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Cardano’s (ADA) Dex Sundaeswap Launches First On-Chain Governance Proposal

Cardano’s (ADA) Dex Sundaeswap Launches First On-Chain Governance Proposal

by | Mar 6, 2023 | Alt Coin, Altcoin News, DeFi, Market, Market News, News

A decentralised exchange (DEX) is a P2P marketplace that facilitates transactions between buyers and sellers of cryptocurrencies directly. Decentralized exchanges (DEXs) are preferable to centralised exchanges (CEXs) because users can keep control of their secret keys at all times. Because there is no central authority overseeing DEXs, they rely on smart contracts to automatically execute trades when certain criteria are met and to record those trades on the blockchain.

A growing subset of the technology platform market, these permissionless, secure transactions are paving the way for innovative new financial services. Alameda Research (established by FTX CEO Sam Bankman-Fried), a quantitative bitcoin trading firm and liquidity provider, and Double Peak Group (a “family office concentrating on ventures in the digital asset and chain sectors”) are among its backers.

A “native, scalable decentralised exchange and automatic liquidity provision system,” SundaeSwap is exactly what it sounds like. With ADAX, there is no order book; instead, we do away with middlemen, complexity, and laborious procedures altogether, giving our users unrestricted trading freedom without fear of censorship or losing possession of their assets.

The ADAX protocol is a fully decentralised, non-custodial, and automated liquidity solution for trading within the Cardano ecosystem. In contrast to a centralised exchange, users of decentralised exchanges need not hand over their private keys in order to have their orders recorded.

According to the Cardax group, “crypto exchanges typically deliver market values via an Order Book or Automatic Market Maker (AMM).” and “the AMM model works much better for sluggish pairs as long there is sufficient volatility around a price to fill a large market order,” whereas “the order book model works best with extremely liquid trading pairs.”

First Testnet Release of the Cardano Decentralized Exchange

According to reports, SundaeSwap is now the first fully working DEX on the Cardano testnet. The original transaction was shared by SundaeSwap’s chief technology officer, Matt Ho. The public testnet version of SundaeSwap, a DEX built on Cardano, is now available. To our knowledge, this is the first project to use Cardano payment systems to execute a token swap on the public testnet.

With Cardano’s launch in September, smart contracts quickly ran into a major technical obstacle due to the Alonzo hardfork. Then, Cardano developers started talking about issues with concurrency because of the e-UTXO paradigm employed by the blockchain. In a concurrent smart contract, many users can make changes at the same time.

Also Read: Cardano-Based Djed Stablecoin Draws 27M ADA Tokens As Reserve

One of the first DEX development teams, MinSwap, on the Cardano testnet failed to implement token swapping in September of this year. Soon after, other groups, like Minswap and SundaeSwap, acknowledged the need for scaling solutions for Cardano dApps as a means of reducing the negative effects of concurrent use.

SundaeSwap’s CEO, Mateen Motavaf, addressed this, saying the situation is under control. Moreover, Input Output Hong Kong, the parent business of the Cardano network, stated that the issue was caused by the “high Cardano network traffic.” After a lengthy beta period, SundaeSwap released its mainnet on January 20.

It is expected that the DEX will require people to trade, deposit, and lend coins on the platform at a minimal cost. After losing over $200 billion in value in less than 24 hours, the crypto market suffered a precipitous drop in the value of digital assets. During that time, the cost of an ADA token fell by more than 10%, to a low of $0.9.

Users complained that they were unable to make purchases on the site shortly after its release, as reported by multiple users. Congestion in the platform’s network was ultimately identified as the root reason of the breakdown, which was taken as a reflection of the high degree of interest the DEX has garnered in the Cardano community. Those who tried to make a trade on SundaeSwap were disappointed when their deals fell through.

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Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Solana Trading Volume Tumbles, Is Bonk Token Responsible?

by | Feb 18, 2023 | Alt Coin, DeFi, News, Solana

Solana Trading Volume Tumbles, what is the reason?

The native currency of Solana, SOL, was selling at $20.98 there at the time of the publication. In the cryptocurrency market, there are approximately 340 meme coins. Trading platforms located in Solana are experiencing a sharp decline in trade volume, which has decreased by almost 18% from the prior month. According to its trading activity, the newly formed cryptocurrency with a dog motif is ranked 2630th.

The Solana blockchain’s initial dog-themed coin was created, called Bonk. The launch took place in the final part of 2022. The token values surged after its launch, while trading activity plummeted. Even though Bonk is merely another meme token, the Solana Blockchain might benefit from its rising demand because it is dreamed of seeing the blockchain succeed.

Others currencies and tokens experienced a sharp gain at first but were unable to keep up with the hoopla; some even vanished. Furthermore, it is too premature to make any judgments about Bonk’s prospects or if it will be responsible for saving Solana.

Reasons for Solana tumbles

Although the shifting market situation was the first catalyst, the structure of crypto investments—which lack significance and necessitates a constant flow of new participants to maintain prices—is what really caused the meltdown. Digital assets known as cryptocurrencies pretend to be currency.
From the outset, rising demand for the idea has driven up the cost of these products, making some early investors wealthy.

