Seeds of Wisdom RV and Economic Updates Monday Morning 9-2-24
Good Morning Dinar Recaps,
Hedera’s (HBAR) Daily Transactions Soar 46% as Market Cap Corrects
▪️Hedera’s daily transactions increased by 46% in Q2 2024, driven mainly by the Hedera Consensus Service.
▪️HBAR’s circulating market cap dropped by 29%, but its rank among all tokens improved from 36th to 30th.
According to a report from research firm Messari, Hedera (HBAR) experienced a notable surge in daily transactions during the second quarter of 2024, marking a 46% increase quarter-over-quarter (QoQ).
The total number of daily transactions increased from 90.9 million in Q1 to 132.9 million in Q2, reflecting the network’s increasing usage. The growth was mainly attributed to the Hedera Consensus Service, which constituted 99% of all the activities on the network.
Revenue Climbs as Network Activity Increases
For the second quarter of 2024, Hedera had a very good financial situation in terms of several aspects.
The network revenue, primarily derived from transaction fees, recorded a 26% growth in USD from $1.1 million in the first quarter to $1. 4 million in the second quarter. Regarding HBAR, the revenue also rose by 19% QoQ to 14. 6 million HBAR.
Despite this, the HBAR’s circulating market capitalization reduced by 29% and stood at $2. 7 billion. This decline came after three successive quarters of growth and was partially blamed on a 33% decline in the price of HBAR, which dropped from $0. 11 to $0. 08 during the same quarter.
However, HBAR’s market capitalization ranking rose, climbing six positions from 36th to 30th among all tokens, surpassing other tokens with comparable prices.
The Hedera network also experienced a significant rise in the number of users. The average daily number of newly created accounts increased by 31% QoQ from 8,400 in Q1 to 11,100 in Q2.
This growth in new accounts was not reflected by the active address activity. The total daily active addresses also declined by 37% QoQ from 16,800 to 10,600. This means fewer accounts were active in making transactions while more accounts were being opened.
Karate Combat League Drives Significant Network Activity
One of the major drivers of activity on the Hedera network in Q2 was the Karate Combat League, a full-contact karate league that integrates blockchain technology into its fan engagement strategy.
The KARATE token allows fans to vote on the outcomes of the matches, and the token is built on the Hedera and Ethereum networks.
In the second quarter, there were several Karate Combat events that happened and this greatly helped in boosting Hedera’s transaction volume. For example, the KC45 event on the 20th of April had 1. 74 billion of KARATE tokens staked on Hedera with 65,300 contributors from Hedera and Ethereum.
The subsequent events like KC46 and KC47 also witnessed good voter turnout, with KC47 held on June 28 involving 117800 unique voters and 3. 17 billion KARATE tokens voted on Hedera.
At the time of writing, HBAR has seen a 21% decline over the past month and is currently trading at $0.051. This can be attributed to the general market risk, which has been accelerated by the fluctuation of major cryptocurrencies such as Bitcoin and Ethereum.
@ Newshounds News™
Source: Crypto News Flash
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DONALD TRUMP UNVEILS PLAN TO MAKE USA THE ‘CRYPTO CAPITAL OF THE PLANET’
▪️Donald Trump aims to make the US the “crypto capital of the planet” if elected.
▪️His sons’ World Liberty Financial may involve real-world assets and tokenization.
▪️Trump has promised a Bitcoin reserve and to replace SEC chair Gary Gensler.
In a bold move that could reshape the landscape of digital assets in the United States, former President Donald Trump has announced his intention to establish the US as the “crypto capital of the planet” if elected.
Trump’s announcement has ignited curiosity and speculation, particularly regarding the World Liberty Financial initiative spearheaded by his sons, Donald Trump Jr. and Eric Trump.
Though details of the World Liberty Financial project remain sparse, early rumours suggest that it may involve real-world assets and tokenization. The initiative’s official Telegram channel, which boasts over 53,000 subscribers, has cautioned crypto enthusiasts to remain vigilant against scams and imitation projects.
