Cardano ADA News Update, 26th Feb 2024

Episode by Peter Bui on February 26th, 2024

https://github.com/butaneprotocol/token-launch

https://litepaper.levvy.fi/usdlevvy-token/tokenomics/airdrops

Text Transcript

00:00
Another Cardano news update for you guys, a lot has happened over the weekend and I’ll try and go through as much as possible here. Some really interesting news stories, everything from Butane, the post launch from LenFi and also some new tokens coming up in the ecosystem, something to keep your eye on. A lot of people are pretty excited about this. But first off, a news update from Vacuum Labs and they’re doing some updates to the software that runs the Legend Nano S. And because of this,

00:26
it’s going to take a little bit more memory and if you’re using one of these legit nano S’s and using it to operate your Stake Pool such as one of these devices, it’s one of the older ones where it has the buttons on the top. I don’t know if you can see that there but there’s two little buttons at the top up here. There we go. That device there will no longer be able to be used for managing your stake pool. So if you’re a Stake Pool operator you will need to go

00:54
you’re not operating a Stake Pool don’t worry about this but in general maybe it’s time to just upgrade our hardware and have a look at what else and what other options there are. This is the Ledger Nano S Plus this is the next cheapest one that they have the original Ledger Nano was 99 AUD so just under 100 but for 140 now you can get the Ledger Nano S Plus.

01:20
Now the next announcement here is around the Catalyst Town Halls. There is going to be a live in-person Catalyst Town Hall. They have these various cities here that all of you guys in the Kadana ecosystem will be able to vote for. So if you voted in Project Catalyst, you can use the Catalyst app to vote for where one of these six cities will host the in-person Catalyst Town Hall. So this will be a very large Kadana Crypto meetup in one of these cities.

01:49
and you can vote for any of them to actually show us that particular event. So if there is a community that needs to be activated and all brought together, hopefully we can do this in Sydney, Australia, that will get a lot of these crypto enthusiasts that hold crypto and hold Cardano ADA specifically to get out there and actually meet up and participate in Project Catalyst as well. So that would be absolutely amazing to see that happen. If you do live in Australia and want to see this happen.

02:17
Make sure you check out your Catalyst voting app on the 1st of February where you’ll be able to start voting for this. You do need to have at least 50 ADA in your wallet and one vote per wallet. So it’s not the voting power that you normally would have in Project Catalyst. So if you have like 100 million ADA, you won’t be able to use all that voting power. It’s just one wallet per vote. So we’ll see how this one goes. This is experimenting with different voting mechanisms. I do like that.

02:46
But it’s going to be interesting to see how this voting pans out for this particular city selection process. And in terms of Cardano ecosystem news, this is a really good one here and this is Mahan’s audit from Sunday Swap Labs. We finally can see this now and you can click on this link here and have a look at the audit. This is the audit for Mahan’s Fiatback stablecoin and I’m pretty excited to get my hands on this. I did have a little bit of a sneak peek earlier from an earlier version.

03:14
And it’s good to see that all of this has been looked into now. So we’ve got 12 issues here, three major, seven minor, and two information tags here. So this audit here goes through all the different aspects of the protocol itself, how it works, it breaks down, intricacies of the smart contracts, has an appendix, but then also everything what Mehen has done to address these issues that the Sunday team have brought up.

03:44
Now I’ll put links to this in the show notes so you can dig into the audit yourself and have a look at what the Sunday Swap team have looked at and audited within the protocol. Now if you’re interested in finding out more and talking to the Sunday team and also Mehen as well about the audit, they do have an X space coming up here. I’ll put links to it in the show notes but you can ask the team some questions about the report so you get a better understanding of what’s going on with the protocol.

04:09
and I’m looking forward to the launch on the 16th of March. It seems like full steam ahead at the moment for this particular launch of a USD backed stablecoin on Cardano. Now this next use update is around Butane and this token sale went phenomenally well. There’s a lot of outpouring of support from a lot of protocols on the Cardano blockchain for Butane and their synthetic protocol that is launching very soon.

04:36
If you want a video overview of it, I did a breakdown of how it all works and some of the really cool features of it, links in the show notes for you. Or in the top right hand corner there, you can see a link and you can get to it and have a look over it. But they managed to raise just under 50 million ADA in this event. It was a 24 hour event where people could jump in and start participating in the sale.

05:00
So from the sale details here, you can see they were selling 10.75 million BTN tokens at the price of 0.9 ADA per token. They had a total of just under that 50 million ADA, so there was a lot of refunds in this process. So you get a portion in comparison of the overall total of how much you put in, so that portion as a percentage is sent to you of that 10.75 million tokens.

