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Cardano Smart Contracts Record Massive 67% Growth in 2024 Even as ADA Whale Transactions Dwindle – ZyCrypto

Cardano, positioning itself as a strong contender against established platforms like Ethereum, is experiencing remarkable growth in smart contract deployment.

Recent data from Cardano Blockchain Insights reveals a surge in V1 and V2 Plutus smart contracts, reaching an impressive 24,050 as of January 24. This marks a significant 67% increase from the 14,379 contracts recorded at the start of the year.

This surge in smart contracts aligns with Cardanos expansion in 2023, during which nearly 10,000 contracts were added. It reflects the platforms ongoing commitment to development and innovation.

The increase in smart contracts coincides with strategic efforts by the Plutus Core language development team. The execution of common subexpression elimination (CSE) for Untyped Plutus Core has resulted in substantial improvements. Plutus Core, acting as the programming language connecting smart contracts with Cardanos settlement layer, has witnessed enhanced efficiency.

Parallelly, Cardanos development landscape shows promise. Input Output Global (IOG) reports 157 launched projects and 1,319 projects actively under development as of the week ending January 19. The platform also saw key releases in 2024, including Marlowe, the first Hydra release of the year, and an upgrade to the Lace wallet.

On the other hand, Cardanos blockchain is experiencing an extraordinary reduction in large transaction volumes commonly associated with significant whale movements.

This abrupt and substantial drop has resulted in a near-halt in the networks usual activity. On-chain metrics are pointing towards a striking decline in the number of large transactions, a behaviour typically linked to whale activity. Such a drastic decrease often signals a shift in the network dynamics, but in this instance, the underlying reasons remain unclear.

The on-chain metrics, vital indicators of blockchain activity, reveal an unusual quietness in large transactions. These transactions, often representative of whale behaviour, have seen an unexpected and steep decline. The significance of such a decline is usually magnified as it hints at potential alterations in the networks usual flow.

However, despite these positive developments, the price of ADA, Cardanos native cryptocurrency, is significantly influenced by the broader market trends. As of the latest update, ADA is valued at $0.48, showing daily gains of approximately 3.32%. On a weekly chart, the token has experienced a 10% decline.

The current trading pattern indicates that ADA faces support at the $0.45 level, while $0.50 remains a critical resistance zone for the cryptocurrency. Investors and enthusiasts are closely watching how these developments in smart contracts and network enhancements will impact ADAs position in the market.

As Cardano continues strengthening its position through increased smart contract deployment and network enhancements, investors and industry observers are eager to see how these developments will shape ADAs standing in the market.

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Cardano Smart Contracts Record Massive 67% Growth in 2024 Even as ADA Whale Transactions Dwindle - ZyCrypto

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4 Challenges and Solutions in Auditing Smart Contracts – Block Telegraph

Auditors are navigating the complex landscape of smart contracts with unique challenges that demand innovative solutions. From enhancing smart contract security to employing AI-powered auditing for ensuring contract integrity, weve compiled insights from a Head of Business Strategy and a co-founder. Discover the four key challenges and the cutting-edge methods being used to address them.

One significant challenge auditors face when evaluating smart contracts is ensuring their security and accuracy. Smart contracts, being self-executing and based on blockchain technology, can contain complex code thats difficult to audit.

To address this, theres a growing reliance on specialized auditing tools and frameworks designed to systematically analyze and verify smart-contract code, enhancing its integrity and trustworthiness. This approach helps in identifying vulnerabilities and ensuring that the contract operates as intended.

One key challenge auditors face when evaluating smart contracts is understanding the complex code and logic that govern these contracts. This complexity can obscure vulnerabilities or unintended behaviors.

To address this, auditors are increasingly leveraging automated tools and specialized software that can analyze smart contract code more thoroughly. Additionally, theres a growing emphasis on education and training for auditors in blockchain technology and programming languages like Solidity to ensure they can effectively review and verify smart contract integrity.

