Welcome back crypto legends. Were you able to ride Bitcoin’s pump to the $30,000 level? For those who missed it, don’t fret, there will be other opportunities. We know that you are watching the charts like a hawk, so we have prepared the latest news on your favorite crypto projects. This way you get informed in under five minutes and get back to trading as soon as possible. This is your weekly dose of Altcoins at a Glance.
Incoming Cardano Upgrade
- Cardano (ADA) Improvement Proposal (CIP) 1694 is coming
- The upgrade gives every Cardano holder the right to participate in the governance of the network
- The proposal was meant to address shortcomings of the existing governance mechanism.
- CIP-1694 is still under discussion, however, it is poised to make the Cardano blockchain become one of the most decentralized autonomous organizations (DAO).
- Cardano founder Charles Hoskinson has so much commitment to decentralization that he will burn the genesis keys if CIP 1694 does not pass. Which was unfortunately misinterpreted by some camps. However, Hoskinson defended himself in X (Twitter):
Rumors of Layoff at Polkadot
- There was a rumor circulating that Polkadot developer Parity Technologies is laying off 300 staff.
- However, some sources say that the company is just decentralizing teams.
- Parity Technologies refuted any lay-off rumors and stated that changes to its workforce will implemented gradually and are linked to its new decentralized approach
- The good news is Polkadot is launching a $22 million plus 5 million DOT fund for teams and individuals wanting to contribute to the blockchain’s success.
Mastercard Explores King of Altcoins – ETH
- Mastercard, in collaboration with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre, has entered into a pilot project involving purchasing NFT with CBDC on the Ethereum Network.
- During the test, the CBDC was “locked” on the RBA’s pilot CBDC platform, and an equivalent amount of wrapped pilot CBDC tokens was minted on Ethereum.
- The project demonstrated technology that would enable CBDCs to interact with different blockchains securely.
- The project aligns with MasterCard’s Multi-Token Network initiative. The financial giant aims to implement innovative solutions that will lead mainstream adoption of digital assets.
ETH Gas Fees Reached All-time Low. L2 Altcoins Helped
- Ethereum is known for its high gas fees, but the unthinkable just happened. Transaction fees registered at an all-time low.
- Gas fees have reached a low of 8.8 gwei – lower than the previous low of 8.9 gwei. For context 1 gwei is about $0.0338.
- The reduction of gas fees is attributed to layer 2 solutions like Optimism, Polygon, and Arbitrum. Layer 2 solutions are created to decongest a network which in turn could lead to lower gas fees.
- Another reason for the lower gas fees is the lower transaction volume in the main Ethereum network.
Altcoins Unite – AVAX x MATIC x OKX
- Ava Labs, the main developer of the Avalanche Network (AVAX), has partnered with Polygon and OKX to drive the blockchain’s growth in India.
- The partnership involves hiring two former employees of Polygon and OKX, Devika Mittal and Kamakshi Arjun
- The project involves adoption in different sectors, including real-world usage like land records, ticketing, and marriage certificates.
- Devika Mittal said, “India represents a vast market opportunity. We are in discussions with numerous esteemed institutions and have already inked a partnership with a government agency, although I’m unable to disclose the specifics at this time.”
Thank you for joining us this week and we wish you green PNLs for the coming.
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