WE ARE SO BACK!!! Cardano ADA News Update March 3rd

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Absolutely amazing news for the Cardano space at the moment. The price of ADA is up 69% at $1.12. I’ve been tracking this in AUD, so I apologize for anyone that is following my posts. And I’m tracking at $1.70 at the moment. But the news that has come out is Donald Trump has announced that the US crypto reserve is going to include XRP, Sol and ADA. And this is making the whole crypto space extremely excited. Of course, it’s going to include Bitcoin and ETH.

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So they’re the main five crypto assets that we’re going to see in the crypto reserve at the moment. And if we have a look at the general market overall, we can see Bitcoin is up 8.8, Ethereum up 11.8, XRP up 31.4%. BNB was ignored in this case, and I think there may be strategic reasons why. So a lot up 21% and of course, the one that we’re all excited about is ADA up 69%. So huge.

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gains for anyone that is holding those particular assets at the moment. But you can see the effect in general, all the other assets have followed suit. And this is mainly, I believe, because of large indexes that may be purchasing all these other assets as well. So we can see a lot of activity in the crypto space. Very excited that we may have a recovery at the moment and the start of another bull cycle. Very, very exciting stuff. If you want to catch up or see any of these posts announcements.

01:25
please check the links down below for the show notes and you’ll be able to catch up with all these news updates. Now there has been a lot of speculation and and rumors about potentially who Charles Hoskinson was going to meet with in the US government. It may have been the crypto sire David Sachs or it may have been someone else. There was supposed to be people being appointed to the various positions to help advise.

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the crypto portfolios, et cetera. But we don’t know what is exactly happening at the moment. Charles is still being tight lipped about it. The meeting was supposed to happen on the 1st of March. It is now the 3rd of March at the time of recording this. But we don’t have any news about that. So it will come from the very top in regards to what is happening there. So keep your eyes peeled. We will hear and see more of this coming out, hopefully, in the next couple of weeks.

02:17
So we can find exactly the direction that the US government is going to take in regards to crypto assets in general. Now, of course, with all of the positive news around the Cardano ADA space, we are seeing the FUD also appear. We’re seeing the various Solana Shields out here being very upset with ADA and XRP being included in, and we have Vest Answers and Crypto Manran commenting about this. But you know, the people that do understand how ADA works, it is very tightly tied to how Bitcoin…

02:46
operates and is designed just with the smart contract layer. And we’re going to see a huge amount of improvements in the Cardano space with transactions per second increasing and the interoperability and the inclusion of Bitcoin as a DeFi layer or should I say Cardano as a DeFi layer for Bitcoin coming up sometime this year as well. So we’re going to see a lot of improvements, a lot of DeFi plays.

03:13
and a lot of exciting stuff in general. So keep your eyes peeled for all of that. This is only the beginning. Now for some other news in the Cardano space, some projects are changing their direction and AXO was one of the really big DeFi platforms, trading platforms out there that allowed you to have programmable smart contracts. That is you could program the smart contract to do various different things, such as sell your assets at particular prices.

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do DCAs over a few months, et cetera. So lots of really advanced trading strategies. A lot of those things I didn’t understand myself, mainly because I’m not a very advanced trader. So I couldn’t take advantage of the platform. So I think it was a little bit of a missed opportunity there for myself, but it seems that a lot of other people didn’t really understand how to use the platform either. And this has led to some movement of the Dow treasury from Axo.

04:09
So BobCoin80 here is one of the prominent members in the Cardano space and he’s constantly watching what is happening around. But this seems very suspicious. This was a big treasury move from the Axo treasury. So it seems over the last couple of days, there was a movement of over 900,000 ADA and 150k in stable coins from the Axo treasury. Now the treasury is there for.