It is essential to note that one of the biggest issues when assessing smart contracts is addressing inherent vulnerabilities. When they are on a blockchain, these contracts cannot be changed because of their immutable nature.

Therefore, security before deployment is very important. This means that there must be a method for auditors to conduct comprehensive assessments through combined methods using automated tools and manual reviews to identify and fix any malfunctions. Another level of complexity exists due to inconsistency in developing smart contracts, which can expose systems to risks.

Consequently, this has led to standard-setting and best practice development in the field of smart contracts by industry players. Apart from enhancing uniformity, this approach also ensures the general safety and dependability of these contractual agreements. Auditors have to work closely with developers to prevent errors and ensure secure coding standards are followed during testing and debugging to guarantee the functionality and integrity of smart contracts.

Auditors face challenges in comprehensively evaluating smart contracts.

One way to address this is by leveraging artificial intelligence and machine learning algorithms. AI-powered tools can automatically identify vulnerabilities, detect complex logic flaws, and enhance the auditing process. For example, AI can analyze contract code to identify potential security vulnerabilities, such as reentrancy attacks or unchecked external calls.

It can also help auditors understand complex logic by providing insights into the contracts functionality. Through real-time feedback and automated analysis, AI and ML assist auditors in ensuring contract integrity.

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Cardano smart contracts skyrocket by almost 10,000 in 2024 – Finbold – Finance in Bold

The Cardano (ADA) network continues to experience growth in the deployment of smart contracts on its blockchain, a significant factor driving the platform towards its goal of competing with established entities like Ethereum (ETH).

As of January 24, the cumulative number of V1 and V2 Plutus smart contracts on Cardano reached 24,050. This figure reflects a 9,671 or 67% growth from January 1, 2024, with a count of 14,379, according to data retrieved from Cardano Blockchain Insights.

Notably, the growth in smart contracts builds upon the 2023 expansion, where the platform added almost 10,000 contracts in alignment with increased development activity.

The surge in smart contracts also coincides with a previous report indicating that the team working on the Plutus Core language executed common subexpression elimination (CSE) for Untyped Plutus Core.

Following this implementation, the platform has experienced notable improvements, with moderate and significant enhancements observed in the costs and sizes of most scripts. It is crucial to highlight that Plutus Core serves as the programming language bridging the gap between smart contracts and the ultimate settlement layer of the Cardano blockchain.

In line with increased network development, data from Cardano builder Input Output Global (IOG) revealed that 157 projects were launched, with 1,319 projects actively being developed on Cardano as of the week ending January 19.

At the same time, since the start of 2024, Cardano has witnessed several releases, including Marlowe and the first Hydra release of the year, along with an upgrade to the Lace wallet.

Despite the increased network development activity, the price of ADA is significantly tied to the general market trajectory. By press time, ADA was valued at $0.47, showing daily gains of about 0.6%, while on the weekly chart, the token is down by 10%.

Based on the current trading pattern, ADA is facing support at the $0.45 level, while $0.50 remains the key resistance zone.

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Analyst: DeeStream could overtake Chainlink and Polygon in 2024 – crypto.news

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Chainlink (LINK) and Polygon (MATIC) are popular projects. Chainlink is an Oracle network that facilitates smart contracts using data from off-chain sources. On the other hand, Polygon allows developers to deploy dapps.

Even so, analysts appear to be closely monitoring DeeStream (DST), believing the project might trend higher in 2024.

Chainlink is trading at around $14.1, up nearly 3% in the past day.

Some analysts expect the token to reach $15.

Even so, the uptrend momentum might not last.

Polygon prices remain under pressure.

Still, the recovery to $0.7483 when writing is encouraging.

Analysts expect the token to slowly print higher highs in the sessions ahead.

Analysts predict that the decentralized live-streaming platform DeeStream will likely outperform Chainlink and Polygon this year.

Several reasons support this prediction.

