Every week we bring you updates and news from Cardano. The first week of August brings the announcement from the Swiss bank about supporting Cardano staking.
In this week’s Cardano update summary, we bring you news on Cardano staking with a Swiss bank. We also have an explanation from Cardano’s CEO for the Vasil delay. Read more about it below, as well as the other Cardano updates.
1. Cardano Staking is supported by Swiss Bank
According to a blog post on Aug. 2, Sygnum Bank, the first regulated digital asset bank in the world, now supports Cardano (ADA) staking.
Users can now stake ADA to receive staking rewards using their current cryptocurrency wallets. The existing banking infrastructure of Sygnum is completely compatible with its digital assets. Multiple levels of security, including secured private keys and separate wallets protect digital assets.
📰 📣 News: Sygnum Bank expands bank-grade staking portfolio with the Cardano blockchain’s native cryptocurrency, ADA
Cardano CEO Frederik Gregaard stated that Sygnum clients could get a staking experience without having to lock up their tokens. The design of the company also ensures that clients always have control over their tokens.
Sygnum’s Accounts and Custody Director Thomas Brunner stated that the bank is happy to expand its staking offerings to institutional clients, providing them with portfolio diversification.
Sygnum Bank initially allowed its customers to stake cryptocurrencies in November 2020. Then it was Tezos staking option. In July of last year, the bank announced that Ethereum 2.0 staking would be available on its platform. It will allow clients to stake their ETH on the Beacon Chain.
2. Charles Hoskinson explains why there was a delay in Vasil’s hard fork
Vasil belongs to the Basho scaling era and features various updates to provide the chain with optimization and scalability benefits. The network update was supposed to be released at the end of June. However, fears about the Terra implosion required more testing, pushing the deadline to the end of July.
On the July 28 episode of Cardano360, a second delay became public. According to Kevin Hammond, Input Output (IO) Technology Manager, this was due to problems the team found during testing. He continued to state that the aim is to deliver a final product that is “exactly correct.”
Cardano supporters were generally supportive and tolerant of the delay, with many understanding that safety and robust operation are more important than meeting target deadlines.
Hoskinson stated that he does not expect any more delays unless any new problems arise. The executive claimed that the most recent upgrade was a bit more difficult than planned. As a result of their presence extremely late in the production pipeline, several of the issues, surprised the developers. The team was forced to use a different path, which led to additional delays.
3. The first blockchain-backed clothes brand on Cardano
Cardano is the choice of a new clothing brand called Origin Thread to provide blockchain-backed clothes. People who buy the clothing, Bagru/Shirt/01 (name of clothing), can scan the UFC tag on the shirt to view a video of how it was made, according to Origin Thread. The idea is to make sure that clients receive high-quality, authentic clothing from the manufacturers.
Cardano's first blockchain backed clothing.
Scan the NFC tag on your shirt and view a video of its creation and fully transparent, on-chain sourcing information.
The Origin Thread shirt is 100% organic cotton. Each shirt costs $200, and buyers can ship it anywhere in the world for free.
The Bagru/Shirt/01 will be sewn in England and hand printed in India using a traditional craft process, according to information. Origin Thread will only make 60 of the shirts. 35 of the 60 shirts are reserved for ORIGIN token holders, with the remaining 25 available to the general public.
4. Cardano’s EVM Sidechain has had 7.5 million transactions since its launch
The progress of the Cardano EVM sidechain, Milkomeda C1, is part of an update by Nico Arquero. He is the CEO and co-founder of dcSpark and a core contributor to the Milkomeda Protocol. The CEO reported 7,485,720 transactions and 96,026 wallets in total, with the possibility of reaching 100,000 wallets this month following the planned game launch in August.
This is great for @Cardano 🙌🏼 Milkomeda C1 continues to grow consistently making ADA more valuable
Some of the current stats:
– 7,485,720 transactions – 96,026 wallets — we may break 100k wallets in August after the launch of the first game 👀
The sidechain enables users to move assets easily between the two blockchains. Also it allows them to run Ethereum-based decentralized apps (dApps) on top of Cardano. It is possible using wrapped smart contract technology. Milkomeda uses a unique rollup and sidechain technologies to bring EVM capabilities to non-EVM blockchain ecosystems such as Solana, Algorand, and Cardano. Users must have an EVM-compatible wallet, to use assets on Milkomeda C1.
5. Cardano is now compatible with a 2500 game platform
Cardano is now compatible with Ready Player Me, according to a recent announcement. It is the Metaverse’s primary avatar platform, used in over 2500 games and apps. Pavia, Cardano’s first Metaverse, will use Ready Player Me technology for its 3D avatars.