Latest Cardano ADA News Update, 13th Jan 2024

Episode by Peter Bui on January 14th, 2024

Text Transcript

00:00
Another amazing Cardano news update, we’ve got some news highlights from MintSwap and some new stuff over from Indigo. Really looking forward to some of these updates there. But if this is your first time here, I’m Peter Buie, I go through everything in the Cardano ecosystem, everything from DeFi, NFTs, interviews, tutorials, all that jazz to keep you guys up to date with everything in the Cardano ecosystem. So on your way in, hit that thumbs up, click subscribe, click on that notification bell there as well.

00:29
and you’ll be kept up to date with everything in the Cardano ecosystem. But let’s get into the news to round off this week. This is the Minswap burn. So I have been talking about this for a while. And hopefully, if you are a part of the Minswap ecosystem, you did vote for this. Technically, you didn’t have to. The votes went through with an overwhelming 94% of the voting participants.

00:55
voting to have the MintSwap 40% of the MintSwap supply burnt. So we will see this come into play. I don’t know when this is going to happen exactly, but we will see that reduction supply and we will have 8.9 years before the entire emissions of the MintSwap protocol will be released. So it’s shortening that supply of tokens, release schedule of those tokens.

01:23
from the 28 or so years, which it was going to end at to just under nine years. So it’s really good for any of the participants in the ecosystem, anyone that’s providing liquidity and all that. So absolutely fantastic to see. I am a Mineswap holder myself and absolutely love the protocol and some of these new things coming out in V2. Can’t wait to see that and I’ll be covering all that. So make sure you subscribe.

01:50
and you’ll be notified when all those updates come into play. Now if we have a look at the MintSwap token price that has been fluctuating a little bit over the last few weeks with this announcement of the MintSwap burn, you can see a lot of people starting to buy up the token. Of course it’s the buy the rumor, sell the news kind of event. You can see the token price dumping here about a week earlier and then a little bit of a sell off after the news announcement as well.

02:18
But still it is a fairly good price compared to where the token price was quite a long time ago back in October 2023. It did peak at 0.07 ADA. So hopefully we do see some retention in this price now. It’s hopefully this was the bottom of the bottom and we do see this altcoin season come into play, especially in the Kedana ecosystem. This next news item here is from Indigo.

02:48
version of Indigo protocol and let me just play this video for you guys so you have a little bit of an understanding of what they’re bringing out in Indigo and to give you a hint, it’s tokenizing everything.

03:07
where we’re revolutionizing the way you buy, sell, and mint synthetic assets on the blockchain. Introducing iAssets. Synthetic assets that track the price of real-world assets, digital assets, and statistics. Powered by the Cardano blockchain. Users can share in the future value of a real-world asset without owning it.

03:31
Imagine a world where anything with a reported price, crypto currencies, fiat currencies, NFTs, land, inflation indexes are tokenized and directly accessible to everyone 24-7. Tokenization of real world assets is going to be a big trend in 2024. We have institutions such as JP Morgan looking into tokenizing their own funds and all that as well. So,

03:59
This is going to be a really big push this year, I believe, and having protocols, synthetic protocols such as Indigo at the forefront of this on the Kedana blockchain is going to be absolutely amazing. We do also have competitors. Butane is launching very soon too. They went through a really big audit and we’ll be seeing a little bit more from them this year when they finally launch on mainnet and we’ll be able to have another alternative platform protocol that has synthetic assets.

04:29
And if we have a look at the TVL for Indigo, it is currently ranked number one with $90 million worth of assets locked in their protocol. It is absolutely phenomenal what they have done over the last year in terms of growth. So I can’t wait to see what they do in 2024. The next news update here is from Dex Hunter. And my gosh, they have been growing phenomenally. This is I think this is a brand new win for them. They are now ranked fifth.

04:58
in regards to volume for DEX aggregators across the entire DeFi space. Not just Kodano, this is all of DeFi. We have a Jupiter aggregator, KyberSwap, AVNU and Jumper Exchange. These are all different blockchains and if you have a look at KyberSwap and Jumper Exchange, these are DEX aggregators across different ecosystems, different chains and they are not that much further ahead than DEX Hunter.