DeeStreamhas a low price and a high supply; a net positive for prices. Moreover, DST holders receive benefits such as revenue sharing and voting rights.

DeeStream streamers can receive instant payouts, and viewers can save money due to lower fees.

These advantages make it a worthy alternative to platforms like YouTube Live and Twitch.

DST is available for $0.035 in the ongoing presale.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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Stolen Crypto Falls in 2023, but Hacking Remains a Threat – Chainalysis Blog

Over the last few years, cryptocurrency hacking has become a pervasive and formidable threat, leading to billions of dollars stolen from crypto platforms and exposing vulnerabilities across the ecosystem. As we revealed in last years Crypto Crime Report, 2022 was the biggest year ever for crypto theft with $3.7 billion stolen. In 2023, however, funds stolen decreased by approximately 54.3% to $1.7 billion, though the number of individual hacking incidents actually grew, from 219 in 2022 to 231 in 2023.

Why the huge drop in stolen funds? Mostly due to a drop in DeFi hacking. Hacks of DeFi protocols largely drove the huge increase in stolen crypto that we saw in 2021 and 2022, with cybercriminals stealing more than $3.1 billion in DeFi hacks in 2022. But in 2023, hackers stole just $1.1 billion from DeFi protocols. This amounts to a 63.7% drop in the total value stolen from DeFi platforms year-over-year. There was also a significant drop in the share of all funds stolen accounted for by DeFi protocol victims in 2023, as we see on the chart below.

Well explore the possible reasons for the drop in DeFi hacking in greater detail later on. Despite that drop, there still were several large hacks of notable DeFi protocols throughout 2023. In March, for instance, Euler Finance, a borrowing and lending protocol on Ethereum, experienced a flash loan attack, leading to roughly $197 million in losses. July 2023 saw 33 hacks the most of any month which included $73.5 million stolen from Curve Finance. We can see the spikes driven by those hacks below.

Similarly, several large exploits occurred in September and November 2023 on both DeFi and CeFi platforms: Mixin Network ($200 million), CoinEx ($43 million), Poloniex Exchange ($130 million), HTX ($113.3 million), and Kyber Network ($54.7 million).

Keep reading to learn more about crypto hacking trends in 2023, including how North Korea-affiliated cyber criminals had one of their most active years, executing more individual crypto hacks than ever before.

DeFi hacking exploded in 2021 and 2022, with attackers stealing approximately $2.5 billion and $3.1 billion, respectively, from protocols. Mar Gimenez-Aguilar, Lead Security Architect and Researcher at our partner Halborn, a security company specializing in web3 and blockchain solutions, told us more about the rise in DeFi hacking during those years. Theres been a worrying trend in the escalation of both the frequency and severity of attacks within the DeFi ecosystem, she explained. In our comprehensive analysis of the top 50 DeFi hacks, we observed that EVM-based chains and Solana are among the most targeted chains, largely due to their popularity and capability to execute smart contracts. When examining this trend last year, security experts told us that they believe many DeFi vulnerabilities stemmed from protocol operators focusing primarily on growth, and not enough on implementing and maintaining robust security systems.

However, for the first time since DeFis emergence as a key sector of the crypto economy, the yearly total stolen from DeFi protocols fell and fell significantly.

The value lost in DeFi hacks declined by 63.7% year-over-year in 2023, and median loss per DeFi hack dropped by 7.4%. And, while the number of individual crypto hacks rose in 2023, the number of DeFi hacks specifically declined by 17.2%.

In order to understand this trend better, we worked with Halborn to analyze 2023 DeFi hacking activity through the lens of the specific attack vectors hackers utilized.

Attack vectors affecting DeFi are diverse and constantly evolving; it is therefore important to classify them to understand how hacks occur and how protocols might be able to reduce their likelihood in the future. According to Halborn, DeFi attack vectors can be placed into one of two categories: vectors originating on-chain and vectors originating off-chain.

