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Cardano Shifts Governance To ICC And Reveals Readiness For Chang Hard Fork
Cardano Foundation has unveiled its new governance role as Cardano to become more decentralized following the Chang hard fork, a major upgrade to the Cardano blockchain. The proposed governance model will foster a robust and transparent governance framework, ensuring the long-term success and integrity of the Cardano ecosystem.
Cardano Foundation’s Governance Action Amid Chang Upgrade
In an official announcement on June 27, Cardano Foundation reveals its role in the Interim Constitutional Committee (ICC) and participation in the ICC election. With Cardano’s governance going decentralized after the Chang hard fork, a governance model is proposed to make key decisions for the ecosystem.
“The proposed governance model will ensure inclusivity and diversity while providing checks and balances through delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee,” said the foundation.
Three governance action types — parameter changes, hard fork initiations, and info action — will be available during the boostrapping phase between the Chang 1 and Chang 2 upgrades. The Cardano Foundation will help ensure stability in the network by becoming an Interim Constitutional Committee (ICC) member and voting in the ICC election.
The ICC will have the authority to approve protocol parameter changes independently and work with SPOs on hard forks. Moreover, the ICC will manage governance actions, ensure transparency and fairness, support initial governance structures, and guide the transition to a fully established Constitutional Committee.
Cardano Foundation’s Voting Decision
The foundation has voted in the ICC election and revealed candidates based on multiple factors. These include engagement with the Cardano community, transparency, technical expertise, and commitment to Cardano.
The ranking candidates are Cardano Atlantic Council, Eastern Cardano Council, Lloyd Duhon, Johnny Kelly, Cardano Japan, and Joshua Stone.
The Cardano Foundation revealed that it voted with 20 million ADA and maintained transparency throughout the process. The stake can be tracked through pool.pm.
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ADA Price Performance
ADA price fell over 2% in the past 24 hours and more than 3% in a week, with the price currently trading at $0.379. The 24-hour low and high are $0.378 and $0.393, respectively. Furthermore, the trading volume has increased by 10% in the last 24 hours, indicating a rise in interest among traders.
Cardano futures open interest has also been on a downward trend for over a week now, with a 2.84% drop in the last 24 hours to $202.46 million. Traders must wait for recovery signs such as increase in volume for continue trading ADA.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Michael Egorov, founder of Curve Finance (CRV), has offloaded $30 million worth of his not yet vested CRV tokens to Christian Catalini. This strategic transaction, which took place on June 13th, was aimed at averting market instability linked to potential large-scale liquidations of CRV tokens. The tokens represent roughly one-third of the circulating supply and are scheduled for incremental transfer to Catalini, concluding by mid-August.
Curve Finance Acts to Stabilize Market
Michael Egorov’s decision to transfer these tokens ahead of their vesting period was prompted by an observed increase in transactions from his wallet. The move is part of a broader strategy to stabilize Curve Finance’s trading conditions.
Egorov mitigated the immediate risk of market turmoil that could have arisen from dumping a large volume of tokens by opting for a private deal rather than a market sale. Furthermore, this approach prevents the accumulation of bad debt within the market, safeguarding the financial health of the trading platform and its users.
This needs clarification.
The amount of CRV liquidations was very large for the market to handle in half an hour (1/3 of circulating supply or so), so to prevent any bad debt, I sold 30M of my not yet vested CRV to @Christianeth on June 13. Those 30M CRV are being received by… https://t.co/nVs2fl0ORm
— Michael Egorov (@newmichwill) June 29, 2024
In addition, Egorov recently proposed burning 10% of the total CRV supply, a measure designed to control the token’s price further and minimize adverse effects on its holders. He revealed that 93% of his debt has been cleared and plans to settle the remaining amount soon. This proactive governance will likely bolster community confidence and support for the platform.
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Technical Indicators Predict Further CRV Price Drops
Technical indicators underscore the challenges facing CRV. The Alligator indicator, a tool used to assess market momentum, continues to signal a bearish trend with its three components diverging—a sign that the market is not ready for a recovery.
Source: TradingView
Meanwhile, the Relative Strength Index (RSI) at 32.44 indicates that CRV is nearing oversold conditions, suggesting that the token’s price might drop further before any potential rebound.
Recent trading sessions have seen CRV prices push to new lows, reflecting the selling pressure that has gripped the market. This bearish momentum has made it difficult for CRV to establish strong support levels, leading to concerns about future price stability.
Curve Finance has introduced incentives to foster active community participation in response to the ongoing market conditions. The proposal to burn a portion of CRV’s supply includes an offer of a 3-month Annual Percentage Yield (APY) booster for all platform deposits by active voters. This initiative aims to engage the community more deeply in decision-making and enhance their investment returns during a volatile period.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The ever-evolving world of cryptocurrencies braces for another paradigm shift in the prices of certain altcoins. Primarily due to massive token unlocks ahead, these altcoins bear the brunt of a significant price drop in the coming days.
This slumping price action might urge traders and investors to sell their holdings in order to mitigate losses. So, let’s take a closer look at these altcoins and the upcoming token unlocks.
Token Unlocks Spark Bearish Concerns
Token unlocks, a phenomenon when previously locked tokens are unlocked and released into the market, usually bring significant downside pressure to prices. This occurs due to supply influx, negatively affecting tokenomics.
