Tag: Dapp

Cardano ADA Q2 2023: Dapp Transactions Up 49%, TVL Increases 9.7%

by Blockchain News

Messari, a leading provider of crypto research and insights, has released its Q2 2023 report on Cardano, a prominent Proof-of-Stake (PoS) Layer-1 smart contract network. The report highlights key insights and developments within the Cardano ecosystem, providing a comprehensive overview of its performance, financial status, ecosystem, staking, and decentralization, along with notable community and development events.

Key insights include average daily decentralized application (dapp) transactions being up 49% QoQ, with Minswap experiencing the largest absolute growth. Total Value Locked (TVL) in USD was up 9.7% QoQ and 198.6% YTD, moving Cardano from 34th to 21st in TVL ranking across all chains. Hydra Head, an off-chain mini ledger, continued its development with proposed topologies and a demo shared. Projects like Milkomeda C1, Midnight, Wanchain, and IOG’s sidechains team are working towards increased interoperability within the Cardano ecosystem.

The average transaction fee increased 8.5% QoQ from $0.117 to $0.126, still down 50.8% YoY. Daily active addresses declined 4.0% QoQ from 60,200 to 57,800. Average daily transactions were up 1.9% QoQ from 67,500 to 68,800. Cardano’s average blockchain load increased from just under 40% in Q1 to over 50% in Q2.

ADA’s price pulled back 26.9% QoQ after a 53.5% increase in Q1 but is still up 12.0% YTD. Cardano’s Treasury balance grew 8.5% to 1.30 billion ADA during Q2, with the value in USD terms decreasing 20.7% QoQ from $452 million to $358 million.

Cardano’s total stablecoin market cap grew 34.9% QoQ from $10.0 million to $13.5 million. Minswap, an automated market maker (AMM), ended Q2 with a TVL of $48.8 million and 32.2% dominance.

There were 1,921 unique stake pool operators (SPOs) in Q2, with the top 188 pools (6.5% of pools) accounting for over 50% of the total stake.

The 2023 Cardano Summit was announced to take place in Dubai in November. IOG launched a toolkit for building custom sidechains for Cardano, and Wanchain’s bridge is now live on the Cardano preview testnet environment. Hydra, a family of scaling protocols, continued its development, with the first Head opened on the Cardano mainnet in March 2023.

Cardano’s Q2 2023 report showcases significant growth in various areas, including dapp transactions, TVL, and development initiatives. The continued focus on interoperability, scalability, and community engagement positions Cardano as a leading player in the blockchain space, with promising prospects for the future.

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Forsage Founders Indicted for Alleged $340 Million “Global Ponzi” Scheme on Ethereum Blockchain

by Blockchain News

A federal grand jury in the District of Oregon has handed down indictments against the individuals who are believed to have been the masterminds behind the “global Ponzi” scam known as Forsage, which is said to have generated $340 million.

According to a statement released by the Department of Justice (DOJ) on February 22, the four Russian founders, Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev, and Sergey Maslakov, have been formally accused of having key roles in the scheme that raised approximately $340 million from victim-investors. This information comes from the formal accusation.

U.S. Attorney Natalie Wight for the District of Oregon stated that “today’s indictment is the result of a rigorous investigation that spent months piecing together the systematic theft of hundreds of millions of dollars.” She also stated that “bringing charges against foreign actors who used new technology to commit fraud in an emerging financial market is a complicated endeavor only possible with the full and complete coordination of multiple law enforcement agencies.”

Forsage promoted itself as a low-risk, decentralized financial platform that was based on the Ethereum blockchain and offered customers the opportunity to create passive income over the long term. Blockchain analytics, on the other hand, allegedly shown that eighty percent of Forsage “investors” got back less money than they had initially contributed.

Analysis of the smart contracts, as reported by the Department of Justice (DOJ), indicated that monies that were obtained when new investors acquired “slots” in Forsage’s smart contracts were routed to older investors, which is consistent with the definition of a “Ponzi scheme.”

Forsage has an active Twitter account, on which they recently posted a thread saying that community members who take part in “The Ambassador Program” will be able to receive monthly incentives by accomplishing certain activities. The tweet was published on February 22.

The Securities and Exchange Commission filed charges of fraud and selling unregistered securities against the company’s four founders and seven promoters on August 1. At the time, acting chief of the SEC’s Crypto Assets and Cyber Unit Carolyn Welshhans said: “Fraudsters cannot circumvent the federal securities laws by focusing their schemes on smart contracts and blockchains.”

Back in 2020, the Philippines Securities and Exchange Commission had also raised concerns about Forsage, indicating that it may be a Ponzi scheme. However, one month later, the platform remained the second-most popular decentralized application (DApp) on the Ethereum blockchain.