On-chain attack vectors stem not from vulnerabilities inherent to blockchains themselves, but rather from vulnerabilities in the on-chain components of a DeFi protocol, such as their smart contracts. These arent a point of concern for centralized services, as centralized services dont function as decentralized apps with publicly visible code the way DeFi protocols do. Off-chain attack vectors stem from vulnerabilities outside of the blockchain one example could be the off-chain storage of private keys in, say, a faulty cloud storage solution and therefore apply to both DeFi protocols and centralized services.

Source: Halborn

According to Gimenez-Aguilar, both on-chain and off-chain vulnerabilities present serious concerns. Historically, the majority of DeFi hacks have stemmed from vulnerabilities in smart contract design and implementation a large proportion of the affected contracts we examined had either not undergone any audit or had been audited inadequately, she said, explaining on-chain vulnerabilities. Another notable trend is the increase in attacks as a result of compromised private keys, which underscores the importance of improvements in security practices outside of a given blockchain.

Indeed, the data shows that both the on-chain and off-chain vulnerabilities Gimenez-Aguilar describes in particular the compromise of private keys, price manipulation hacks, and smart contract exploitation drove hacking losses in 2023.

Source: Halborn

Overall, on-chain vulnerabilities drove the majority of DeFi hacking activity in 2023, but as we see on the chart below, that changed over the course of the year, with compromised private keys driving a larger share of hacks in the third and fourth quarters.

Source: Halborn

On a hack-by-hack basis, hacks stemming from contagion (on-chain) were the most destructive, with a median loss of $1.4 million. Governance attacks (on-chain), insider attacks (off-chain), and compromised private keys (off-chain) follow, with all three accounting for a median hack value of roughly $1 million.

Source: Halborn

Overall though, the data provides reasons for optimism. Both the drop in raw value stolen from DeFi, and the relative decline in on-chain vulnerability-driven hacking over the course of 2023 suggests that DeFi operators may be getting better at smart contract security. I do think that the increase of security measures in DeFi protocols is a key factor in the reduction in the quantity of hacks related to smart contracts vulnerabilities. If we compare the top 50 hacks by value lost from this year with those from previous ones (studied in Halborns Top 50 hacks report), there is a reduction in percentage of losses from 47.0% of the total to 18.2%. Price manipulation attacks, nevertheless, remain almost constant with around 20.0% of the total value lost. This is an indication that, when performing an audit, protocols should also take into account how they interact with the whole DeFi ecosystem, said Gimenez-Aguilar. However, she also stressed that the growth in hacks driven by attack vectors such as compromised private keys indicates that DeFi operators must move beyond smart contract security and address off-chain vulnerabilities as well: Doing the same comparison as before, losses related to compromised private keys increased from 22.0% to 47.8%. As we see above, both on-chain and off-chain vulnerabilities can be highly destructive.

However, Gimenez-Aguilar also acknowledged that the drop in DeFi hacking losses may be driven in part by the overall drop in DeFi activity in 2023, which may have simply decreased the number of DeFi protocols that made ripe targets for hackers. Total value locked (TVL), which measures the total value held or staked in DeFi protocols, was down for all of 2023, following a sharp decrease in the middle of 2022.

Source: DeFiLlama

We cant say for sure whether the drop in DeFi hacking was driven primarily by better security practices or the drop in DeFi activity overall most likely, it was a mix of the two. But, if the decrease in hacking was primarily driven by the drop in overall activity, then it would be important to watch whether DeFi hacking rises again in tandem with another DeFi bull market, as this would lead to higher TVL and therefore a larger pool of DeFi funds for hackers to target.

Regardless, there are steps DeFi operators should take to improve security. DeFi protocols vulnerable to on-chain failures can develop systems that monitor on-chain activity related to economic risks and prior platform losses. Companies such as Hypernative and Hexagate, for example, produce customized alerts to prevent and react to cyber attacks, which can help platforms better secure integrations with third parties such as bridges, and communicate with customers who might be at risk. Platforms vulnerable to off-chain failures may aim to reduce reliance on centralized products and services.

