NFT SUMMER

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NFT Summer Fest'22
Daily Crypto News Podcast

News 1: First ERC-20 Converter Goes Live On Cardano Testnet

Cardano has marked the launch of its first-ever ERC-20 converter. The project in the works had finally reached its launch milestone with help from IOG, the developer behind Cardano. With the converter, the network will be able to support the migration of ERC-20 tokens from Ethereum to the Cardano blockchain.

Development on the blockchain has been ramping up since the launch of smart contracts capability. The network has seen the first signs of DeFi as developers begin to test out their DApps with help from their foundation. This has inspired even more development, with the community waiting with bated breath for the day they can finally access DeFi services on Cardano.

News 2: ADALend: Unleashing DeFi Potential In Security & Functionality

Anybody who has had to take out a loan knows that the process is often long and often includes humiliating strings attached to the loan. The current state of financial products is such that banks demand complete control over loans and those who take out those loans.

ADALend is changing all of that. It is a decentralized platform that uses smart contracts to allow for decentralized crypto-lending and create financial products that can be controlled at the individual level.

News 3:Ripple chair’s pay-off plan to convince BTC miners to adopt Proof of Stake

Executive Chairman and Co-founder of Ripple; Chris Larsen has unveiled his plan for Bitcoin miners to move away from Proof of Work (PoW); saying they should view it as “a net positive for their longevity.”

He argues it could provide a major boost to the share prices of listed mining firms; “as any new code proposal would almost certainly have to include lucrative incentives to gain their support.”

PoW is the consensus algorithm that secures Bitcoin (BTC) transactions on the blockchain. While the Bitcoin network is the most secure and reliable; the amount of energy BTC mining requires causes endless debate in the crypto space. 

News 4:GensoKishi Online “Meta World” Is Set to Transform Blockchain Gaming With Innovative Metaverse.

GensoKishi Online “Meta World” is built on Polygon (MATIC), a blockchain platform that provides fast transactions and scalability on Ethereum. Polygon enables an ideal architecture for GensoKishi to develop a gaming metaverse with innovative features.

Players are introduced to the virtual world of GensoKishi and; take up characters to compete in different activities within the game. Players can also explore the open-world metaverse and spend time with friends; and partner with them to complete tasks for rewards.

News 5: Bitstamp Lists Meme Coin Shiba Inu as SHIB Adoption Grows

Cryptocurrency exchange Bitstamp announced Wednesday that it had added support for four more cryptocurrencies; including the popular meme coin Shiba Inu (SHIB).

Besides SHIB, the three other cryptocurrencies added to the Bitstamp platform are dydx (DYDX), gala (GALA), and perpetual protocol (PERP). Users will trade them against the U.S. dollar or the euro.

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