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Dow voting and allowing the community to decide potentially what is going to happen with those funds to help improve the platform itself. And for the project team there to start moving around the assets, it’s not really how things are done. And this is not exactly what you want to see. So governance through on-chain voting via Ability Suggest changes to the protocol and create

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and vote on proposals to allocate treasury funds for future protocol development. So that’s the idea of this particular treasury. It’s on chain voting and the community is supposed to suggest what is happening with the particular treasury funds. But in this case, AXO decided to sell off those assets for whatever reason it is. They have a big long explain here and let me just pick out some highlights for you guys. So this is the highlights here. AXO is fundamentally a trading platform that

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depends heavily on significant trading volume, which unfortunately isn’t present on Cardano right now. Now they want to, and because of this, it’s not providing the volume or liquidity needed for AXO to be viable. Now furthermore, with ADA’s volatility in its price, it’s made financial planning quite difficult. Stabacorn options available on Cardano haven’t resolved their problems either. And that’s kind of true, but price volatility on ADA is very hard to plan for.

06:00
and stablecoins are still trying to expand on the Cardano ecosystem. So we do have some issues there. Now, AXO do have the financial obligations and because of this, they decide to convert their assets in the treasury. Then here they say necessary decision to convert our treasury funds into something more stable and liquid. So I’m assuming they’re converting going cross-chain, maybe converting over to

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USDC or USDT or something like that. Some larger liquidity stable coin. Additionally, we are currently preparing to return ADA locked in each user’s investing smart contract to ensure that everyone receives their funds back in a timely manner. Now that’s a strange one. I thought with smart contracts, no third party can interact with it. It’s completely between the chain and the user. That’s an interesting one there. So it seems that they have some sort of

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measure to be able to trigger it to return to the user. So I thought that was quite interesting there. I’m not too sure about the technicalities. We’re actively exploring alternative options and strategies to give AXO the best possible chance to move forward. So it seems that the team have sold at the bottom. It seems that they sold their treasury, their funds, just before that announcement and the big pump that we saw just today, which seems to

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be really, really unfortunate for the team. Now I have to say the reaction to all this hasn’t been nice. And this post here by Ed and stuff, let me just read this one for you. I’m not at all surprised by this. I voted these guys for good reason. These people ruthlessly attacked Genius Yield and their supporters who built a competitive product along with others in the Kidano community. One of their former team members tried to dox me personally, pure toxicity.

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While Genius Yield continues to push forward with a fully open source community driven and actually contributes to the ecosystem, support real open source community centric dexers with positive dispositions. Give them some love. And I do have to agree with that. I’ll put a link to this post down below so you guys can read the other comments from the community members. But the thing that I am most upset about is what Stephen here mentions and it’s the use of the treasury funds. Stephen writes.

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And what part of this makes it okay to sell down treasury assets with zero communication or even request of an opinion from the community. It really does just seem like you have taken funds straight out of their hands. Upsetting to see. And I think that is the biggest takeaway here. And the AXO team really do seem to have just taken the funds of the treasury and doing what they see fits.

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without engaging with the community or communicating any of that beforehand. So please guys, let me know in the comments down below. What do you guys think of Axos actions here? Whether or not they are in their right to touch the treasury funds and try and reduce the volatility there or should they have consulted with the community and engaged directly with them to see what the best options are?

09:15
Now another project that I’ve been waiting for launch was Butane and this is a synthetics platform which allows you to create a synthetic version of various assets such as Bitcoin, Ethereum or US dollar stablecoin. Of course you can take that further and create synthetic assets like Nvidia but you know the security stuff the SEC may clamp down on that but you know that’s the idea of it. You can create synthetic gold and track the price of that.

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but using ADA as a collateral. So you’re always backing it up with some sort of asset. In this case, they’re using ADA and some other assets as well. But the Butane platform is finally launched. I’ve done a few videos about this. I did an interview with the guys as well. If you wanna check it out, the link’s down below. Also in the post here, you can see the interview I did with Jay and Micah about the platform and how it all works. But they also decided to build their own Oracle platform. And Sunday Labs was one of the teams

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design and engineer the Oracle as well. So now Oracles are there to feed in the price of external assets that aren’t on chain, such as the price of USD onto the on chain platform. So if you’re executing a smart contract, it doesn’t know what the price of USD is. So it needs these Oracles to feed that price in and they’ve decided to build their own Oracle platform because they weren’t happy with what was available within the ecosystem.