North Korea-linked hacks have been on the rise over the past few years, with cyber-espionage groups such as Kimsuky and Lazarus Group utilizing various malicious tactics to acquire large amounts of crypto assets. In 2022, cryptocurrency stolen by hackers associated with North Korea reached its highest level of approximately $1.7 billion. In 2023, we estimate that the total amount stolen is slightly over $1.0 billion, but as we see below, the number of hacks rose to 20 the highest number on record.

We estimate that North Korea-linked hackers stole approximately $428.8 million from DeFi platforms in 2023, and also targeted centralized services ($150.0 million stolen), exchanges ($330.9 million), and wallet providers ($127.0 million).

2023 saw a notable decrease in North Korean targeting of DeFi protocols, mirroring the overall drop in DeFi hacking that we discussed above.

In June 2023, thousands of users of Atomic Wallet, a non-custodial cryptocurrency wallet service, were targeted by a hacker, leading to estimated losses of $129 million. The FBI later attributed this attack to North Korea-affiliated hacking group TraderTraitor and stated that the Atomic Wallet exploit was the first in a series of similar attacks, including the Alphapo and Coinspaid exploits later in the month. Although the specifics of how the attack occurred remain unclear, we used on-chain analysis to look at what happened to the funds after the initial attack, which weve broken down into four phases.

In the first phase, the attacker chain hopped moving assets from one blockchain to another, typically to obfuscate the flow of ill-gotten funds to the Bitcoin blockchain via the following three methods:

The Chainalysis Reactor graph below illustrates the third method whereby the stolen funds (in Ether at the time) moved through several intermediary addresses before reaching the Avalanche Bridge and converting to Bitcoin.

In the second phase, the attacker sent the stolen funds to the OFAC-sanctioned Sinbad, a mixing service that obscures on-chain transaction details and has been previously used by North Korean money launderers. Then, the attacker withdrew the funds from Sinbad and moved them to consolidation addresses on Bitcoin.

In the third phase, the attackers money laundering strategy shifted to focusing almost exclusively on the Tron blockchain rather than the Bitcoin blockchain. The attacker chain hopped to the Tron blockchain via one of the following methods:

In the fourth and final phase, the attacker deposited the funds at various services on the Tron blockchain. Some of these funds were mixed via Trons JustWrapper Shielded Pool, whereas others were ultimately sent to high-activity Tron addresses suspected of belonging to over-the-counter traders.

Additional on-chain activity revealed that funds stolen from Atomic were consolidated with assets from other sources before moving elsewhere, which is likely related to the subsequent Alphapo and Coinspaid exploits.

Although the total amount stolen from crypto platforms in 2023 was down significantly from prior years, it is clear that attackers are becoming increasingly sophisticated and diverse in their exploits. The good news is, crypto platforms are becoming more sophisticated in their security and responses to attacks, too.

When crypto platforms act promptly after exploits, law enforcement agencies will be better equipped to contact exchanges where frozen funds are located to initiate seizure and contact services through which the funds flowed to gather relevant information about accounts and users. Over time, as these processes improve, it is likely that funds stolen from crypto hacks will continue to decline.

This material is for informational purposes only, and is not intended to provide legal, tax, financial, investment, regulatory or other professional advice, nor is it to be relied upon as a professional opinion. Recipients should consult their own advisors before making these types of decisions. Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information herein. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipients use of this material.

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Demystifying Decentralized Finance (DeFi) | by LuisVincent | Jan, 2024 – Medium

Decentralized Finance (DeFi) has emerged as one of the hottest topics in the world of technology and finance. Leveraging blockchain technology, DeFi aims to revolutionize traditional financial services by providing open, permissionless, and transparent alternatives. In this comprehensive guide, we will explore the fundamentals of DeFi, its key components, use cases, risks, and opportunities. Whether youre a novice or an experienced blockchain enthusiast, this guide will provide valuable insights into the future of finance.