They are now typically marketed as financial assets instead of monetary assets as a consequence. But lately, the value of well-known cryptocurrencies plummeted.
We must comprehend the characteristics of cryptocurrencies as assets in order to fully comprehend what is taking place. When evaluating investments in finance, we frequently consider the accompanying future cash flows. For instance, we try to project how much cash a company could produce in the future in order to determine the value of a stake in a business.

There are a few financial assets that don’t generate cash flows yet are nevertheless valuable to investors, like gold. This occurs frequently because considerable historical data shows that their price typically increases when the value of other assets declines. Therefore, using them in an investing strategy can lower the risk for the client.

This may counteract the lower expected value brought on by the lack of cash flows, based on the tolerance for risk of participants. These things are indeed commodities since their owner would still find a use for them despite the fact that nobody wanted to acquire them.
Cryptocurrencies stand out when seen as an investment, but not necessarily in a good manner. They rarely give the owner any rights to free cash flow, seem to not increase in value while other assets decline, and have no intrinsic worth other than the price someone else is capable of paying for them.
This implies that in order maintain prices at their current level, the bitcoin ecosystem needs a constant influx of fresh investment. Prospective buyers who are prepared to pay a greater price are the only ones who can generate good returns.

Also Read: Solana Futures OI Surpasses $200M: Are Traders Bullish?

This essentially entails making multiple investments using depositor funds, similar to how a partial reserve bank operates where only a portion of deposits are backed by cash. This means that it is available for withdrawal. It is another kind of debt because it creates liabilities.
Simply said, the present decline in cryptocurrency prices is the outcome of this negative-sum, debt-driven economy unravelling. The amount of fresh money that enters the system has decreased due to the growing expense of living, higher interest rates, as well as the return to normalcy following the epidemic.

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Solana price nears crossroad as bulls need to choice on their next move

Solana price nears crossroad as bulls need to choice on their next move

by | Feb 16, 2023 | DeFi, DeFi101, News, Solana

What is the next move for price in Solana?

The price of Solana (SOL) is reversing the majority of January’s gains as headwinds accumulated during the week, including a new one being added virtually daily basis. It doesn’t appear to be simple to find any gain with the risk mood close to full risk-off and various components that are not unambiguous. In the upcoming months and weeks, investors must be prepared for erratic market movement and probably even more suffering.
After establishing a regional peak at a significant obstacle, Solana’s pricing demonstrates a change in the market’s dynamics. This change has the potential to decline further and bring about a significant adjustment for SOL holders.

In light of the price’s higher advance since yesterday and the bulls’ relentless pursuit of the upper hand, the Solana standard costing is positive for today. Bulls have successfully avoided the current negative trend because the coin was earlier falling. Nevertheless, bulls were able to gain the upper hand, and as a consequence of their sustained effort, their price rose to the $25.34 level. In the upcoming hours, another price hike is also anticipated.

Also Read: Solana Futures OI Surpasses $200M: Are Traders Bullish?

The cryptocurrency Solana has entered a positive trend, with bulls already in charge of the marketplace and driving the SOL/USD pair to new highs. As they appear to be backing the trend, the chart patterns also have indicated optimal conditions again for another price increase. So purchasers will need to keep support levels intact if they wish to see a sizable gain in the ensuing few days as well.

The possible outcome of the price rise

The market is right now bustling with talk of cryptocurrencies. Companies each have their peaks and valleys based on the state of the marketplace. Cryptocurrencies, like all other currencies, are valued thus according to community participation. This could encompass the coin’s usefulness, desire, and availability. In actuality, based on blockchain companies give rise to the majority of cryptocurrencies. As a result, the recognized profitability of the company, the likelihood of success, and the valuation of these cryptocurrencies will all influence their value.

The amount of active accounts in a system is shown by the server number. This indicates the power of a certain community. Therefore, a high node count signifies a robust community, whereas a lower node number implies the reverse. A significant node number also may indicate a network’s decentralization and robustness.

If a coin is listed on more markets, more individuals are buying that. Buyers who need to shift their cryptocurrency between two or even more platforms will be assessed a charge for every transaction. This will raise the value of the investment.

Another element influencing the value of cryptocurrencies is this. To create new coins and verify regular network operations, miners employ specialized servers or equipment. They are compensated for their diligent labour with a networking charge and digital tokens.

So, if processing becomes more expensive, the price of such a currency can likewise grow. Nevertheless, not all currencies are affected by this aspect. Investors should therefore do their homework in advance.

Also Read: Teleport Founders Raise $9 Million to Build a Decentralised Uber Competitor on Solana

The likelihood that cryptocurrencies will be subject to particular laws from the authorities is extremely high as they regain pace and become increasingly widely accepted. The fact that this currency is uncontrolled and decentralized is not appreciated by all governments. As just a consequence, they take specific actions to regulate this sector.

The price of a cryptocurrency will rise if the supply is constrained. And in the meantime, the cost will fall if more cryptocurrencies are produced. Among the simplest measures of a currency’s market worth is its stock price or market capitalization. By calculating the total currency supply by the individual coin’s value, one can determine the market valuation.

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