When a prosecutor brings criminal charges against an individual or group and accuses them of committing an offense, this is referred to as a charge. However, an indictment is filed by a grand jury if prosecutors are successful in persuading a majority of the grand jury members that a formal accusation is warranted following an investigation.

The use of grand juries is widespread practice in the prosecution of significant federal and state criminal crimes.

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Blockchain Gaming is Having a market caps increment

by Blockchain News

Play-to-earn Over the course of the last year, blockchain gaming has seen a decline as players have emphasized on the quality of their overall gameplay experience.

On the other hand, a recent research from DappRadar reveals that during the first month of 2023, gamers were responsible for over half (48%) of all blockchain activity.

The market capitalization of the top gaming tokens increased by 122% on average over the month of January. Gala (GALA), the digital utility token of the Gala Games ecosystem, had its value climb by 218% during this time period.

According to the survey, the increased interest in these gaming tokens is a result of buzz from the sector reaching viewers in more mainstream media. For instance, Gala Titles made news when it announced the acquisition of a new mobile gaming company that had more than $20 million in assets under control as well as 15 games.

This is due to the fact that blockchain gaming is already a subset of the old business. As blockchain technology becomes more popular, more people will start playing Web3 games, which will eventually become widespread.

The Wax blockchain still has the most active gaming activity, with 331,000 distinct active wallets. This continues to be the case. The BNB Chain was the only one of the top four blockchain gaming ecosystems that did not see a growth in the number of gaming protocols between the end of 2022 and the beginning of 2023.

The beginning of 2023 was marked by increasing activity, and robust financing helped set the ground for what many people refer to as the “building” year of blockchain gaming. This word highlights the attention that the industry has placed on developing games that are more powerful and of higher quality.

According to Gherghelas, the amount of money being invested in this particular sector is “growing dramatically.” Total investments are expected to reach around $7.6 billion in 2022, which is a 105% increase from 2021. During the month of January alone, investments in the blockchain gaming business reached more than $156 million.

In addition to this, the research emphasized the significance that the metaverse has had in the rise in activity around blockchain gaming this year. The information showed that the trade volume for January in games connected to virtual worlds reached $44.5 million, which is a 114% rise over the amount seen in the previous month.

Although there was a 19% decline in sales, the total gain may be credited to the success of key metaverse platforms such as The Sandbox and Decentraland, which both had an increase in trade volume of 114% and 83%, respectively. This was despite the fact that sales fell.

According to a research published by DappRadar in 2022, blockchain-based transactions related to gaming on Web3 accounted for about half of all transactions in that year.

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The Importance of NFTs in the Web3 industry

by Blockchain News

Over the course of the last year, nonfungible tokens, often known as NFTs, have maintained their position as an integral part of the expanding Web3 economy.

The introduction of NFTs marked the beginning of a transition away from hype-based drops and toward utility-centered programmes with long-term worth.

According to a recent estimate published by DappRadar on blockchain technology and the use of decentralised applications (DApps) in the year 2022, the number of NFTs sold in 2018 reached 101 million, representing a 67.57% rise from the previous year.

According to the findings of the study, the Ethereum ecosystem is now in first place in the NFT ecosystem. It currently controls 21% of the market share and has successfully completed over 21.2 million transactions.

Next on line is Wax, with 14.5 million, then Polygon, with 13.3 million, and finally Solana (12.9 million).

When compared to the previous year, transaction volume in the Solana and ImmutableX ecosystems exploded, increasing by a whopping 440% and 315%, respectively. Neither environment is showing any signs of slowing down anytime soon.

The statistics, meantime, suggest that the BNB ecosystem has not changed at all, with about 1 million transactions recorded for both 2021 and 2022.

Within the last year, there has been a movement in the DApp category that predominates across a number of chains.

By the year 2021, decentralised finance (DeFi) applications had established themselves as the industry standard on all but two of the 13 chains considered for this article.

This year, however, a significant movement toward high-risk, gambling, and non-fungible token decentralised applications (DApps) levelled the playing field.

In addition, the survey identified Ethereum and Cardano as the blockchains with the most active developers working on-chain, with 223 and 151 active protocols, respectively, for each of these two blockchains. While modular blockchains like Polkadot and Cosmos saw their network developer activity increase by 16% and 131.7% respectively during the same time period.

In 2018, not only did the significance of NFTs in the Web3 area spread into the general culture, but they also did so in a big way.

The National Basketball Association (NBA) is one of the legacy organisations that has continued to accept NFTs, and now Amazon is producing a documentary series about those who collect NFTs.

In December of the previous year, China made an announcement on the launch of its first national NFT marketplace. This market is intended to act as a secondary market for the trading of digital assets.