05:27
So it’s a really interesting way of doing it. It’s kind of fair. So anyone that had the time on that 24 hour period to put a little bit of ADA in, were able to get access to those tokens. So I’d love to know the final token distribution in regards to how many token holders, unique token holders there were in this process. Because if a whale came in and put in the full 10 million, they wouldn’t get the full token sale distribution. They’ll only get a portion.

05:56
of the percentage of the total that they sent in. So it’s a really nice mechanism that they put together there. There is a minor problem at the moment for some users. Some of the tokens that were sent back to the wallets, it isn’t appearing in the right way. So that’s being sorted out for a lot of those users. If you can jump on Discord and open up a ticket, they can help you sort out those issues. It’s most likely in your wallet. It might be hidden in a particular UTXO or a different part of your wallet.

06:23
where it can’t be seen and the team will help you work that out. So check out the Discord server. Again, make sure you don’t give out your seed phrase or any security type of details because it may be a scammer trying to scam you out of your token. So be aware of that, but do jump on Discord to help get your issues sorted. Now true to Micah’s stance on open source in the Kadana ecosystem, he has open sourced that token launch smart contract

06:51
So if anyone else wants to mimic the success of what they have put together with their token sale, with their pro rata token sale, you can do that as well. So really good to see. And also this smart contract has been audited as well by Sunday Labs. So you can be assured that this has been looked into and you can use this for your own token sales out there. Now, how is the token price of Butane going after the token launch? Actually quite well.

07:21
Normally after these token sales and people get their tokens, there is always a dump of the tokens because some people try and get as much as possible. So whales would get in and get those tokens and then just dump on the market against everyone else that is trying to get those tokens. Because of this pro rider approach, it seems to have gotten a very wide distribution of this token.

07:45
So here we go, we’ve got the token holders here. We’ve got 2,725 token holders, which is quite a nice distribution. And it looks like a lot of them are holding onto the token itself and doing just minimal trades. So we can see here what’s going on. The volume is quite low at the moment after that token claim. So I am actually quite happy with this. And for myself, I didn’t get into the token sale.

08:10
I like to get into a token once the platforms are launched so I can actually play around with it and get an understanding of what I’m using the token for, then I’ll look into buying at that point. But at the moment it’s really good to see this level of support. RSI is quite in the middle and it’s not hitting any of the Bollinger Bands at the moment for on the hourly charts. So I am really surprised but congratulations to the Butane team for a successful token launch.

08:37
So if you’re wanting to get your hands on the tokens itself, you can get to it via Dex Hunter here. You can buy the token directly from this Dex aggregator, makes things nice and easy for you. So especially if this is your first time in the Kodano ecosystem and you don’t know where to go, Dex Hunter is definitely the best place to have a look at all these unique tokens in the Kodano ecosystem. And they also have announced the Dex Hunter team, the fee switch.

09:03
So this is a really interesting thing that I first saw on MintSwap about six months ago. So the MintToken itself, if you have the MintToken, you can stake it, you can earn some of the protocol fees, the profits from the trading on the DEX, they will take the transaction fees and some of that will go back to the token holders that are staking itself. And Dex Hunter are doing the same thing now. Now if you look at other parts of the crypto space that are doing this.

09:33
Uniswap have just done this recently. So Uniswap, I think last week or the week before, but you can see the Uniswap price increased dramatically when they put in their own fee switch mechanism to put the profits, the trading fees back into the profits of the token holders. So if we can see that happen and people are excited about that, it suddenly gave the Uni token a lot more utility. Suddenly it’s worth holding onto and you can see the token price of it.

10:02
increasing there. So a very similar mechanism for the Hunt token and of course on the Min token as well in the Kadana ecosystem. So love the fee switch mechanism and good on MinSwap for coming up with that. Now not to forget about the original synthetic asset protocol on Kadana Indigo. So these guys launched first and they’re going really well at the moment too.

10:27
Look at this TVL, we got 83.74 million in TVL on the platform itself, which is phenomenal growth at the moment. And I love this other stat here. So out of the total circling supply, we have 9.69 million indie, but then 6.25 state. 64% of the circling…

10:47
lading supply is staked at the moment. Really cool to see that a lot of the community behind the protocol itself are holding on to the token because they believe in the long term future of it. Now Indigo is also launching their v2 of the protocol. A lot of protocols are launching their upgrades at the moment. Everyone is building with Akin and with Akin comes a lot of optimization and performance increases. If you have a look at this here, look at the CDP open positioning.

