Fixing Ethereum with Cardano Research, ADA News Update 16th Jan 2024
Episode by Peter Bui on January 17th, 2024
Ethereum’s Fix with One Shot Signatures
One Shot Signatures white paper by IOG.
DexHunter new Multi Chart Interface
Visit the Xerberus App
Helios Lang Developer Proposals
Helios Catalyst Proposals
Axo Mainnet Launch Postponed
Fluid Tokens Emissions
Fluid Tokens Growth
Minswap Burn Complete
Genius Yield Accelerated Yield
TangleSwap Live on Mainnet & Enabling Unwrapping Soon
Beware of Scams
USDC on Cardano
Watch the Video About USDC on Cardano
It looks like we found a solution to fix a lot of these problems in the Ethereum ecosystem. Everything from finality, slashing, trustless delegation with Lido and Rocketpool, and also restaking can be fixed with this one white paper around one shot signatures. Let’s check out this video. And the key primitive that I’m looking at right now is called one shot signatures, which was discovered in 2020.
There was this amazing paper which kind of pretty much went unnoticed for three years. But it solves finality, it gives us perfect finality. Another consequence is that we can reduce the threshold for finality from 66% to 51%. It solves trustless delegation, meaning that we can have protocols like Lido and Rocketpool that have no trust whatsoever in operators that don’t need any collateral. And it puts…
You know, it potentially also solves restaking. It also gives us this notion of quantum money, which is a way to do the lightning network without routing. So if you want to watch more of that, I’ll put the links down below so you can go over the video and get a really good understanding of what these guys are doing. But one of the things that wasn’t mentioned was where or who wrote this particular white paper.
And turns out this white paper was written by Input Output Global, the company behind Cardano. And this is the white paper here, let me just go through it. One shot signatures and applications to hybrid quantum classical authentication. Now it is quite technical, it’s well above my pay grade to go through in this particular video but if you’re so inclined, I’ll put the links down below for you guys so you can go through it and read it for yourself. Maybe you can throw it through ChatGTP and do a…
slightly dumbed down version so more people can understand it. I probably should have done it for this video. But it is quite interesting to see that this particular white paper and research that IIG has done back in 2020 could fix a lot of the problems that Ethereum is facing at the moment in terms of how the staking works. You do have to remember that Ethereum did go from a proof of work blockchain using GPU miners to proof of stake.
it was a quite a big engineering feat and now to see that some of the research that IAG has done in the past could help them take it a little bit further is a really good confirmation of the work that IAG has done and the rock solid foundations that Cardano has. Big win there. Anyway another interesting aspect down here is this Ethereum foundation and Cardano foundation collaboration next week.
on quantum blockchain protocols. So this is the next evolution of blockchain, quantum blockchains and they’re working together for this collaboration workshop to go through and work out what’s going on with the next era of blockchain. So it’s really good to see this type of collaboration between two major players in the ecosystem. So I’ll keep an eye out on this one and report back on what comes out of this particular workshop.
be very interesting to see what conversations come around and what the future of blockchain might look like around quantum blockchain protocols. This next news update here is around DexHunter. My god, you guys are crazy. This is a multi-chart layout allows you to have up to eight charts on the screen at any time. So for those that have eight screens, you can now have eight charts on there. So 64 potential charts that you can stare at.
for your technical analysis. You guys are crazy. What’s wrong with you? Now this tool here from Xerebus, I thought is absolutely amazing. I hadn’t been keeping up with the project, but having this visual update here from the team is really, really cool. So they’ve gone through and done risk and growth score ratings across a lot of the major projects in the Cardano ecosystem. So if you’re coming into any of these projects for the very first time,
You can look at these ratings and get a better understanding of how these projects fit into the ecosystem at the moment. Now I can go through in the next screen here. This is their risk rating. More A’s the better, so green is good. And it really gives you that visual breakdown of how the token and project has been performing. It gives you that history rating as well as the overall current rating of the project. Also gives you an idea of the token as well.