Decentralized Finance (DeFi) refers to a broad category of financial services and applications built on blockchain networks. Unlike traditional finance, DeFi aims to eliminate intermediaries, enhance transparency, and provide greater accessibility to financial services for everyone.

Explore the core principles that underpin DeFi, including decentralization, transparency, interoperability, and composability. Understand how these principles differentiate DeFi from traditional finance and contribute to its disruptive potential.

Smart contracts are self-executing contracts with the terms of the agreement directly written into code. Discover how smart contracts power various DeFi applications, enabling automated and trustless transactions.

Decentralized exchanges facilitate peer-to-peer trading of digital assets without the need for intermediaries. Learn about the different types of DEXs, their advantages over centralized exchanges, and popular DEX platforms.

DeFi enables individuals to borrow and lend digital assets directly with one another, bypassing traditional financial institutions. Explore decentralized lending protocols, such as

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Ethereum Competitors: Rivals in the Smart Contract Space – Analytics Insight

While Ethereum stands as a pioneer in the world of smart contracts, a myriad of competitors has entered the arena, vying for a place in the decentralized future. This article explores Ethereum competitors in the smart contract space, dissecting their unique features, advantages, and potential impact on the evolving landscape of blockchain technology.

Begin by revisiting the role of smart contracts in Ethereums legacy and how they revolutionized the blockchain industry. Understand the significance of Ethereums contributions to decentralized applications (DApps) and the broader smart contract ecosystem.

Delve into Binance Smart Chain as one of Ethereums prominent competitors. Explore its architecture, consensus mechanism, and how it seeks to offer a faster and more cost-effective alternative for developers deploying smart contracts.

Unpack the innovative approach of Polkadot in the smart contract space. Highlight its interoperability features, enabling different blockchains to seamlessly communicate with each other. Assess how Polkadot addresses scalability and customization challenges.

Explore Cardanos unique approach to smart contracts, emphasizing a research-driven and peer-reviewed development process. Examine the Cardano Settlement Layer (CSL) and the importance of formal verification in enhancing security and reliability.

Investigate Solanas high-performance blockchain architecture and its impact on smart contracts. Understand how Solanas unique consensus mechanism, Proof of History (PoH), and Proof of Stake (PoS) enhance scalability, making it an attractive option for developers.

Examine Tezos as a self-amending blockchain, allowing for on-chain governance and protocol upgrades. Understand how Tezos aims to provide a robust platform for smart contracts with a focus on long-term sustainability and adaptability.

Explore Avalanches consensus protocol and subnets, providing a platform for creating custom blockchain networks with unique rule sets. Assess how Avalanche enhances scalability and offers flexibility for deploying smart contracts.

Conduct a comparative analysis of the features, advantages, and specific use cases of Ethereum and its competitors. Understand how each platform addresses scalability, security, and developer-friendly features.

Explore the ongoing developments, upgrades, and emerging technologies in Ethereum and its competitors. Assess how these advancements impact the scalability, security, and overall potential of smart contracts on each platform.

The landscape of smart contracts is continually evolving, with Ethereums competitors bringing diverse approaches to the table. As blockchain technology matures, developers and users alike have a plethora of options to consider, each contributing to the decentralized future in its unique way.

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Cardano Smashes Smart Contract Growth, Silencing Critics – West Island Blog

The Cardano network has once again smashed through prior limitations and silenced skeptics, marking yet another triumph in its journey. Users are flocking to leverage its robust smart contract capabilities, evidence of which is encapsulated in a newly-achieved benchmark of activity.

An upsurge in Cardanos Plutus V1 and V2 script use has been documented, showcasing a remarkable growth in the platforms smart contract utilization. As of January 22, a total of 24,050 smart contracts have been consummated using these Plutus scriptsa significant leap from the 14,379 recorded at the outset of the year.