11:15
This is a transaction size, the amount of steps to make it happen and the amount of memory that it uses. With the new Aiken in grey here, you can see how much of a reduction there is, especially in the memory usage here for opening a position. And we can also look at the closing of position, a liquidation. We also see a nice increase in performance and optimization as well. So that’s

11:40
is amazing to see what Aiken can do for a lot of these protocols in their upgrades. I’m looking forward to seeing how it is and how it all works. We do have some previews and this is quite exciting here. Let me just increase the screen size here. So this is the redemption or redeeming of the iUSD on the platform. So as you can see here, these are all CDPs here,

12:10
all of these positions en masse. So I can group them up, looks like I can do probably five at a time here and then go through and do a redemption process. So this takes some of the IUSD out of the ecosystem and lets me gain some potential profits by closing those collateralized debt positions that may be in an unhealthy state. So you can see here this person, this demonstration is claimed all five of them in a row.

12:35
They can close it and they’ve made a slight profit from that closing of all those particular positions. So really cool mechanism there and it opens up a lot more opportunities for users to try and find those extra gains. So if you didn’t understand what was going on there, let me give you a quick scenario. So the IUSD is supposed to be paid to the US dollar, so dollar to dollar value. But if at any point in time this IUSD drops down below, let’s say it drops to 90 cents,

13:05
I can buy up that IOSD and use it to close all these positions and with the assumption that it will go back to its peg state because there is that buying of the asset and taking it off the market, the price of the token IOSD should go back up. So this is a nice mechanism to incentivize users to help maintain the peg of the IOSD. So that’s how and what is supposed to be happening in the background and these mechanisms allow that to happen.

13:35
while letting you as a user make a slight profit. And this is just that 0.1 of a dollar profit in Redeem in that redemption process. So nice mechanisms there. I can’t wait to see this one in play. I will play around with it a little bit more on Testnet so I get a better understanding of how it all works. So this is the roadmap of Indigo as well. So it’s looking quite good overall. So we’ve got the audit going on at the moment. And the audit should be.

14:04
complete pretty soon in mid-March and then we’ll see a v2 testnet launch and temperature check to make sure everything is right, the parameters all checked and a lot more internal testing and maybe by the end of March here we have a v2 launch proposal and we might see this all coming to play at least by early April so fingers crossed we do see that it’s be really cool to see these upgrades there’s gonna be a lot more eyeballs on the crypto space

14:30
watching and monitoring what’s going on. So as long as all these protocols and dexes and synthetic assets, platforms all launched before then, we should see a little bit more interest on the Kedana ecosystem. Now there’s been a lot of drama around the Levvy finance, the borrowing lending protocol using NFTs as collateral and other assets as collateral, but I won’t get into that. That’s not the focus here.

14:56
The focus is that the Levvy team are bringing out a brand new token, the Levvy token, to power their ecosystem itself. So Levvy was built by the Ape Society team, so a lot of their community came together to make this happen. Ape Society token, SOC, was a large part of this Levvy Finance ecosystem, but it’s come to a point where they need their own token. Levvy Finance needs its own token to actually help build the platform and take it to the next level.

15:26
That’s where a lot of the community members are upset at the moment. I won’t get into the details. You can follow other YouTubers and other Twitter threads to find out all the details. There’s a lot of angry people out there. So we’ll see how this one plans out, but keep your eyes out on this one here. They have a full white paper and everything around their token and how it’s going to work. Token price sales and everything else, further details will come up in the future. You can now see the tokenomics, the spreads there.

15:55
and also the mission schedules and when things will most likely be released in the ecosystems. They also do have an airdrop as well, so if you’re a Levvy user, a task holder, co-task holder, society staking or a regal staking pool, you do have some options for airdrops as well. So either get into that or if you are already a holder, look out for those airdrops that are incoming. Now last week we also saw the launch of LendFi v2 and this is the pooled lending.

16:25
They’ve been going really well. I really like seeing this type of growth here on the platform. I think last time I checked was around 3 million ADA locked and now it’s almost, it’s doubled and gone a little bit higher. So really good to see the growth and the community getting behind LendFi and using their borrowing lending protocol to get the most out of their crypto returns. So really good to see. And if you check out the price itself.

16:51
LentFi is doing quite well. It’s recovered from its initial launch. You do see this, you know, you buy the rumor and then sell the news. And this is a classic repeat of that. So we can see here when the token was sold off after the launch of the platform. And it looks like it’s pretty much recovered back from where it was when it launched. So it’s nice to see the community getting behind that. So some people were taking profits and then they would just buy back in at a later date.

17:21
Anyway, LenFi going really well, really good to see and that is all I have for this particular news update. If you really enjoyed this episode, please consider giving me that thumbs up, click subscribe, click that notification bell. Lots more Cardano related news coming for you and also these awesome video tutorials and everything else I’m bringing out. Make sure you check out the LearnCardano.io website. I’ll see you in the next video.

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