Cardano ADA News Update – 31st Jan 2024

Episode by Peter Bui on January 31st, 2024

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Catalyst working groups

FluidTokens Introduces USDC & ERC20 Tokens on Cardano

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See the platform implementation on development environment.

Charli3 Launches the Development Portal

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Sign in and try out the Charli3 development portal.

Cardano Smart Contract V2 usage Baloons

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ADA Markets Launches BETA access v1.6

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Lenfi Open Sourced their v2 Contracts

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Indian Pro Boxing League Launch their Discord

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Join the IPBL Discord.

Text Transcript

00:00
Another Cardano ADA news update for you guys, it’s the 31st of January 2024 and we have some updates from your favourite projects including ADA Markets, Dex Aggregator, brand new version out there for beta access. We also have updates from Charlie3 and their new developer portal with all this data there that makes it super useful for you guys to develop and integrate in the Charlie3 protocol and also some updates from Fluor tokens around their ERC20 like.

00:30
smart contracts, SIP, whatever it is, we can have USDC enabled functionality on the Cardano blockchain. All that and more coming right up.

00:59
Thank you guys for tuning in again. Make sure you hit that thumbs up on the way in, hit that subscribe button, click on that notification bell, lots of Cardanoo news updates and interviews and all sorts of things coming right at you. But first off, a public service announcement. These scams keep on reappearing and this is these tokens that get airdropped into your wallet and it looks like it’s some sort of reward that comes out and if you interact with it, you get something, you don’t. All of these are scams. There are plenty of them at the moment.

01:29
The cool thing is that when the scammer sends you this token, they have to send you at least one ADA in that process to actually send the scam token. And this is the only ecosystem where scammers pay to scam you. And in the process now, so now that you have the scam token in your wallet, you may be wanting to get rid of it. And the best thing to do is to send this token to a centralized exchange.

01:58
because they can’t handle these NFTs. I got this tip from XBase last night, and people were saying if you send this to a centralized exchange, you will get the ADA that is attached to the NFT, and then the centralized exchange has to deal with it. So if you send it to Coinbase, or send it to Binance, for example, they have to deal with the NFT that’s sitting and residing in there, but you get that ADA that was attached to it, allocated to your account.

02:25
Really really cool tip there. I really like that one. So if you get one of these scam tokens, consider it one free ADA, send it to exchange and keep that ADA in your wallet. Awesome. Now this next news update comes around the ERC20 tokens on Cardano. So this is some features and functionality that is needed to enable USDC functionality on Cardano and that is the clawback or the freezing of accounts.

02:53
So you see and you find in a lot of other ecosystems, if USDC is being stolen from a smart contract hack, they have the ability to freeze those assets and stop them from moving from a particular wallet or moving to a different account. So that is now possible on Cardano with the smart contract or the functionality that the team have built in to this particular platform here. So this is a working interaction of it.

03:21
You can connect your wallet on testnet. So this is my testnet wallet and have a play. They’ve got instructions on how it all works here as well. So if you want to dive deeper into this and see how it’s implemented and see how you can actually freeze an account, unfreeze accounts, and then mint new USDC through their platform, you can. You can give that a go, give that a try. And hopefully, now that we have this functionality here, the ability for USDC or Circle, I should say,

03:51
create and control the flow of USDC in the Cardano ecosystem. They could have a look at this and potentially use the platform or create their own version of it with their own extra security layers or whatever else they need to enable native USDC on the Cardano ecosystem. So that’s super cool and super exciting. Now a lot of people are asking why do we even need USDC on the Cardano ecosystem? And the biggest thing is

04:19
the level of interoperability that USDC or I should say Circle has with the entire crypto space. So if you imagine any other blockchain out there, anyone that has some USDC on some obscure blockchain that you don’t know about, but is EVM based and is connected via Circle, they can easily move that liquidity around from one chain to another and not really think or worry about

04:45
how they’re going to do it, selling their assets on a centralized exchange, converting it to something else and then moving it to that blockchain, which is what you have to do at the moment to be able to enter into the Cardano ecosystem. So this allows that easy flow and access of a stable asset to the Cardano ecosystem. So that’s why a lot of people want this to happen, to enable that interoperability and the flow of liquidity to and from the Cardano ecosystem. So hopefully we will see some progress with this.

