The Cardano ecosystem could see more growth starting in August following the eventual release of Vasil Upgrade on the mainnet, an event originally scheduled for June 29. Creator Charles Hoskinson on June 30 held a broadcast session on governance, addressing concerns about the network’s progress. the past few months as well as his plans for the rest of the year.
Hoskinson says Cardano needs more manpower
Emphasizing that bullish investors are focused on growth and adoption, Hoskinson said the current bearish market conditions present an opportunity for blockchain projects, including Cardano, to move forward. He described the second half of the year as “a time of cleaning up” and putting things in order.
The creator of Cardano said that the network intends to introduce several committees with specific structures revealed in September. These committees will be responsible for making suggestions for the PICs as well as making decisions on critical issues such as the roadmap and proposing specific strategies. Interested ADA holders who want to join these organizations in any capacity can apply through a registration website that will be set up in August.
Members will be required to contribute to their accommodation by paying dues and/or offering some form of work. Hoskinson mentioned that the network needs more hires to meet the investor and partner needs it looks forward to as its ecosystem grows. He also thanked the community, including blockchain-enabled developers, for sticking around through the tough times.
Canadian Exchange Netcoin Now Supports ADA and SOL Trading
On June 29, BIGG Digital Assets’ Netcoins announced the arrival of four other altcoins, including Cardano’s native ADA token, on its crypto trading platform. The exchange obtained approval for its previously restricted license at the end of March, according to the Press release. The other three that went live alongside ADA are Solana (SOL), Polkadot (DOT) and Gala (GALA).
Ecosystem builder AdaSwap brings new EVM compatibility to Cardano
AdaSwap, the Cardano-based decentralized exchange builder, announced a collaboration with the Milkomeda network on June 29. Milkomeda is a cross-blockchain interoperability platform that uses layer two solutions (sidechains) to provide EVM compatibility to non-EVM blockchains such as Cardano. The collaboration has spawned a sidechain that will enable the transfer of assets and decentralized applications between the Ethereum and Cardano chains.
The DEX builder confirmed that it launched its testnet on Milkomeda, intended to expand the utility available to Cardano users who can now trade non-native tokens seamlessly. This, in effect, translates into additional utility for existing tokens. The partnership also allows the Cardano ecosystem to flourish in functionality, as it enables the creation of more exceptional and complex products and services.
AdaSwap was keen to explore the Milkomeda network, as it opens the door to assets of over $36 million in total value locked. On a larger scale, the collaboration is a win for both parties as it qualifies as the first sidechain for Milkomeda and Cardano. Additionally, AdaSwap has its native ASW ticker, a native Cardano token, which means it can be easily traded with other native Cardano assets.
Despite being the eighth largest cryptocurrency by market capitalization, Cardano’s decentralized financial ecosystem is still in its early stages of development and lacking in value. Data from DeFi analytics platform DeFi Llama indicates that Cardano smart contract protocols only rose steadily in June and have even fallen so far in July. As such, an additional tokenization utility could provide a much-needed boost to the DeFi blockchain ecosystem.
Provide its first update After 24 hours of testnet, AdaSwap confirmed over 33,000 transactions with 100% uptime. The DEX builder intends to release updates to address user feedback as it works towards the mainnet.
To learn more about Cardano, see our Investing in Cardano guide.