Trump’s embrace of cryptocurrency marks a significant shift from traditional political rhetoric. During a May gala, he first presented himself as a champion of the crypto industry, a stance he continued to reinforce at the July Bitcoin 2024 conference.
There, he promised to create a strategic Bitcoin reserve and to replace Gary Gensler, the current Securities and Exchange Commission chair, a move likely to resonate with crypto advocates.
Amid fluctuating political odds between Donald Trump and Democratic candidate Kamala Harris, the former president’s crypto policies have garnered attention.
Additionally, a Bitcoin bill introduced by Republican Senator Cynthia Lummis from Wyoming has gained traction, aligning with Trump’s vision by proposing a strategic reserve of Bitcoin backed by gold certificates for a two-decade hold.
As the crypto landscape continues to evolve, Trump’s ambitious plans signal a potential shift in US policy that could influence the future of digital assets and blockchain technology especially if Donald Trump were to be re-elected.
@ Newshounds News™
Source: CoinJournal
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CARDANO’S CHANG HARD FORK GOES LIVE, INTRODUCING ON-CHAIN GOVERNANCE
The highly anticipated upgrade turns Cardano's ADA cryptocurrency into a governance token.
Cardano, the layer-1 blockchain launched in 2017 by Ethereum co-founder Charles Hoskinson, activated its highly anticipated “Chang” upgrade on Sunday, marking the ecosystem's long-planned shift towards decentralized governance.
With the Chang upgrade now live, ADA token holders will be able to shape Cardano's future by electing governance representatives and voting on development proposals.
CIP-1694, an official "Cardano Improvement Proposal," describes the new community governance structure and establishes three user-led governance bodies:
the Constitutional Committee, Delegate Representativ es (dReps), and Stake Pool Operators (SPOs). Moving forward, Cardano's three founding entities—the Cardano Foundation, Input Output Global (IOHK) and Emurgo—will no longer have the keys to trigger chain upgrades or "hard forks." Instead, that responsibility will be delegated to the new governance groups.
Cardano is the latest in a string of crypto projects to transition towards a more decentralized structure. The changes bring Cardano further in line with the blockchain industry's decentralized ethos, but they may also be viewed as a way to ward off securities regulators by bestowing ADA with extra utility.
Despite being ranked as the 28th largest blockchain by DeFiLlama, Cardano has consistently drawn attention from the crypto world, not least because of Hoskinson’s colorful personality and routine outspokenness. He originally created the Ethereum blockchain in 2014 alongside co-founders like Vitalik Buterin, but he quickly moved on from the project to build rival Cardano.
Hard forks—significant updates that render older versions of a blockchain obsolete—are a critical part of any blockchain’s evolution. The Chang hard fork is no exception, with its implementation spread across two phases.
The first phase, already live, introduces an Interim Constitutional Committee to temporarily oversee Cardano's governance. This phase is designed to be cautious, limiting the committee’s power to make changes to the blockchain's code while the rest of the ecosystem's governance model takes shape.
, expected to happen in 9The second phase0 days, will fully empower the new governance bodies. “Once everyone is onboard and well-informed, they will be ready to actively participate in governance,” said Giorgio Zinetti, CTO of the Cardano Foundation, in an interview with CoinDesk.
This upgrade is a pivotal milestone in Cardano’s roadmap, marking the beginning of the Voltaire era—a phase focused on achieving full decentralization that has been in the works since Cardano’s inception.
“I would say it is the biggest event in Cardano history, and it really makes us different from many other chains,” Zinetti told CoinDesk.
“I think we are the largest layer 1 with on-chain governance. There are some smaller players, like Tezos and Polkadot, who already have on-chain governance. But if there was a leaderboard, real decentralized layer-1s, we would be number one.”
@ Newshounds News™
Source: CoinDesk
Read more: CoinDesk Aug 20, 2024
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