05:14
I’m not sure where to go next in this whole USDC process. Maybe it’s now a job for Intersect and the members based organization now to look into it and try and get the whole USDC thing to the next level. This next news update here is from Charlie3 and this is one of the milestones they’ve been working on for a while and this is their developer portal.

05:40
The inner workings of Charlie3 oracles are finally on display for all to see all the details or the data mainnet and pre-prod no more worrying about what Charlie3 does. So this adds a whole layer of transparency to their ecosystem their platform so you know what’s happening on their oracles and you can see the price data feeds all coming into the ecosystem and you’re not just relying on the dApps that are interacting with it. You can actually see the price feeds everything else on chain.

06:09
through their platform here. And I did sign up for the platform. They have a full article here that goes through it and explains how it all works. If you’re interested, dig into that and you can have a really good understanding of what they’ve done. But this is the platform here itself. You do have to sign up for an account and you can see the different Oracle feeds that they do have at the moment. The Nmaker Ada, iUst, Jed, Jed USD, Book USD, Ada USD and Ada Charlie 3 at the

06:38
So all of this does cost money to operate and have this data on chain, but you can see how it works and it also has information on how to integrate these particular price feeds into your DAP as well. So if you are interested, if you’re building a DAP and you need these decentralized price feeds for it, you can take advantage of this. I did a video about the decentralization of Oracle feeds a little bit earlier. You can check out that video. Links in the top right hand corner there.

07:08
you can see why it’s important to have these decentralized price feeds within our DAPs in the ecosystem. This next news item is around the usage of Plutus V2 scripts. Now I’ve covered this in my previous episodes and I’ve done a comparison and how the upgrade from V1 to V2 can really help improve the speed and number of transactions that can actually fit into a block on Cardano. And having a look at this graph here.

07:37
If we have a look at this, we can see this massive spike just recently of V2 scripts being used on Cardano. This spike is absolutely crazy. Let me just pull up the live stats here. This is the live data. This is from Blockchain Insights. The graph here just goes ballistic with the usage of V2 scripts. Now, I did have a look into this to try and find out where these V2 scripts are coming from or who is or what is causing this massive spike of V2 scripts.

08:06
And if we do have a look at the conversation down here in the Twitter thread, it’s AXO. So AXO when they launched on mainnet, they had a massive amount of a massive surge of usage on their decks. And the all the limit orders that are placed on the decks are interacting with V2 smart contracts. And I also did cover this in previous video updates, but their smart contracts are.

08:33
absolutely tiny so you can pack in a lot of transactions per block with the AXO smart contracts that they’re putting out there so really really good to see and it’s amazing to see this amount of growth and we will see a lot more of this as more and more dApps start releasing and launching their v2 or usage of Plutus v2. One of the other really cool updates is a Sunday swap releasing their preview of their version 3 of their decks. Now

09:02
This is pretty fast. They’ve done a lot of improvements in terms of optimizations and speed on the decks. And the amount of transactions they can pack into a block for this is phenomenal. So they’ve done a lot of re-engineering. This is essentially a full rewrite of their decks and their platform with some brand new features that they’re adding to the decks. I’ve done an interview with Pi that talks about some of these new scaling options and what they’ve done with this particular release. Check it out in the.

09:31
links up above. It should be there by the time you see this news update as well. Now they have done some really cool things here and one of the things that they will be doing is migrating or helping users migrate their liquidity from the v1 smart contracts to v2 so that we can actually take advantage of those optimizations. I did have a conversation with Pi about this and we will probably see

09:58
a lot of liquidity still stuck in the V1 smart contracts for quite a long time. And that is because some projects out there had burnt their keys and access to those liquidity pools upon creation. So some of them we never will see the liquidity unlock and migrate to the V2 script. But it’s all a manual process and you do have to actually go through and migrate the liquidity from V1 to V2 itself. And this does it.