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MetaMask’s New Beta Portfolio dApp to Provide All-In-One Access to Cryptos, NFTs

by Blockchain News

MetaMask has launched a beta portfolio dApp that allows users to have an overview of their cryptos and non-fungible token (NFT) in one place. To do so, the app connects their accounts and crypto assets across multiple chains in one interface.

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The portfolio dApp is available to extension and mobile users. Users must click the “portfolio” link on their browser’s extension home screen to connect multiple accounts to access it. 

Self-custodial wallet MetaMask is a crypto wallet & gateway to blockchain apps. It is also a tool for interacting with decentralized applications (dApps).

The dApp’s “watch any wallet” feature allows users to add their offline or hardware wallet.

MetMask is also currently developing a feature that will show NFT value and pricing estimate information along with an integrated view of the NFT collection.

Portfolio dApp currently supports assets from seven different networks: Ethereum, Optimism, BNB Smart Chain, Polygon, Fantom, Abritrum and Avalanche. Users can also add their friend’s ENS domain or public address to their watchlist through the dApp, and several tokens can also be added to the watchlist.

However, according to the wallet firm, non-MetaMask users can use portfolio view by using the “watch any account” feature.

Per Metamask developer Consensys, as of March 15, 2022, the Ethereum-based wallet had reached 30 million monthly average users (MAUs).

MetaMask has also said that they plan to add more features to their dApp.

MetaMask added Apple Pay integration early this year, increasing options for buying cryptocurrencies.

The integration has allowed users to buy cryptocurrencies with debit or credit cards through the mobile app without transferring cryptocurrencies from crypto exchanges.

MetaMask uses two payment gateways, Wyre and Transak, to support transactions. Users can now buy ETH with credit cards (Visa and Mastercard) stored in Apple Pay and deposit up to $400 in their wallets through the Wyre API.

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Fetch.ai Enhances Web3 Adoption after Onboarding 40,000 New Users

by Blockchain News

Fetch.ai’s ambition to a Web3-driven digital economy gained steam after onboarding 40,000 unique and active users from Get My Slice (GMS), a leading consumer-centred data marketplace.

As a machine learning-based blockchain platform, Fetch.ai has been deploying Autonomous Economic Agents (AEA) to automate any industry for enhanced productivity. Therefore, its latest quest for Web3 exploration will be boosted by its decentralized application (Dapp) network.

Per the report:

“Continuing its efforts to rapidly scale its active ecosystem of Dapps and active user-base, Fetch-ai Network has onboarded 40,000 active and unique users from Get My Slice with plans to bring millions more users soon.”

Following a $150 million development fund with crypto exchanges ByBit and MEXC Global, Fetch.ai sees Dapps as the key to lowering the barrier to entry of the Web3 world, which renders smarter automation technology and enhanced data privacy.

As a result, the blockchain platform has existing partnerships with Festo and Bosch aimed at onboarding Web2 companies to an interconnected system of Web3 Dapps hosted by the Fetch.ai network.

Kamal Ved, the chief product officer at Fetch.ai, pointed out:

“We are constantly looking for use cases that leverage the core tenets of Web 3.0 and give all the participants equitable control with fine-grained incentivization avenues.”

The newly onboarded users will be able to utilize the data marketplace for an equitable ecosystem and tokenization purposes. 

Ved added:

“Use cases around data sharing based rewards such as the Get My Slice product offering can benefit using the Fetch-ai Network’s Web 3.0 tech stack of blockchain, agent-based automation and AI to democratize data sharing.”

To facilitate and accelerate secure data sharing, Fetch.ai rolled out an end-to-end encrypted file-sharing platform dubbed DabbaFlow, Blockchain.News reported.

Thanks to blockchain technology, DabbaFlow was meant to make data auditable, verifiable, and secure.

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Solana Introduces Web3 Mobile Phone Saga

by Blockchain News

Solana Labs subsidiary Solana Mobile has announced the launch of the mobile phone “Saga” set for launch in 2023.

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The flagship Android mobile phone is a modified OSOM handset which consists of speciality crypto wallet functions and the “Solana Mobile Stack (SMS)” software development kit for Web3 programs.

Solana said that the $1000 mobile phone has “unique functionality and features tightly integrated with the Solana blockchain, making it easy and secure to transact in web3 and manage digital assets, such as tokens and NFTs.”

Saga designer OSOM is a leading Android development company. The company has built computing hardware for Google, Apple, and Intel, among others.

Saga was introduced at an event in New York. The event also introduced Solana Mobile Stack, a framework for Android allowing developers to create rich mobile experiences for wallets and apps on Solana and create a “Secure Element” for private key management.

“The Solana Mobile Stack SDK is available to developers now, and Saga is available for pre-order starting today, with delivery in early 2023,” Solana said in an announcement.

