HELP me navigate Cardano Ecosystem

Hello fellow Cardanians, I am relatively new to cyropcurrencies and accumulating ADA’s - since January 2021 and am staking using Yoroi wallet. Back in May I saw the Cardano ecosystem map and took the advice to buy new projects building on the cardano system - so I used some of my ETHs to purchase some GERO Wallet (1ETH), Charlie 3 (1ETH), and SoMee.Social (ONG) (1ETH) on Metamask.

Since then these coins have crashed and are just sitting on my Metamask wallet dying a slow death. IS THERE ANY WAY I CAN TRANSFER THEM TO YOROI SO I CAN KEEP ALL MY CARDANO ECOSYSTEM PROJECT COINS TOGETHER AND STAKE THEM? OR ANYWHERE ELSE? I would dearly love anyone’s advise on this, PLEASE!

Hello @The_Fern

Only ADA can be staked on Cardano Network. No other coins, tokens or digital assets.
Cardano wallets are multi-asset wallets for assets (such as NFTs and tokens) created on Cardano network.
ERC-20 converter will be deployed soon. You can read more about it here:

That’s great news! So I have to wait until then to be able to do anything with these tokens? Hopefully down the track we can have a wallet that supports all Cardano ecosystem tokens and assets … how long away is this? For instance when will GERO Wallet actually have a wallet? I will endeavor to read more widely about what’s coming on the Cardano network so I’m better informed. Thanks you @Neo_Spank

I never heard of this project until now. For any specific project features it is best to ask the project team. I wasn’t even aware that there was any Cardano projects being built on Etherium. Not sure why they would build on Etherium in a first place, since Cardano already has a test net where they can deploy and test new projects.
Since you brought it up I did take a look at Gero wallet website. They don’t seem to be part of Cardano eco system. They claim they will be able to support any crypto currency and that they will add ADA soon. Also, they seem to have a link to their twitter page where you can ask them directly about this specific project.
Also, they claim:" We launched on ETH as the Goguen Mainnet of Cardano network is not yet live. As soon as it goes live we will be swapping the tokens to ADA." This doesn’t make much sense to me since you don’t need Goguen to launch to be able to make a wallet. Also, why say that they will swap their own tokens to ADA?!?
Quick search of reddit shows that some people are concerned that Gero may be a scam. Link is here: https://www.reddit.com/r/cardano/comments/n9gq9n/newest_ido_on_cardstarter/
Some people claim that two of the photos in their team page are of actors, one from Deadpool and other from Mulan.

Another interesting bit of information: All the projects you metioned seem to be part of some project called Cardstarter. They are concerns that this is a scam incubator. Check out link here:

Also, there is an article warning that Cardstarter launches fake projects to steal money. You can read more here:

Remember to do your own research. Hope it all goes well for you.

WOW, so they are not part of the Cardano ecosystem at all - including Charlie 3 and SoMee.Social ONG? But Bitboy launched SoMee.Social (ONG)? Should I immediately swap them back to ETH? Even though they’ve lost so much value? Also, should I write to them and post on their Twitter? Terrible! It looks so legit, I honestly thought it was part of the Cardano ecosystem. They should not be able to use the Cardano name/brand at all to promote themselves if they are not! Can’t Cardano take any action against that?

And I don’t understand - Cardstarter is on the Cardano EcoSystem poster and it promotes itself as:
@CardStarter
‘The First Insured Project Accelerator for Cardano’

How can they be allowed to do this if it’s not the case?

This is their Twitter reply to my message on Twitter -

Replying to

@CryptoFern2021

@Bitboy_Crypto

and 4 others

We have met multiple times with Cardano Foundation and

@IOHK_Charles

. To that end, Charles has talked about our project multiple times with

@jasonappleton

and

@Bitboy_Crypto

. So you are severely misinformed.

BEWARE: @CardStarter is a SCAM - and all the so-called projects it claims are part of the Cardano network, such as @Oraclecharli3 @GeroWallet @DeFIRE_Fi @SoMeeOfficial. According to the Cardano team they are NOT part of the Cardano network whatsoever – Nothing but a SCAM!!!

I have no financial advice for you. I’m just showing you red flags for the wallet project I found. You need to make your decision about your investments.

You should always be able to communicate any concerns to any project you invest in. For example:, Why not ask Gero: Are they on track? Gero is suppose to be here in Q2 2021. Q3 2021 starts in 2 days. Do you have Gero? Is there any talk of release? Download button?