10:27
seamlessly all on chain. So it’s a really cool way of doing it. I love what the team have done here in regards to this and we’ll see a few more updates and improvements over the next couple of weeks as they start to roll this one out on mainnet. Now the team from ADA Markets have been working tirelessly to improve their Dex aggregator. Dex aggregators are the whole rage at the moment. Dex Hunter are doing an amazing job of onboarding users to the ecosystem and allowing for simple

10:57
quick and easy swaps on the Cardano blockchain. And AdaMarkets is going to be a competitor to that. And they are tirelessly working to improve their DEX aggregator, have all these brand new improvements to the UI, global trades, mobile optimization, and all sorts of things to make it as smooth and easy as possible for users to start using a different alternative as well. So it’s good to have that competition. It’s good to have different levels of innovation.

11:26
Having competitors in the market keeps market leaders continuously innovating and pushing the limits of what’s possible. So good to see ADA markets there, and I would love to see you guys give it a go as well and test it out, give the team feedback and support as well. We do need some more competition in the ecosystem. So the more we have, the more innovation, the more development we can have.

11:51
I have played around with the platform myself, it is fairly easy to use and very simplified in regards to its UI and interface. Have a play with it, like I said, you’ll be pleasantly surprised. One of their hidden features which I just saw recently is their particular themes. Now I was talking about how Butane has all these really cool different skins to customize your trading experience, but check this out. They’ve got a SNEC skin here.

12:18
And I just thought when I saw this originally, I thought that was just so cool. Just having some branding and, you know, making it more user friendly for the users that are using the platform. I just thought it was a nice add on. I haven’t seen the HOSCII one yet. Yeah, OK. It all seems pretty cool to me. I do like this SNEC one, though, so I might just keep it in SNEC for now. LenFi is one of those platforms that is always pushing open source. And I absolutely love that.

12:47
their platform, their borrowing and lending protocol, open source and allowing others to build on top of it or add to it as well is a really good approach. It helps other developers understand how to build these smart contracts and build protocols as good as LenFi. Now, if you want to get into this, there are GitHub links there. I’ll put everything in the show notes for you guys. So if you want to learn how to possibly write your own smart contracts and build a borrowing and lending protocol, just like LenFi,

13:15
The whole V2 code is now open source. So check it out. If you’re a developer, you may be spinning up a brand new version of LendFi and calling it something and allowing the community to borrow and lend off your brand new protocol. So really good to see, really good level transparency and collaboration within the community there. Now I thought I’d just give a shout out for the Indian Pro Boxing League here. They have their…

13:42
Discord server now available where you can join in, become an OG within the ecosystem. I think I’ve missed out on being one of the first 50 members unfortunately, but you can still join in on their community. They do live streaming with Nucast  to stream their boxing fights. You can buy an NFT ticket, watch it all online. So it’s a really good use of blockchain tech and stuff that Nucast and the team there have built in terms of ticketing.

14:11
and live streaming and access passes with NFTs. So really cool to see. We’ll see more of this type of work with the Indian Pro Boxing League coming up soon in the Cardano ecosystem. I believe they have some passes and all sorts of things coming out really soon as well. So I’ll keep an eye on this and I’ll keep you up to date with it. Now it’s come to the point of this news update where I’d like to give a big shout out to the channel members.

14:37
not just the subscribers and if you aren’t subscribed yet make sure you hit that subscribe button down below but these are channel members that pay on a monthly basis to be members and get early access to all the videos that are produced and put online. This is everything from tutorials, interviews and news updates. They are all put online 24 hours before anyone else can get to them between 12 and 24 hours and you can view them at your convenience.

15:04
So it is a great way to support the channel, you get early access and I’m working through and trying to work out different ways to give you guys more value of being channel members as well. If you have a suggestion or something that you might want from being a member, please leave a comment down below and I’ll see if I can implement that too. So that’s it for this episode. Like I said, if you haven’t yet already, make sure you give me that thumbs up, click subscribe, click on that notification bell. Lots more Cardano News updates for you guys.

15:34
All of the links and references are on our Learn Cardano website, links in the show notes down below and in the top right hand corner there for you guys. And I’ll see you in the next video.

 

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