In terms of emissions, transaction dominance, token distribution, decentralization, market performance, lots of things that are coming into play there. So really, really cool to see. And this is an excellent graph that they have here, growth score versus the risk of the actual project itself. So if you’re in any of these projects, you can kind of see where it all sits anywhere from the middle for maybe some early projects all the way to some long term existing projects that have launched.
and have some really good potential there. So I absolutely love this work that the service team have done. If you wanna learn more about the project, I did an interview with the team, links there in the top right hand corner where you can find out more about the platform and what the team are building. Now, one of the really interesting things about their platform itself is that if you want to get into any of the deep data on the platform, you require a…
NFT. This is their NFT, their JPEG store NFT. This is it and the current floor price is $1500. So quite a pricey NFT, quite an interesting design in itself, but that will help, that will unlock some of this stuff that you need such as that risk rating, the only way to get to it. So that’s a nice gated feature and a really nice way of using the Cardano blockchain to raise funds for their
This next update here is from Helios. Helios is an alternative smart contract language on Cardano , one of many at the moment. But there are some really cool projects that are using it to build their smart contracts and their dApps. One of them is DropSpot. DropSpot is a really cool, innovative NFT marketplace with some really interesting features on there. And from their experience that they told me, once they picked up Helios, their smart contract development time dropped.
dramatically, they’ll be able to deploy and the experience was just so much easier. More akin to their regular web 2 style of programming. So absolutely amazing. But they have two catalyst proposals here. They have one around unit testing framework and they also have another one around a debugger plugin for Visual Studio Code. So both of these really help with the developer ecosystem side of things.
So if you want to support anything in this fund of Project Catalyst, please support the developers that are building these tools because it will help other developers build on Cardano and deliver some awesome dApps for the ecosystem. This new story here is around Axo’s launch. They’re supposed to launch right about now. Yeah, exactly now at this time of recording. But they had some issues last week in their liquidity seeding event.
A lot of the orders that were being cancelled on the platform didn’t quite go through and a lot of people didn’t get their ADA back. So some of those orders may have been executed and sold AXO at the incorrect prices and that is not a desirable outcome. They’ve got a big post-mortem article here on their launching on mainnet and addressing some of the pre-launch issues.
I will go through this in a separate video and break down the postmortem so we can work out exactly what happened. Hopefully there’s some learnings from this as well. But it’s unfortunate that it wasn’t the smoothest launch, but I’m still looking forward to a lot of the things that Axo are delivering for the ecosystem. A lot of these visual trading strategies and things that you can program into the platform itself.
I can’t wait to actually play around with it a little bit more and teach all you guys how it all works. Make sure you subscribe to the channel. I will be doing a lot of video tutorials around it. Another project that is launching very soon, well actually they’ve launched. Fluid tokens are in mainnet and have been on mainnet for over a year. Well actually just over a year. They launched about this time last year. And they are now launching their token on the ecosystem through a liquidity bootstrapping event.
This is a breakdown of their admission schedule. So it’s really good to see this split of their 100 million token supply across the different parts of the ecosystem or different parts of their ecosystem, I should say, from DAP incentives, airdrops, liquidity bootstrapping event, the ISPO, which is completely over now, and the partners and the team. So first off, it’s good to see that the partners and team have less than 10% of the total supply. The
ISPO it’s also good to see that that has a vesting schedule as well so you we’re not going to get all of the tokens in one go at the launch you can see it’s a little bit after the launch and then we start getting some of those tokens distributed to us over the year and then further down over closer to three year mark the end of two year mark I should say so it’s really good to see that they do have that type of vested scheduling
I have to say an LBE has been the smoothest way to sell and start a token within the Cardano ecosystem at the moment and the Minswap team that came up and introduced that particular LBE to the ecosystem I think did a really good job. If you want to learn more about an LBE I’ve got links from when Minswap did their initial liquidity bootstrapping event you can check that out in the show notes down below and learn about how you can prep yourself for this LBE.
I will be doing videos about it. If you want to get into the fluid token LBE, make sure you subscribe as well so you can watch that video as soon as it comes out. None of this is financial advice and I am an ambassador for the project as well so I’m a little bit biased. I absolutely love this project when it was first presented to me so it’s one of my favorites out there and I’m pretty happy that they’ve reached this point of launching their token too. Now how is the project going at the moment? This is…
majorly cool. This is their brand new feature that they released a couple of weeks ago, maybe just a week ago, and this is their boosted staking feature. So this allows a user such as myself to gain extra staking rewards by putting it into their smart contract for their boosted staking. So a stake pool operator such as myself can borrow some of the ADA from these people that are putting their ADA into the smart contract and delegate it to my pool.