05:28
And if you want to know Dex Hunter is also going cross chain and looking at these different protocols to be able to bring in liquidity into the Cardano ecosystem. If you’re thinking about adoption for the Cardano blockchain, if you think about inflows of liquidity, this is definitely a way to have that possible. Dex Hunter’s user experience and everything around it is very, very nice and having

05:57
their platform, their exchange aggregator integrated in many different protocols from wallets to even tap tools is absolutely amazing and it gives users that ease of access to the Dex aggregator and I’m really not surprised to see this type of growth. And if you have a look at this other update from the team, just casual day in the Dex Hunter office, 7,000 plus swaps in the last 24 hours which is 55% of all swaps on Kodano.

06:27
Absolutely amazing. Now this was an interesting update from Endmaker and they’re trying out something new and I had Marvin from Maestro talk about what they’re delivering at the moment and one of the things I found was quite interesting is the Turbo Transaction API to be able to submit your transactions on chain and get that propagated onto the blockchain as fast as possible.

06:54
And possible other choke points within the block propagation process is really key to get your trades out there as quickly as possible. And using the Go Maestro API just makes that really easy and Endmaker are doing that right now. They’re trying out the Turbo Transaction API with fallback. So this is really good design engineering. So they’re using Maestro there for the Turbo API. And if that’s not working, they’ll fall back to Blockfrost. Then a dedicated Coios.

07:23
instant and then down dirty with the Cardano CLI. So they have some really cool redundancies there to ensure that whatever you’re doing and buying within the end maker protocol is working flawlessly. Absolutely awesome to see and I’m going to try out Maestro myself. So I did look into Turbo transactions and this tweet gives you a little bit of an overview. Turbo transactions is one of the 70 blazing fast Cardano endpoints offered by Maestro.

07:51
everything you need to build a DAP on Cardano, blockchain indexer, transaction manager, Dex price and trade, managed smart contracts and much more. And I did have a look at the platform itself and you can check it out. I’ll put links in the show notes for you guys. So if you’re building something on Cardano, you can use their API endpoints and their infrastructure there just to make your life easier. Why not? If you’re coming from the web to space and you’re used to using APIs, this is definitely the way to go.

08:20
when building something in the Cardano ecosystem. So do check that out. This next update here is around oracles. And this is around Charlie 3’s update, around 30 to 50 subsidized oracle price feeds. So this will make it much easier for various dApps in the Cardano ecosystem to use those price feeds from a decentralized source.

08:47
So a lot of dApps use APIs such as CoinGecko or CoinMarketCap. They have those API data points so that you can get an accurate price of what ADA is worth in comparison to USD, or you need the current USD conversion rate, or whatever it is. And having this on chain through Charlie 3 makes it a lot more decentralized. So if your dApp is using the API endpoint from CoinGecko, and that goes down.

09:17
so does your DAP. The data that’s coming in will be inaccurate and you can suffer all sorts of different consequences from users using the platform to trade. So it’s really important to have this decentralized so it can’t be attacked, it can’t go down and all sorts of other things that you benefit from when it’s decentralized. So this is really cool and they have a Calis Fund 11

09:46
If you’re in the Cardano ecosystem and you are wanting to support something like this, make sure you register your wallet. You have until January the 15th, so it’s only two more days from the recording release of this video to register your wallet for voting. If you registered in previous funds, that wallet will be available to vote in Project Catalyst. But if you are new to the Cardano ecosystem and you want to support the development and funding in…

10:14
all this type of stuff that’s being built right now you need to register your wallet now so you can vote links in the show notes for you guys so you can find out how to register your wallet. This next news update is from IGON. IGON are doing decentralized data storage on Cardano so similar to Arweave or Filecoin and they have been growing incredibly since launch on Christmas Day last year.

