Welcome back to Altcoins at a Glance, where we bring you the latest altcoin weekly update. You don’t have to spend countless hours to stay updated because we have done the research, and we will give you the executive summary. So sit back and be informed within five minutes.
ADA and ETH -Two Top Altcoins Will be Interacting Soon.
- Cardano (ADA), a top layer one project, will be adding a new feature that will allow its users to access Ethereum Virtual Contract (EVM) directly from any ADA wallet.
- The Cardano blockchain uses Plutus, its programming language, to create smart contracts within the network. However, Milkomeda, a smart contract sidechain, is launching a new feature allowing ADA users to access EVM contracts.
- EVM is the runtime environment used by the ETH chain to execute smart contracts. By adding support for the EVM, Cardano will be able to run existing ETH-based smart contracts directly on the Cardano network. This will allow Cardano to interact with Ethereum-based centralized applications (dApps), while inside the ADA chain.
- This new feature will make Cardano one of the largest EVM chains by user volume since the layer 1 project will be able to support the large user bases of two major altcoin projects.
- This move is significant to the crypto space since it will create interoperable ecosystems that allow users to have frictionless interactions between different chains.
Shibarium Testnet Reaches 100k Wallets
- Shibarium, Shiba Inu’s Layer 2 project, has reached a significant milestone by registering one hundred thousand wallets during the testing phase.
- This news was shared by Twitter user @LucieSHIB
- The testnet has also surpassed 1,000 valid block signatures, which indicates steady progress for the project.
- Shibarium aims to give more utilization to the token Shiba Inu (SHIB). It promises to give the altcoin the benefits of lower gas fees, faster transactions, and scalability while leveraging Ethereum’s security.
Don’t Expect Airdrops – Metamask
- Metamask, a popular self-custody wallet, has announced that they are not planning any token airdrop soon.
- The developers of Metamask have also warned the public to stay vigilant against scammers and phishers. Bad actors are known to take advantage of airdrops by setting up fake sites.
- Airdrop farming has made some money for some members of the community. Some Altcoin projects have given away token to early adopters as a form of marketing and/or to create hype.
Altcoin Project Safemoon Hacked for $8.9 Million
- Up to $8.9 Million was hacked from Safemoon’s liquidity pool.
- Details of the breach were not disclosed, but the developers have announced that they are taking swift action to resolve the issue.
- The Altcoin project was launched in 2021 and is using the BNB blockchain.
- A liquidity pool is a decentralized way of trading crypto where users pool their assets together to enable trading without the need for a centralized platform. Users are incentivized with fees to contribute to the pool, and the pool is managed by a smart contract.
- Read more regarding the hack here.
That’s it for this week’s Altcoins at a Glance.
Featured Image from Pixabay
