source of photo
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.