10:41
So we’ve seen up to a petabyte of data storage available now, which is absolutely mind boggling in 16 days. So a lot of people are jumping on this and providing the data and a lot of users are coming on board as well. But this here, so they have painted the technology, which is now painted in China as well. So to have their code and their ideas and concept painted in China.

11:07
just protects their IP and some of the unique technology that they have around providing decentralized storage. So this is an absolutely amazing milestone for the Igon team. Congratulations there. Now also just around the corner is the Fluid Tokens launch of their liquidity bootstrapping event. So this is the launch of their actual token itself, the FLDT token.

11:31
Now fluid tokens is something I’ve been supporting since day one when Raoul sent me the white paper over a year and a half ago over Twitter to me and said, Hey Pete, check this out. What do you think about this? I read over it and was like, what? You can unlock the liquidity of NFTs used as collateral in DeFi loans? Wow. I was fully behind the project and supporting them and becoming an ambassador.

11:58
And all that I’ve been absolutely amazed of what these guys have delivered. And over the last year and a bit, they’ve delivered full working products, live on production main net before even releasing their tokens. So I think this is a testament to the team and what they’re capable of. And I know a lot of community members have been using a platform. They’ve got a lot of TVL locked up in their smart contracts now.

12:25
and now they’re at the point of launching their tokens. So this is something that I personally am pretty excited about. I still have to look at their tokenomics and their investing schedules, their release and emission schedules of everything else around it to make sure that it’s a good stepping point for me. And if you’re thinking about participating in this LBE, the liquidity bootstrapping event, I highly, highly recommend that you look into that data as well. Make sure you do your own research before jumping into any of this type of stuff.

12:55
But fluid tokens, absolutely amazing what they’re doing. Now, if you participated in their ISPO, where you delegated to their state pool for these fluid tokens, you would have received an NFT. Now, this NFT has a couple of unique utilities behind it, but one of them is an LBE boost. So if you’re participating in the liquidity bootstrapping event and have this NFT, and you provide it within the

13:23
process of providing liquidity to the token, you will get a boosted amount of tokens back. So that’s a big thank you to you for being a part of that fluid token ecosystem and staking for so long. So absolutely amazing and I love how they incorporated that in. Now there’s also some other utilities behind it. Discord, AirDrop Boost, the Boosted Staking Farming Boost, in-depth discounts and triple farming rewards. So

13:49
If you see that on an NFT marketplace and you want to be a part of this ecosystem, maybe you missed out on the staking, et cetera, check it out. It may be worthwhile to you. I’ll put the links and everything in the show notes down below. So if you want to learn more about it, you can get to all these links and learn about the liquidity bootstrapping event, the NFT and all that. Now this last news item here I thought was really cool.

14:19
blockchain out there and I have a video coming up very soon about this. Is it really the most decentralized blockchain out there? And they’re always talking about the namacoto coefficient or the minimal attack vector. This is the amount of nodes that you need to take control of with the amount of stake on them to be able to do a attack on the blockchain like a 51% attack or a

14:47
change the transactions on the blockchain in your favor and rewrite the history of the blockchain at a certain point. So this is something that I’m really proud of because I got into Cardano and blockchain in general for decentralization. And now to see that the Cardano blockchain has a minimal attack vector of 37. This is just going up continuously.

15:13
is absolutely amazing to see. So now it is just that much harder to take over the Cardano ecosystem whether it’s an entity, a multi-stake pool operator or whatever it is even a big exchange, it is incredibly hard now to actually do that. So we’ll see this this figure continue to grow and one day we’ll get up to MAV100 where it’s completely impossible.

15:40
to take over the Cardano blockchain. So absolutely amazing. I’m really happy to leave this new update and end it on that note. Now, if you wanna get all the show notes and everything else, links down below for you guys in the description of this video. It all leads over to the learncardano.io website where I have all the learning resources, courses, tutorials, how-tos, everything that I’ve written for the Cardano ecosystem. If you enjoyed this video though,

16:09
sure you give me a thumbs up, click subscribe, click on the notification bell and I’ll see you in the next video.

 

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