on the website here. FNX stake pool.

04:36
and you can delegate to this particular state pool and earn some of the new FNX tokens. So you still earn your ADA rewards. This is only a 5% margin pool, so it’s on the higher end of the margin fees for majority of pools out there, but this is the extra 0.5% yield that you get of the FNX tokens. So it’s a nice way for them to earn a little bit of extra ADA in regards to

05:05
running that state pool and earning the state pool rewards from it, but you also get some of the FNX tokens from it So it’s like a dual purpose a dual reward ISPO, which is something I really like now other important thing to note here Is this sunsetting of the Milo NFTs? So I did have a collection of these as well and because they’re being sunsetted you can burn that Milo NFTs and receive some of the FNX tokens in return

05:33
You can get all the details on their website here. You can see that the whole full rebranding and here this is the Marlowe NFTs. If you purchase them, you can get the FNX tokens based on the rarity of that particular NFT. So you can see that all the details there and then you have a burn address that you can interact with. I’ll do tutorials on this if people request them. So put a comment down below and let me know if you need some help in this whole process of

06:01
migrating from flat finance to FNX. So there’s quite a lot there. Make sure you check out the medium article in case I’ve missed anything or you need some further clarification or the links down below in the show notes for you guys. Now talking about token migrations, the Wingrider’s teams are in the process of upgrading their decks from Plutus V1 to Plutus V2 and taking in some of those really fast optimizations. But as a part of that process, they also need to move that liquidity from V1 pools to V2.

06:29
And this is a preparation, a test on the pre-prod network to make sure that is all working. So if you are a Wingrider holder, this is a call out for some participation and testing to ensure that everything there works. You can get to it all at app. You can connect your wallet to create a V1 pool, add some liquidity to it, and then move it and migrate to V2. So if you do so, this will help the team immensely.

06:56
You can check out the video here if you want a little bit more of a visual guide of how to do it and provide the team some feedback. So it’s always good to test these things out to ensure all works properly before going to mainnet. Now the other team that did this recently was the MinSwap team when they released their v2 of their whole protocol. And we could see here this is some liquidity I’ve got in DOT/ADA and you can see here I’ve already migrated that to v2 as well. So a lot of liquidity had to move.

07:25
So we’ve got to make sure that all works properly. So please help the team test things out there. Now, something else that the MintSwap team have been working on is the analytics dashboards for various parts of their ecosystem. So they’ve got a brand new yield dashboard, the Mint Token Metrics, and also DAO Treasury updates through their dashboard. So this is really cool. You can see here the yield dashboard. It gives you a really good overview of where the highest yields are within their ecosystem. So if you are interested in

07:56
providing liquidity, you can look at this dashboard easily and see, all right, okay, how much daily rewards are coming out? Okay, that doesn’t seem enough. Mint tokens seem to be good. Okay. So you get an idea of what the rewards are and then an idea of where these rewards are coming from. So you can see the mint ADA, IUSD ADA, USDM ADA pools are probably providing the highest returns of yield here.

08:20
So you can provide liquidity to those ones and you probably get the best results from it. So it’s really good to have these dashboards, check out the dashboards yourself, and then you can make a better analysis of where to put liquidity to earn the most rewards from the platform itself. They also have an update on their DAO treasury so you know what tokens the MinSwap team are holding themselves in the DAO. And this all is the rewards that come out of it for liquidity provisioning or purchase.

08:50
tokens that they’re receiving back, etc. So you can also check out their wallets and see how much various assets are in those wallets too. Now just an update around the Chang hard fork readiness. We are essentially there for the stake pools. We’re at that 78.6% of stake ready from the Kodano ecosystem nodes. So that’s really good to see. We’ve got 30% of all nodes upgraded to

09:19
9.1 but the more important metric there is the amount of stake the pools that are generating minting blocks that’s what we’re looking for and that’s already past the particular threshold we’re after. The next one here that we’re looking at is that the liquidity on exchanges and that is now at 24.41% and with a whopping 10% of exchanges now already.

09:43
If we have a look down here as well, we can see a lot of exchanges are in progress too. So some of the big ones such as Binance with 16.6% of the entire liquidity of exchanges, almost ready. It’s been 11 days guys, come on. What’s the progress update here? So hopefully they can get that upgraded really soon and then we’ll start seeing a lot more liquidity ready for this particular Chang Hard Fork.

10:09
But there’s one more thing that we really need to look into, and that is all of the DAPs and everything else around it. They all need to upgrade too. And this is awesome. It’s good to see that Charlie 3 are the first DAP that is indicated that they’re ready for the Chang Hard Fork or their node infrastructure is ready to go. It’s all upgraded and all done. So that is absolutely awesome. Now you can check this out yourself and see what’s going on in regards to all those DAPs and everything else at Docks.

10:39
dot intersect mbo.org I’ll put links down below but you can see here this is a yeah the liquidity this is a stake for SPOs liquidity for exchanges then if we go further down we’ve got all the other things that are needed the core infrastructure environments exchange readiness we can see a lot of more data here than we saw it on the Cardanoscan website we also have the tooling that needs to be updated and also of course all the wallets that are being upgraded.