Solana’s biggest mobile-focused bet will feature a Web3 dapp (decentralized app) store, integrated “Solana Pay” to facilitate QR code-based on-chain payments, a mobile wallet adapter and a “seed vault” that will store private keys deep within the recesses of the phone.

“Saga starts from first principles to create a mobile experience for individuals, developers, and ecosystem participants that opens a new era of mobility,” said Jason Keats, co-founder and CEO of OSOM. “The world needs novel hardware to embrace the future that is web3, and building out an ecosystem that looks to the future without being burdened by past legacy ecosystems is hugely exciting for us.”

According to Solana, Saga’s specifications include a 6.67” OLED display, 12 GB RAM, 512 GB storage, and the latest flagship Snapdragon 8+ Gen 1 Mobile Platform, the security features of which will enable the Solana Mobile Stack’s Seed Vault.

“With the addition of a Secure Element built into the device, the Seed Vault keeps private keys, seed phrases and secrets separated from the application layer yet still capable of interacting with apps running on the device or in a mobile browser,” Solana said.

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How to create an ERC token without coding, explained

by Cointelegraph

Creating a token requires deploying a smart contract which is simplified with modern platforms that enable users to fill in details of their proposed token without coding or technical knowledge. 

Traditionally, creating a token would require a creator to outline token properties, including the supply, name, and number of auxiliary functions. This step would be followed by deploying a smart contract, QA testing and blockchain deployment. While users would traditionally require a basic understanding of coding, newer platforms simplify the process to enable anyone to deploy a token of their own.

One of these platforms is Student Coin Terminal which allows users to create a custom ERC-20 token. Users can start the token creation process by connecting their Ethereum wallet (selecting between Wallet Connect or MetaMask) or create one by selecting the “Get wallet” button. They will then need to add enough funds to pay for contract deployment and set up their tokens. With the foundation in place, users can set up their tokens through a simplified format, enabling users to complete a basic form. 

With modern platforms like Student Coin, any user can create a token of their own despite having limited or no technical knowledge.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Cardano (ADA) Developers Propose New Update To Increase Block Size by 11%

by Dailyhodl

Cardano (ADA) developers have proposed an update that they say will help scale and improve the user experience of the project’s network.

The update will increase the Cardano network’s block size from 72KB to 80KB, according to a new tweet from the blockchain platform’s development firm, Input Output Hong Kong (IOHK).

The development firm also proposed an update that will increase the script memory units per transaction on the Cardano mainnet from 12.5 million to 14 million. Both the block size and script memory unit increases are slated to take effect on Friday.

Explains IOHK,

“Together, these enhancements will provide additional resources for [Cardano’s smart contract platform] Plutus scripts to improve DApp [decentralized application] user experience while increasing overall network capacity. This adjustment forms part of a planned series of network optimizations. Cardano will continue to be steadily optimized in a series of measured steps this year, carefully & methodically scaling Cardano for future growth as demand increases…

The network has been designed to safely manage high peak loads and throughput will steadily improve as we continue to optimize. This latest change will continue to improve the user experience.”

Cardano’s native token, ADA, is trading at $1.03 at time of writing, down more than 21% in the past month.

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Multichain DApp protocol Astar raises $22M in latest round led by Polychain

by Cointelegraph

Astar, a multichain DApp protocol formerly known as Plasm, has raised $22 million in its latest strategic fundraise.

The funding round was led by Polychain and saw participation from the likes of Alameda Research, Crypto.com Capital, Digital Finance Group and a few other angel investors. Astar rose to popularity after gaining the Polkadot parachain slot last December and the protocol was officially launched on Jan. 17th.

Astar is currently working to become the first protocol to support two virtual machines on its Polkadot parachain- The Ethereum Virtual Machine (EVM) and WebAssembly (WASM). While EVM is currently active, the platform would transition to WASM over time.

The Astar team is working with Parity blockchain to push its WASM integration. Being a multichain protocol, Astar supports multiple EVM and non-EVM Layer-1 bridges. Currently, two Ethereum bridges are live and a Cosmos bridge is under development.

Talking about the impact of two virtual machines on a single Polkadot Parachain, Sota Watanabe, founder of Astar Network said:

“Interoperability is not only a buzzword but also a reality in the Polkadot ecosystem by connecting all parachains with different virtual machines together with XCM. Astar will be the only parachain supporting both virtual machines and at the same time also make them interoperable with each other.”

The Astar team said the recently raised capital would be used for hiring industry-leading engineers to implement both EVM and WASM and to invest and nurture Astar native ecosystem projects. 

Related: 3 possible reasons why Polkadot is playing second fiddle in the L1 race

Parachains on Polkadot are individual blockchains running in parallel within the Polkadot ecosystem. These have been in development for five years and mark a breakthrough for cross-chain tech.