This accelerated engagement with smart contracts can be pinpointed to January 9, a date that now signals a pivotal uptick in network usage. Particularly, the execution of smart contracts on Cardano employing Plutus V2 scripts surged from 8,270 to a substantial 12,890, with that number further escalating to 17,718 shortly thereafter.

The ascent of Plutus V2 as the scripting language of choice over its predecessor is expected. With its advent, Cardano aimed at optimizing user costs and boosting script throughputa move that bolstered the efficacy and attractiveness of the network.

This validation of Cardanos utility starkly contradicts critics like the crypto research firm K33, which had previously dismissed the networks significance. K33 went as far as to suggest that transactions on Cardano were largely concocted by a cohort of bagholders without any substantive evidence of genuine use.

However, the robust activity recorded and the series of enhancements emphasizing the networks evolving architecture tell a different story. In fact, Dan Gambardello of Crypto Capital Venture has been vocal about the networks transformation since the last cycle of market enthusiasm, particularly noting the advanced state of Cardanos smart contract functionality. Gambardello speculates that these innovations are precisely why ADAs value could soar to new heights during the next bull market phase.

The ecosystems vitality is reflected not just in speculation but in real indicators of growth. The preceding year witnessed a burgeoning of DeFi engagements within the network. Despite a recent downturn, projections indicate an imminent revitalization. Further cementing these optimistic outlooks is the burgeoning development activity on the platform, which now includes the emergence of Social Finance (SocialFI) initiatives.

Enthusiasts and Cardano community members alike are eagerly anticipating the introduction of a fiat-pegged stablecoin, a development many believe will augment Cardanos appeal and functional diversity. Such a milestone could potentially entice substantial capital inflows, bolstering not only the networks utility but potentially enhancing ADAs market valuation as well.

In a technological landscape as dynamic and rapidly evolving as the cryptosphere, Cardanos commitment to innovation and practical utility remains a beacon, promising an ecosystem rich with possibility and growth.

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How to Create and Deploy Smart Contracts on Ethereum – Analytics Insight

Smart contracts, self-executing agreements with the terms of the contract written directly into code, have revolutionized the way transactions are conducted on blockchain platforms. Ethereum, a leading blockchain network, is at the forefront of this innovation, enabling developers to create and deploy smart contracts for a variety of applications.

Smart contracts are decentralized programs that automatically execute predefined actions when certain conditions are met. They run on blockchain networks, providing transparency, security, and trust in transactions. Ethereum, with its robust and versatile blockchain, has become a primary choice for deploying smart contracts.

Install Ethereum Wallet: Begin by installing an Ethereum wallet to store and manage your ether (ETH), the native cryptocurrency of the Ethereum network.

Set Up Development Tools: Choose a development environment for creating smart contracts. Popular choices include Remix (an online IDE), Truffle (a development framework), and VS Code with appropriate extensions.

Choose a Programming Language: Ethereum supports multiple programming languages for smart contract development. Solidity is the most commonly used language, and it resembles JavaScript.

Write Smart Contract Code: Use your chosen development tool to write the code for your smart contract. Define the contracts functions, variables, and logic. Solidity provides a wide range of features for creating complex and secure smart contracts.

Use Remix for Testing: Remix allows you to test your smart contract in a simulated environment before deploying it to the Ethereum mainnet. It helps identify and fix any potential issues.

Use Testnets: Ethereum has test networks like Ropsten and Rinkeby that simulate the Ethereum mainnet. Deploy your smart contract on these testnets to ensure it functions as expected without using real ether.

Compile with Development Tools: Once your smart contract code is written and tested, use your development environment to compile it into bytecode. This bytecode is the machine-readable version of your smart contract.

Choose Deployment Network: Decide whether you want to deploy your smart contract on the Ethereum mainnet or a testnet. Deploying on a testnet is advisable for initial testing and debugging.