Now the really interesting thing here is that you are not giving up your ADA. The ADA remains in that smart contract. What you’re lending out is where your ADA is staked to. So it’s no longer going to be staked to your state pool. You’re lending that out, which is the total value of amount of ADA that you’ve staked in the smart contract. You’re lending that out to the borrower, which is usually a state pool operator, so they can delegate to their own pool.
So now they’re going to earn the ADA rewards from your delegation. So they may gather a million worth of ADA and stake it to their own pool. And in doing so, they earn a boost amount of rewards because they are a stake pool operator. They earn just that bit more. And of course, they pay the fee for it, which goes back to you as a person that is providing that state ADA. So it’s absolutely awesome mechanism. If you want to learn more about it, I did do a video about this as well.
Again links in the top right hand corner there where you can learn more about fluid tokens boosted staking. I think it’s really important to look into it so that you can maximize your returns. It is a fairly low risk way of getting into Cardano’s DeFi ecosystem so that you can get that extra boost of staking rewards. At the moment the staking rewards on Cardano is around about 3.2% return APR.
And you know that’s diminished from the initial launch when staking rewards are really high. So that incentive has diminished over time. When I first started staking it was around 4.5, 4.2% and now it’s dropped by a whole 1% and that will continue. As more tokens are out in the ecosystem that will slowly diminish. So we’re going to see that happen and all these really cool ways in Cardano’s DeFi to boost that stake is really key.
There’s a couple of other protocols that are doing this as well. So Fluor tokens isn’t the only one, just that they have launched this one here at the moment and it’s quite, quite good in how it works. So I really like it. And of course you can see here, they’ve got a TVO at the moment of 6 million. So it’s working out really well for them. This is another really big news story and the Minswap team have passed the governance proposal to burn 2 billion Mint tokens, reducing their total.
on chain supply to 3 billion MIN. That is a really big milestone for the team. This is one of the really big proposals that went through their DAO and I did cover this since Christmas last year and it’s so good to see that it’s passed through and 40% of that MIN tokens has been burnt off. Now this isn’t inflating the price of MIN, what it’s doing is reducing the amount of time that will take to have all the MIN tokens.
in the Cardano ecosystem. So originally it was about 28 years left before all those tokens would be released. Now it’s just under nine years. So this is more of an industry standard and where we expect an emissions release of a particular project should be and it is pretty much in line with everything on other chains like Uniswap is around the same time for example. So really good to see and I’m looking forward to seeing the future of Minswap on
Cardano blockchain 2024 is going to be a really good year for the team. Now another DEX that is doing something really exciting is Genius Yield and this is their extra Genius Yield accelerated yield event. So if you want to participate in this particular event you can earn some of these extra GENs tokens within their ecosystem. So there’s a couple of tiers here there. So there’s tier one 50 000 GEN tokens per week split amongst all the traders on the DEX.
to field ADA volume. Pretty cool. And then a tier two for power users. If you traded at least 12,000 ADA in field trades in each promotional weekly period, you receive an additional 20% of the DEX fees. Note that if you’re already second gen, you are already eligible to receive 20% of the DEX fees, meaning that these users will be getting 40% of the DEX fees. Pretty much half the fees. That’s…
absolutely amazing and really cool that the team are putting this promotion on. It really should boost up the amount of users on the decks itself. I’ll be playing around with this. I don’t know if I am game enough to do 12,000 ADA trades. I don’t think I even have that much in my trading wallet. So it’ll be interesting to see how this one goes over the next week or so. If you want to learn more about it, I’ll put links down below to the article so you can learn a little bit more about this particular campaign.
Now just as a disclaimer I’m also a genius Yield Ambassador, absolutely love this project, have since their launch back in 2021 for their ISPO have been following the project very very closely. Now TangleSwap have come over from the IOTA ecosystem and if you want to learn more about this project and what they’re bringing to the Cardano ecosystem over from IOTA, they have launched their EVM decks over on Milkomeda.
and using RAP smart contracts in that whole process. So this is a really cool interoperable play and they went through their token sale. It was a little bit rough at the start, but they do now have their app, their mainnet launch has happened. Just that one part of it isn’t ready yet. And this is the bridging back of their token to the Cardano ecosystem. So you can’t get their void token yet on the Cardano blockchain, but it will happen very soon.