11:09
Some aren’t being upgraded at all because they’re not going to be governance focused, such as Nami wallet, hardware wallets all in there. And this is the DAP readiness that we saw from Charlie 3. You can see they’re already Axo or in progress. Now I do believe Mintwap have already upgraded a whole bunch of things, but maybe it’s just not updated on this particular website yet. So we need to ensure that all of this, all these projects that are building on

11:38
are all upgraded as well. So we’re waiting for all that. We have some tooling and then also the intersect members and everything else around it. So there’s still a bit more to go there, but this a month ago, this was wasn’t looking great with a lot of projects and what not haven’t been finished yet. But now we are so much closer. We’re just waiting for the exchanges and some of these technical aspects in the background and dApps or to upgrade and we’ll be ready for the Changhard 4.

12:05
Now the website here also says that there’s a predicted date for the Chang Hard Fork. I completely disagree with these dates here. That potential hard fork date of the 22nd of August? I don’t think so. It’s the 16th of the day. There’s nowhere near going to be ready. And then the 28th for the possible next one. I don’t see it happening this month at the rate that we’re going. So many teams are at rare Evo at the moment. So we’re going to lose a week there for sure. But I don’t think so.

12:33
I have seen teams working from the lobbies of the casino, so it’s, it’s may happen, who knows. But yeah, we’ve got a lot of things to upgrade and update before that will be ready for upgrading for the hard fork. So I don’t think these dates are realistic. So we might see something more so in mid September. Now Dedium was a project that everyone keeps on saying, Pete, you got to check it out. You got to find out a little bit more, do interviews, deep dive into it. So I think.

13:02
I would look into the core aspect of their project and that is us regular users providing node, GPU nodes for their network so that the ecosystem, their partners, whatever, whoever is using the GPU mining power can get it from us and then we earn those DD tokens from that whole process. So, it’s good to see their wallet holders, their holders of the tokens are increasing and they’re partnering up with

13:32
big AI projects. This is a Leonardo.ai, so one of those Generative Image projects out there, and they’re one of their clients at the moment using their GPU compute power. Now, in looking into how to set my own node, it’s come to my attention that it’s not quite ready yet. So it’s not ready for consumers until sometime in 2025. And the other really concerning thing is the

14:01
type of GPUs that are needed. So you only A100s or H100 GPUs can become nodes at the moment. Okay, that’s fine. I looked into those particular GPUs. My god. So this is a secondhand A100. So this is a Nvidia Tesla A100. It is $6,000 US dollars brand new. I saw a price for like 21,000, which is insane. That’s absolutely insane.

14:31
So I’m trying to find if there’s cheaper ones here. So this is look at this price here. This is a brand new Nvidia Tesla A100 30 gig PCIe graphics card. Let me just click on that one there. 34,000 US dollars or 51,000 AUD. So brand new. This person has got a stack of them, but there is no way.

14:57
that I would be buying any of these type of video cards. Look at them, those prices are insane. Maybe the H100 is a little bit cheaper. No, it’s not, it’s more expensive. The H100 is on par or even more powerful than the A100 and it costs more as well. So this is a brand new one here for 45,000 USD or 67 or 68,000 AUD.

15:22
Wow, okay, so the whole idea of this is that I could use my GPU here on my PC. It looks, I think it’s a 3900. So it’s pretty average GPU, but I should have, I’m hoping, I really hope that I can use it to provide to the networks who can earn these tokens because I, my strategy in crypto is to earn crypto, I do some work.

15:49
and then I earn the cryptocurrency and then I can buy sell trade it afterwards as opposed to buying and holding that I that’s that’s not my strategy. I earn it. I put the work and effort in. Hence I’m a stateful operator. I earn the ADA and then I do something with that. So I’m hoping this is more obtainable for retail users so that I can provide GPU power to the network. So it’s a little bit disappointing that I discovered that. But

16:18
Who knows, it may change in a later date and we’ll see different GPUs come into play and we’ll be able to provide GPU power on any sort of level because that level there, the A100s, H100s are way, way too high. Now this is my last new story here and this is for Minetta, another one.

16:41
million USDM has been minted bringing the total up to $6,885,411 in their reserves. Hopefully we do see this hit the at least the 10 million mark by the end of this quarter. I’d love to see that. It just brings in a lot more liquidity for traders in the Kadana ecosystem and hopefully from then on when they open up more jurisdictions around the US and over in Europe.

17:09
we’ll see more liquidity coming in as well. So super excited to see the team kick these goals and we’ll see a lot more USD liquidity coming onto the chain really soon. Now I just wanna do a big shout out to my channel members as well. You guys absolutely rock every month. You guys pay that little bit of a monthly fee there and keep my caffeine addiction going. So I absolutely love you guys. Thank you so much for supporting the channel and thank you guys for watching to the end here and might as well on your way out, hit that thumbs up, hit subscribe, click on the notification bell.

17:38
does wonders for a YouTube algorithm and I’ll see you in the next video.