It does look legit. You can’t even say 100% that it is not. Just too many red flags. Also, some things they claim make no sense if you know how Cardano works.

Well, their projects are 100% on Etherium, they also take only Eth and do not seem to accept, use, promote ADA, so I’m not sure how they are considered Part of Cardano (besides they claiming they are). Especially considering that you can make native tokens on Cardano already. Why would yo make them ERC-20, then convert. You can just make them now on Cardano. Hard to believe serious developer would not know this.

Cardano allows legit projects to use their brand and logo. If Cardano gets 100% irrefutable proof that they are scamming people using their name, then yes, they can do something. However, all their projects are empty, there is no technical detail of anything yet. They can keep saying that they are about to start the project for years.

Please do not speak for Cardano team. :slight_smile: This forum is about 20,000 Cardano community members (such as myself) and very few of the actual Cardano Foundation members. To help you identify when you are speaking to actual Cardano Foundation team member check out this forums team page: About - Cardano Forum

This has no meaning. I can claim that I am the first and only Neo_Spank ever to have this name on Cardano forums. Does that make me a good developer? No.

Hi again Neo - just back to our previous stream conversation, I’ve noticed that Crypto Banter have been heavily promoting Cardstarter Charlie 3 and Gero Wallet almost every show now - they are saying they are part of the Cardano ecosystem. Is there a way to know what projects have the Cardano stamp of approval to be part of the cardano ecosystem? There are going to be thousands and thousands of scams. Why doesn’t Cardano list the officially sanctioned one’s on it’s website? This would help protect people.

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I see you replying @Neo_Spank!

Spit it!

cheers

EDIT: W8 for it!

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hello @The_Fern

Cardano is becoming fully decentralized. Besides IOHK , Emurgo and Cardano Foundation there are no officially sanctioned entities. To officially sanction would mean that there is a centralized entity which is overlooking all aspects of the network.

However, there is project Catalyst where Cardano community votes which proposals to fund. List of winning proposals will be as close as to having stamp of approval as it gets (unless Charles personally likes and promotes a project :wink: ). For example you can find winners of funding votes to round 4 here: Project Catalyst - Fund4 - Voting Results (official) - Google Drive
They are currently on fund 6.

True! However, no one has the time and resources to check all the projects if they are real or fake. Not to mention that some real projects will fail as well.
This is an inherent risk in investing into decentralized projects. The only protection you can have is research and portfolio risk management ( same as with regular investments). You smell something fishy, then leave. As you said, there will be thousands of others to look trough.

Everybody with a laptop and a YouTube account is a financial advisor since crypto and Robin Hood became a thing. I watched 100’s of channels so far and most of them do no research. They just farm content so they will take any project they can. Why? Because if you go on YouTube and type that projects name, then their video pops up and they get views. Out of 100’s I’ve seen I only came across 3 that actually did research and I don’t always agree with their conclusions either.

Ecosystem metaphor is used to group interconnected systems that are part of a same network. In this case Cardano Network. If your system/ project is not on Cardano, doesn’t use ADA, has tokens issued as ERC20 and not Cardano Native token, then you are not part of that ecosystem. Also, that means nothing if you are talking about scams. There are scams that are part of Cardano ecosystem. Ecosystem is just a buzzword to add credibility but offers little to no information.

To be sure you must look for and be satisfied only with proof. Buzzwords, YouTube/ TikTok advisors, website presentations mean nothing. Check for code, product, implementation and visible progress.

Remember, if it was easy to make money everyone would be a billionaire.

Hope this helps :slight_smile:

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lol you need to hit refresh :wink:

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“Spoke wise words he did; a medal will he no get; should medal get though.” - Yoda

I’m actually quoting Yoda here, just hung up the phone.

cheers

Neo_Spank you are awesome. Thank you so much for taking the time to reply to my message. Thanks for clarifying and steering me in the right direction. I’m relatively new to crypto and learning a lot. I really appreciat it. Cheers

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It’s ok to be thankfull, altough you cross the line of man-crush must not.

We don’t want you to start a cult around @Neo_Spank!

Isn’t working well for hoskinson.

cheers

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Ola Portuga! I am a Portuguese born Australian. Muito obrigado for passing my message on to Neo_Spank. Abraço.

Come on man you got me confused there.

How are you a portuguese born australian?

cheers

Hahaha I was born in Portugal and my parents migrated to Australia in 1976 When I was 6 … I am a dual national but with very rusty Portuguese language skills - sorry :slight_smile:

And thanks for that link - the map of projects is very different from the one circulating online - have you s


een this one?