have an announcement down here in this particular post. So let me just read this for you. Please note that for two more weeks Void will remain tied to the Cardano L2 until Wrap Smart Contract Tech is updated to version 2.1 by the Milkomeda validators on the Cardano EVM. The ETA received by the team is still late January 2024 and from what I’ve heard from the Blue Shift side of things, the decks that I work for that’s built on Milkomeda as well,
that date is likely correct because we’re waiting for the Cardano startup index to be enabled by the validators so we can move the liquidity back and forth as well. So pretty cool, pretty exciting. I do hold some void tokens as well so I participated in this particular event and traded as well. So I’m looking forward to seeing this one over on the Cardano ecosystem and seeing what utility will come out of it too. So super exciting. This last little update here, so the goal for year 2024,
Goal is to connect this web of L2 listings via DexHunter to truly leverage unique efficiency ordered by concentrated liquidity. Hmm, pretty cool. To see DexHunter tap into the Milkomeda ecosystem and be able to do trades there, that’d be absolutely awesome. Everyone’s using DexHunter at the moment. If you want to learn more about it, check out my video that I just did about DexHunter. Really, really cool stuff.
Now just a reminder for everyone out there, there are a lot of scams going on at the moment. This is the latest one here. This is the Nmaker AirDrop. You notice if you’re looking at the NFT on PullPM, which a lot of people do, you will get this notification that it is a scam. They tag the NFTs with the word there so you can see that it’s potentially something wrong with it.
We’re also seeing this now starting to appear in the various wallets in the ecosystem. So as long as there’s some sort of database that the wallets pull from, they will know that it’s a scam and it will appear in your wallet as a scam too. So really good to see that this is these type of warnings are coming through the Katana ecosystem. Just a reminder for you guys, don’t go to the websites that these NFTs are pointing you towards. They can potentially drain your wallet if you sign a transaction on that website.
Thankfully a lot of the Cardano ecosystem requires you to actually sign a transaction after connecting your wallet as opposed to the EVM chains where you can connect your Metamask wallet or whatever wallet’s EVM wallet you’re using and it will just wipe all your assets directly from connecting so be warned. A really good security practice is to have all of your long-term hold assets on a hardware wallet such as a ledger or a keystone wallet if you want to buy one of those.
links in the show notes down below. I’ve got links for affiliate links down below that will help support the channel. So if you want to buy a hardware wallet and support the channel at the same time, please do so down below. But it’s good to hold your long-term assets in your hardware wallet and then have a hot wallet such as Nami, Lace, Eternal, whatever it might be with a very small amount of your holdings on there. So you can actually just play with a couple of daps and see how they work. Maybe you do some test trades and practice trading there.
before connecting your hardware wallet. So that’s a really good protection measure so you don’t accidentally lose your assets on one of these websites. Always review your transactions before signing them as well. It’s not the easiest process to do, but just verify what you’re doing is correct. So double check those things. Now this last news story here is from Jenny and she’s mentioning this fight.
that we’re having in the Cardano ecosystem about a hypothetical USDC coming to the Cardano blockchain. It’s not coming to the Cardano blockchain. We’re just debating whether it should or not and what alternative solutions we have. I’ve just done a video on this. It’s the latest one here where USDC where I go through what’s going on in the Cardano ecosystem, what people are talking about and the potential of actually having USDC on chain or I’ll
alternatives such as USDM. So if you want to learn more about that, check out that video. It’s going quite well at the moment and leave a comment down below in the poll about which stable coin you guys prefer in the ecosystem as well. But this whole scenario around the USDC thing, it’s not actually happening and I don’t think there’s any way that we can force you a circle to actually implement
pretty much a direct copy of USDC, just with some extra perks from the Kadana ecosystem such as decentralization, no clawbacks, no freezing of assets. That’s really appealing to a lot of people. If you want to be somewhere that you can hold your USD asset, stablecoin and trade with, this is a really appealing option. Anyway, end of my rant. Check out that video down below.
Now that’s all I have in this particular update. Now if you enjoyed this video, please, please consider giving me that thumbs up, click subscribe and click on that notification bell as well. This is my third time recording this video because I keep on forgetting to press this microphone button. When I switch from different screens and I’m showing a recording on the screen, I have to change the mic settings so it’s got that input from the desktop and not from this mic here so I don’t get feedback.
and I keep on forgetting to turn it back on and this is the third time I’ve recorded this video so the least that you can do is give me that thumbs up or even thumbs down whatever, interact with the video, it all works with the algorithm, if you hate it please give me a thumbs down, whatever it is. And I’ll see you in the next video.