Cardano (ADA) Prepares for LAOS Upgrade, While Ruvi AI (RUVI) Is Expected to Hit $2 In 2025 And Deliver 20,000% Growth The Crypto Update
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The Velo and Solana Foundation has announced a partnership on a clearing house for Laos Digital Gold transactions. In an April 8 announcement, Velo disclosed a memorandum of understanding (MOU) to establish the clearing house for the project.
This would be in collaboration with its partner Lightnet and the e Solana Foundation. Velo will serve as the infrastructure layer and the clearing house for the project’s transactions while Solana will be the blockchain settlement layer for Laos Gold.
Velo and Solana Roll-Out Benefits
According to the release, this is structured to secure all transactions on the blockchain and create a seamless processing experience for users. In view to promote interoperability and a connected ecosystem, the Laos Digital Gold project will be structured to connect Solana’s blockchain, Nova, and EVM-compatible chains.
“The MOU also includes a robust bridging mechanism to enhance interoperability between Solana‘s L1, Nova, and EVM-compatible chains. This initiative aligns with the blockchain principle of interconnectedness, promoting connectivity and accessibility of digital assets across different blockchain networks.”
This will enable the Laos Digital Gold Project to expand its adoption rate with users seeking greater benefits in the system. The team stresses the partnership of Solana as a blend of financial investment and opportunity in the digital space.
Team Tips Liquidity for Laos Gold
Furthermore, the platform will implement liquidity management protocols including on-ramp and off-ramp systems on the Solana blockchain. This would be released in Southeast Asia before a subsequent global release to strengthen digital asset transactions.
This comes on the back of a key partnership with the Solana Foundation including new upgrades and an increasing user base. Per the agreement, Velo is ensuring the smooth running of the Laos Gold. This includes validating transactions, upholding trust, and ensuring the execution of contractual obligations on Solana.
“The collaboration marks a significant advancement, unlocking new possibilities for asset transfers, liquidity provision, and Web3 activities, meeting the rising demand for cross-chain transactions and contributing to the growth of the Web3 ecosystem.”
Also Read: dYdX Mainnet Faces Unexpected Outage, Debugging Efforts Underway
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Welcome back.
It was an unusual week for cryptocurrencies: Cardano’s much anticipated network update finally took place; cryptocurrency Litecoin said it “screwed up” by sharing a false press release; and much more.
Here are the top stories that you may have missed.
Litecoin says it “screwed up” by retweeting a false Walmart partnership release
Cryptocurrency litecoin shot to fame this week, but for the wrong reasons.
Charlie Lee, litecoin’s founder, told Bloomberg that it had really “screwed up” after a zealous employee retweeted a factually inaccurate press release that said litecoin would be teaming up with Walmart for payments.
The rumour sparked a 25% rise in the cryptocurrency, but those gains were quickly eroded once it emerged the press release was false.
The debacle shed light on the weaknesses of the cryptocurrency: “The thing is with litecoin, a decentralised cryptocurrency, anyone can really start supporting it and accepting it without talking to me or without going through the Litecoin Foundation,” Lee told Bloomberg on Monday.
Cardano’s Alonzo network upgrade attracts 100 smart contracts on the first day
Cardano’s long awaited Alonzo update – which enables smart contract functionality – finally went live on Monday and saying it received a warm welcome would be an understatement – 100 smart contracts were processed in just 24 hours of it taking place.
Touted as the “next big thing” after Ethereum, the cardano blockchain can be used to build smart contracts, protocols and decentralised applications. It was co-founded by mathematician Charles Hoskinson and by former Ethereum worker Jeremy Wood, to build a more scalable and secure blockchain network, two things Hoskinson believes Ethereum will find difficult to fully achieve.
Cardano’s platform is made up of two layers: the “cardano settlement layer’ (CSL) and the “control layer”. The former acts as a unit of account and allows token holders to send and receive cardano immediately at very low transaction costs. The latter is a set of protocols that have many functions, including running smart contracts, ensuring security, and facilitating identity recognition.
Laos authorises crypto mining and trading
Laos has given cryptocurrency mining and trading the green light in an uncharacteristic policy decision – the country just warned stakeholders last month about the risks of using cryptocurrencies. So why did it do it?
It is likely that Laos tapped into cryptocurrencies to “profit from the crackdown on digital currency mining in China,” reports the Financial Times, adding that it is a “logical step” for the country, “which produces a surplus of hydroelectric power”.
Six companies, including a bank and construction groups, were authorised to commence mining activities and even start trading cryptocurrencies.
The next step will be for the Bank of Laos and the country’s national power utility to regulate the industry.
Solana crashes after a network outage
Solana, the blockchain belonging to the cryptocurrency “sol”, which rose to become the sixth largest cryptocurrency by market capitalisation, crashed this week due to an outage.
The outage was caused by a spike in transaction volumes, with the network’s transaction load peaking at 400,000 transactions per second.
Sol hit an all-time high the week before and had risen around 350% in the previous month alone, and has very much been the darling of the crypto world. It has been touted as a serious challenger to Ethereum, even more than rival altcoin cardano is.
But the outage did little favours to sol in upending its reputation as a rival to Ethereum. The outage on the network ended on Wednesday.
Cryptocurrency markets update
Here’s what happened in the cryptocurrency market in the last seven days:
- Bitcoin rose 3.4% to $47,837.
- Ether rose 3% to $3,513.
- Dogecoin fell 0.5% to $0.25.
- Cardano fell 4.3% to $2.40.
- Solana fell 25% to $140.1.
What you need to watch out for
Ethereum’s “Layer 2” upgrades
By the end of the month, Ethereum is planning to implement two new “Optimistic Rollups”, which speed up the way smart contracts pass data from one network to another. The two upgrades are called Optimism and Arbitrum, respectively.
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