Deploy Using Remix or Truffle: Most development tools provide a straightforward deployment process. If using Remix, connect your wallet, select the deployment network, and deploy. Truffle provides a more comprehensive development environment and allows for more advanced deployment configurations.

Get Contract Address: Once deployed, your smart contract is assigned a unique address on the Ethereum network. This address is crucial for interacting with the contract.

Use Web3.js or Ethers.js: Interact with your smart contract using JavaScript libraries like Web3.js or Ethers.js. These libraries enable you to send transactions, read contract data, and execute functions from your decentralized application (DApp).

Understand Gas Costs: Gas is the unit used to measure the computational work required to execute operations on the Ethereum network. Each operation in a smart contract consumes gas, and transactions require a certain amount of gas to be processed.

Set Gas Price: Specify the gas price when sending transactions. Higher gas prices result in faster transaction confirmation, but they also incur higher costs.

Monitor Contract Activity: Keep an eye on your smart contracts activity using blockchain explorers like Etherscan. Monitor transactions, view contract state changes, and ensure everything is functioning as intended.

Consider Upgradeability: In some cases, you might want to make changes or improvements to your smart contract after deployment. Consider building upgradeability into your contract design, allowing for future modifications without redeploying.

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Blockchain Infrastructure Protocol Axiom Secures $20M in Series A Funding – Coinspeaker

With Axioms smart contract infrastructure, developers, burdened by the challenges of accessing authenticated data, can seamlessly integrate transaction history data into on-chain applications.

Smart contract infrastructure startup Axiom has successfully secured $20 million in its recent Series A funding round, led by Paradigm and Standard Crypto.

According to a blog post published on January 25, 2024, the new investment round saw participation from other notable venture capital companies, such as Robot Ventures and Ethereal Ventures, reflecting the growing confidence in Axioms innovative approach.

The crypto infrastructure company intends to use the substantial investment to expand its business offerings and fuel platform growth.The funds will support the recruitment of skilled developers and accelerate the development of the Zero-Knowledge (ZK) network.

Today, were excited to announce our latest milestone at Axiom: weve raised $20 million in funding led by Paradigm and Standard Crypto. This funding will help us grow our team and accelerate the development of our core ZK platform empowering smart contract developers to build data-rich, on-chain applications, the company said.

With the momentum gained from the Series A funding, Axiom is poised to further advance its mission of enabling developers to build data-rich, on-chain applications.

The protocol, launched in 2023, belongs to an emerging category of crypto projects leveraging zero-knowledge proofs (ZK proofs), a cryptographic method for verifying specific data without disclosing any transaction details. Currently, Ethereums smart contracts face limitations in accessing historical data, prompting the development of solutions like oracles.

Axiom said the recent introduction of its V2 mainnet opens the door for developers to compute over the entire history of Ethereum, fostering a more efficient and cost-effective ecosystem.

The companys core focus is empowering smart contract developers with enhanced access to authenticated on-chain data. Unlike traditional methods that often lead to significant time and cost investments in reading and writing data, Axiom introduces a pioneering approach using ZK cryptography.

The startup said in a social media post on X that their utilization of ZK cryptography, rather than conventional consensus mechanisms, enables on-chain applications to process a broader range of data at a lower cost.

With Axioms smart contract infrastructure, developers, burdened by the challenges of accessing authenticated data, can seamlessly integrate transaction history data into on-chain applications.

The companys methodology allows for the trustless incorporation of past transaction activity and permissionless composition with other smart contracts, providing modular flexibility without modifying existing deployed business logic.

Axioms vision aligns with the growing demand for storing, accessing, and operating over authenticated data. The adoption of cryptography and blockchain technology serves as the backbone to meet this escalating demand.

The protocols commitment to offering a solution that optimizes data usage without compromising trust-minimized guarantees resonates with the broader blockchain community.

The companys introduction of a novel approach to authenticated data access positions it as a key player in shaping the future landscape of smart contract development.

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