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Now Sunday Labs was a part of the team that engineered and designed the Oracle software behind Butane. So there’s a lot of smart heads that put this all together to make Butane happen. I’d love to get a better understanding of why they went for this path and why other options such as Charlie 3 or Ork Thaks weren’t an option within the Cardano ecosystem and weren’t good enough for their platform. So I’d love to get a better understanding of that.

11:08
But because of their decision, we now have another Oracle system within the Cardano ecosystem. So this is a good thing overall, but I’d love to know the differences here. Now, like I said, if you want to try out Butane, links down below for you guys, so you can learn a little bit more about the platform and have a play with it. I currently don’t hold any of the Butane tokens. I’m not sure even what the ticker is. So if you are a Butane holder, congratulations.

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platform has finally launched and you can finally participate in their governance. Now, a few more news stories for you guys. This one I thought was quite interesting. And this is the Cardano Foundation partnering up with Draper U or Draper University, and this is for a Cardano founder residency at this particular university. Now these guys do a big startup stuff. So they’re a large residential founder fellowship in Silicon Valley for pre seed. So any of these startups before they get seed.

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funding, they could be a part of Draper U, get some, some, uh, the foot in the door, get exposure to the Silicon Valley and potential big seed funding. So this is the position that Draper U has. Now this Cardano and Draper U Foundation Resinny program, you can find out all the details here, but is a 42,000 ADA grant equity free. So usually you’d have to give up some equity of your company for the funding, but in this case you get the.

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42,000 ADA directly from this particular grant. Now there’s a lot of people that have spoken at the Draper University, including David Sacks, the new crypto czar, the person that is looking after the regulatory space and defining what that is and what it will look like for the United States. So that is really, really exciting. Now he isn’t necessarily going to be there now because of his position, but he may be

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told about various projects that are going through Draper University. So, you know, you’ve got to keep your eyes and ears of what’s going on in the startup space for these particular opportunities. So, you know, to be in front of these particular people is very, very exciting stuff. So these are all the benefits. You get five week residency in Silicon Valley, flight stipends, technical and growth sessions, fundraising strategies, pitch deck refinement, demo day.

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to a network of VCs. I think that’s probably the most exciting thing. A lot of Cardano projects complain that they don’t have the funding, they can’t get in front of VCs. This is your door in. So if you are building something on Cardano and you want to go down this path of VC funding, this is your door in. This seriously is a way to start up, get a little bit of a kickstart funding for 42,000 80 grant here, but then also get in front of these VCs to take your project further.

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If you are building something, go for it. This is definitely something worthy of your time. Now the timelines here are a little bit off. So here it says deadline March 3rd, but if you look on the application itself, deadline to apply is March 15th. So I’m going by this form here. This form will probably close after this particular date. So links down below for you guys, it’s on Airtable. You can find out a little bit more about this particular application process. And hopefully we see some really cool

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Kodano projects go through this. Now there are some other interesting Accelerade programs on at the moment, and this one is with CV Labs. We have a star-studded list of Kodano advisors here as well. So you probably would recognize a lot of these people here, but they are potentially advising and mentoring various projects that go through CV Labs Accelerade program too. So if you are in the space for this, please apply for this particular program too.

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Now the last new story I want to go through here is the brand new NUM music app. It’s officially live on Android and iOS and you can go through and download that and listen to all of your digital music that may be in terms of NFTs or anything that you’ve purchased through NUM on their app itself. And this just makes that music a lot more accessible. At the moment, I’ve got a whole bunch of NFT music that I’ve purchased on a USB stick.

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and it’s a little bit cumbersome to use sometimes. And this will just make things a lot easier where I’ll be able to connect it with carplay or something like that, and listen to all the music that I’ve purchased over the years from other Cardano creators. So this is really exciting stuff, absolutely love it. This is what it looks like as well. So again, links down below for you guys, if you wanna check that one out. More and more music players and integrations between Web3 and our everyday life just makes things a lot more accessible.

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So awesome stuff, new, really good to see. And that’s all I have for you guys for this particular news update. If there’s anything that you want to hear about, if you heard of something and I haven’t mentioned it, please leave a comment down below and I’ll catch you guys in the next video.