Notably, the altcoins that are to face this influx include io.net (IO), dydx (DYDX), Maverick Protocol (MAV), Galxe (GAL), Echelon Prime (PRIME), ZetaChain (ZETA), Manta Network (MANTA), Acala (ACA), Liquity (LQTY), and Tornado Cash (TORN). Let’s delve deeper into the unlocks.
io.net (IO)
The altcoin IO remains poised to face an unlock of 8.27 million IO, worth $26.79 million, on July 1. This totals 8.70% of the total circulating supply.
Recent studies show that unlocks equal to or more than 1% significantly threaten prices. This cliff unlock might urge traders and investors to sell their holdings.
dydx (DYDX)
Meanwhile, the DYDX crypto will witness an unlock of 8.33 million coins, worth $11.25 million, on July 1. This equals 3.12% of the circulating supply.
DYDX traded at $1.35 today, down 2.47% in the past 24 hours. A dip in price may be possible moving ahead, falling in line with the massive unlock.
Maverick Protocol (MAV)
The MAV crypto will witness an unlock of 39.87 million coins, worth $10.30 million, on July 1. This is equivalent to 15.95% of the total circulating supply.
MAV traded at $0.2579, down 3.77% in the past 24 hours.
Galxe (GAL)
The GAL token will go through an unlock of 3 million coins worth $6.43 million on Jul 5. This equals 2.60% of the circulating supply.
GAL traded at $2.14, down 3.97% over the past day.
Echelon Prime (PRIME)
The PRIME altcoin stands strong to witness an unlock of 750K coins, worth $6,42 million, on June 30. This totals 1.83% of the total circulating supply.
PRIME traded at $8.57, a 1.94% increase over the past day.
ZetaChain (ZETA)
The ZETA token will witness an unlock of 6.30 million coins, worth $5.05 million, on July 1. This equals 2.29% of the circulating supply, a significant threat to the price.
ZETA stood at $0.802, down 1.33% over the past day.
Manta Network (MANTA)
Simultaneously, the MANTA coin is set to experience an unlock of 3.07 million tokens, worth $3.15 million, on June 30. This is equivalent to 0.94% of the circulating supply.
MANTA traded at $1.02, up 1.61% over the past day.
Also Read: XRP Price Recovery: Will XRP Rank Under Top 5 in 2024?
Acala (ACA)
The ACA altcoin will face an unlock of 27.43 million coins, worth $1.83 million, on July 1. This equals 2.69% of the total circulating supply.
ACA traded at $0.06681 today, a 2.36% dip over the past day.
Liquity (LQTY)
Similarly, the LQTY coin will experience an unlock of 695.71K tokens, worth $585.21k, on July 5. This totals 0.72% of the circulating supply.
LQTY rested at $0.8406, down 2.15% over the past day.
Tornado Cash (TORN)
The TORN altcoin is expected to encounter an unlock of 91.67K coins, worth $254.83K, on June 30. This is almost 2.41% of the circulating supply.
TORN price dipped 0.99% to rest at $2.78 today.
Also Read: What’s Behind Curve Finance Founder’s Massive CRV Token Transfer?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC in contracts including Lido DAO rewards dispatcher, removing them completely from supply. The move comes as the community started removing LUNC and USTC from circulating circulating supply for revival and repeg to $1.
Terra Luna Classic 12 billion LUNC Burn
The Terra Luna Classic community takes out 12 billion in LUNC and 68 million USTC from circulation. It is the second largest removal from the circulating supply after the recent 7 billion LUNC burned in burn tax that saw 8.34 billion total fees accrued in a single day.
The massive 12 billion LUNC will be burned from Anchor bLuna rewards and Lido rewards dispatcher contracts, as per a proposal. Also, the changes are live on the CoinMarketCap and CoinGecko. Since the contract owner has invalidated itself, the Terra Luna Classic community now owns the contracts.
“These funds are locked since Lido DAO passed a proposal on June 22, 2022 to make all Lido contracts on Terra Classic non upgradable and make their ownership invalid,” revealed an X account named Terra Classic Foundation.
The governance voting on the proposed burn to begin soon to get the community’s approval on burning these funds. Terra Luna Classic developers also remove other LUNC and USTC from circulation that will be burned over time. The community removed 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from the circulating supply.
Also Read: LUNC New — Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC
LUNC Price To Hit $0.0001 In July?
LUNC price dropped over 1% in the past 24 hours, with the price currently trading at $0.00008196. The 24-hour low and high are $0.00008050 and $0.00008366, respectively. However, trading volume has decreased further by 21% in the last 24 hours.
Binance LUNC burn, Terraform Labs’ LUNC and USTC burn, and Tax2Gas implementation in July to provide the necessary push in LUNC price, with the community expecting a recovery above $0.0001.
Meanwhile, USTC price trades at $0.01783, down 1.5% in the last 24 hours. The 24-hour low and high are $0.01755 and $0.01802, respectively. Trading volume has decreased by 12%, indicating a dip in interest among traders.
In the derivatives market, LUNC and 1000LUNC futures open interests have fell in the last 24 hours. Traders now awaiting the monthly close and further cues from macro for trading in July.
Also Read: US SEC Delays Spot Ethereum ETF Launch, Sends Back S-1 Forms
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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