Just Do it! Launch Plutus on the ITN

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Most protocols have passed Cardano at light speed. Cardano progress do is still at a snails pace. Cardano has still failed to learn any lesson from the mass exodus of value it has experienced.

When UniSwap was faced with losing a good portion of its liquidity to Sushi they took action.

For those that are not familiar with Sushi I will give a quick synopsis.

Some developers basically copied and pasted the UniSwap code in order to give UniSwap users what they had long been demanding.

A DAO token that would decentralize the protocol by giving governance power to the people.

Sushi offered 1000 DAO tokens per ETH block which was to be reduced to 100 after launch.

In order to gain liquidity they excepted Liquidity Pool Provider Tokens from UniSwap.

Within hours a mass exodus took place from UniSwap. It was a spectacular to watch.

One of the creators of Sushi was consumed by greed and stole the treasury only to later return it do to remorse.

While this was taking place UniSwap developers decided to fast track the DAO Token for fear of loosing anymore liquidity.

They airdropped Uni to anyone who had interacted with UniSwap.

This combination of events caused the liquidity of SushiSwap to drop significantly.

Sell pressure at the moment is very massive do to the Uni airdrop do buying pressure is much stronger.

Demand for UNI is so high that at one point it hit 8 dollars.

Thanks to the developers of UniSwap learning from their mistake they have not only regained their liquidity but are the number one DeFi application.

IOHK must learn from its mistakes. IOHK, Emurgo, all the so called Ambassadors, and the Cardano Foundation did not look after the ITN and let it die.

This was their first mistake. When IOHK started to focus on ETC a dead coin with a community that wants nothing to do with IOHKs CEO it lost even more of the investors confidence causing a sell off like many times in the past.

Just like in the past IOHK, Emurgo, and the Cardano Foundation have not learned from the events that have taken place.

In the early days of DeFi Summer IOHK, Emurgo, Cardano Foundation should have dedicated a good amount of man power to release a bridge to Ethereum.

Most crypto projects are open source so why did they not launch Plutus on the ITN, created a token swap protocol that wrapped all ETH assets and could also deploy them on the mainnet once the code had been battle tested.

They could have called the token swapping protocol something like ADASwap. Here is is a GUI that interfaces with a Virtual Machine that swaps tokens from ETH to XDAI Chain https://dai-bridge.poa.network/. Use that IOHK! Make it your own.

ADASwap could also have a governance token called for example ADA DAO which would give people an incentive to migrate their liquidity.

The locked liquidity will get ADASwap listed on DeFiPluse & DappRadar. The listing on the Decentralized Finance tracking platform would solidify Cardanos place in the DeFi & cryptocurrency ecosystem. As it stands right now there is still no utility for ADA.

An air drop could be performed in which 1 UNI = 1 Wrapped ADA DAO. The wADA DAO Token could then be tranfered onto the ITN where it would be converted to tADA DAO Token. The token could then be used for governance. After the code had been deemed safe tADA DAO Token could then be converted to mainnet ADA DAO Token.

I will be frank Emurgo is not fully focused on Cardano since they have their own in house crypto Ergo.

The Cardano Foundation is satisfied with the launch of Shelly and has done nothing that they have been tasked with. Where are the Cardano ATMs in Japan?

IOHK is the only organization that is dedicated to Cardano do the peer review method of doing things will mean that it will take 50 years to get to even half of what has been accomplished in DeFi. Action must be taken.

Let us bring back the ITN, get it listed on an exchange, launch testnet Plutus, build a protocol to migrate liquidity onto the ITN, and another protocol to migrate liquidity from the ITN to the Mainnet.

No more snail pace development please. I know others are would agree.

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Hi precious_access
Thanks for sharing your views and the synopsis

I read several articles on the whole Sushi swap thing to try and understand what happened, yours is the best explanation i’ve read without me getting lost in the detail.

From your comments, you clearly have a good understanding of the whole ADA eco-system and the crypto space, some of the solutions you have offered could/should/may be followed or at least be debated to move Cardano forward (so as not to miss out on the opportunities that other projects are definitely benefitting from).

Have you shared your input with the Roadmap group ? Building a Public Roadmap: Draft , This group was formed because of lack of progress and to support and accelerate the Cardano Foundation in particular, i’m sure a lot of them share your frustration, it’s what pulled this team together.

Be part of the solution, engage (if your not currently) and promote your ideas, if it makes sense i’m sure others who feel the same frustration will support your ideas.

Re the ITN, your right It could offer us the opportunity to have a two tier growth pattern if some resource was applied to the ITN, i also believe it should have been kept/supported (the vote that took place wasn’t particular well communicated) on the ITN as you’ve indicated we could trial new concepts/proposals to move at a faster pace without damage to the mainnet.

I would probably try to avoid the name calling on future posts !! especially if you want others to support your proposals that will benefit us all, some might not support even if they like the sentiment of what you’re saying, as they may not wish to be directly critical.

Just do it ! be part of the solution :+1:

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From what I understand of what you wrote your focus is in making money.

I think that IOHK is more concerned with helping the community.

Along with that, the crypto-space is still in is infancy and you have some of the brightest minds in existence ATM, trying, and doing, their best. Evolution is a marathon not a sprint.

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Some notes on decorum -

  • We don’t do name calling here.
  • If anybody agrees with you - tag them. Otherwise its meaningless.
  • Ranting doesn’t support your case. You don’t earn credibility just by pointing out others mistakes.

On ITN - there was a lively discussion and a very underwhelming vote which decided to discontinue the ITN as planned. AKA there was no substantial community interest in what you are suggesting, and it was suggested.

I’m quite skeptical you will find any sympathy on the forum with such a dismissive and arrogant attitude. “Slow and steady” is precisely the Cardano way :snail:.

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I will contact the Road Map group MachTwo.

Every time I use the Plutus playgournd I wonder. Why was this not deployed on the ITN? As for the ITN vote it was sketchy.

You had to input your private keys to vote which most people will not do. It was not a good voting process.

Doing your best but not reaching the goals set is not a good look for Cardano. If their best does not yield results then simply put those individuals must be replaced. When in Japan I would like to exchange some ADA for Yen. They said it would get done so it should be.

ring9s why would I need symphony? This article is in regards to the state of the Network. It has nothing to do with anything that would require sympathy.

If Cardano does not innovate ETH 2.0 will leave Cardano in the dust.

It already has first mover advantage in the smartcontract sector do Cardano could still take home the Gold.

Cardano is being built using formal methods! IOG and Charles are not focused on appreciating the value of your Ada holdings, their mission is to build a 3rd-Gen blockchain using formal methods (something that has never been attempted before, much less successfully executed)! If the pace of development for Cardano is not to your liking, you might consider other projects…

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One of the key pillars of Democracy is the ability for people to have discourse and come to a resolution. To simply dismiss people and tell them to go somewhere else is not very democratic. By your standards if we resided in the same nation since I do not agree with the Status Quo I must then go to another nation. I plan to deploy on the Cardano Network. What is wrong with having a a TestNet with Incentives & applications running that provide real world utility?

I think telling someone to move to a new country vs. moving their crypto holdings are very different, but I see your point. Definitely didnt mean any disrespect, I’m sorry if it came off that way… That having been said, Cardano is being built exactly how Charles initially pitched to us it would. The strength of the network is it’s developers’ willingness to submit their work to the rigorous demands of the scientific method. IMO, they deserve our patience and appreciation for doing so… When smart contracts go live, don’t be surprised to see a substantial amount of defi activity migrate to the network very rapidly

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