Cardano rose 27% to become the sixth-largest cryptocurrency by market capitalization, overtaking Ripple. The ADA token is outperforming many cryptocurrencies in the market and is currently trading at $0.66, with a market cap of $22.3B. More: - The ADA token rallied 27% ahead of its Vasil hard fork upgrade.
- The blockchain will undergo the testnet release on June 2, with a. mainnet launch on June 29.
- The Vasil hard fork is designed to improve the scalability and usability of the network.
- Upcoming changes to the network include the following proposals: CIP31, CIP32, CIP33, and CIP40, which will lower the transaction fees, improve the network's throughput and decentralization, and solve the concurrency issue to improve scalability.
- Cardano has over $158M in total value locked across its decentralized apps, which is 25 times less than Solana and 455 times less than Ethereum.
Crypto Briefing 
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Tron has become DeFi's third-largest blockchain in terms of total value locked (TVL), currently standing at $5.9B, a 44% hike over the past month. The company launched a new algorithmic stablecoin that promises double-digit returns, which is leading to bullish activity on the chain. More: - Ethereum's TVL stands at $93B, and the BNB chain's TVL sits at $10.8B. These are the only other blockchains ahead of Tron in terms of total locked value.
- Tron continues to grow despite the current market conditions — Ethereum, Polygon, Solana, Avalanche, and BNB have all seen a decrease in TVL levels.
- The stablecoin is governed by smart contract algorithms and is not backed by anything. It is based on an arbitrage trade between USDD and TRX.
- The company is allowing investors to swap 1USDD for $1 of TRX, and in an event when the price of USDD drops below a dollar peg, investors can buy the discounted USDD and swap it for TRX, similar to Terra.
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Bitcoin miners are bracing for the high cost of electricity, which amounts to 90 to 95 percent of a miner's overhead cost. Big players in crypto mining, including Riot, Marathon, and Core Scientific saw their market capitalization drop by 50%. More: - Bitcoin mining is generating high operating costs for miners — in some parts of Europe, energy rates have increased significantly, costing up to $25,000 to mine one bitcoin.
- The high cost of electricity and the low price of Bitcoin, which is hovering around $30,000, is generating low profit margins for miners.
- Daniel Jogg, CEO of Enerhash, said, "Some operations were running without profits." In Texas, the intense heat wave has caused the price of energy to increase by 70%, and miners are paying more to mint fewer bitcoins.
- Most mining companies are struggling to pay for their equipment because they invested in early infrastructure. For instance, Marathon paid $879M in Dec. 2021.
- The mining equipment was funded mostly through debt, and seeing the price of bitcoin drop to $30,000 along with higher energy costs is going to affect the company's bottom lines.
- Jurica Bulovic, the head of mining at Foundry, says, "Anyone who bought equipment at the height of the cycle when bitcoin's price was $65,000 and took a loan to do so — which is a lot of the industry — they are not cash-flow positive today."
Wired
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Prada is entering the crypto and Web3 space with the launch of its own NFT collection. The luxury brand will release 100 Ethereum NFTs this week, along with the launch of their new apparel. More: - Prada is merging physical and digital trends — buyers of the company's NFT will also receive the physical merch from the Cassius Hirst collection.
- The Prada x Cassius Hirst shirt will be accompanied by a GIF of the black and white pill capsule.
- The airdropped NFT has a serial number and another number that is associated with a physical shirt.
- Buyers will get both the digital item and the physical item delivered to their door. The NFTs will be minted on the Aura Blockchain Consortium, which uses Quorum, an Ethereum-based blockchain platform.
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Runner is an upcoming sci-fi project that will run on Web3 multimedia. Hunger Games Producer Bryan Unkeless is co-creating a project called Runner with Hollywood creatives Cedric Nicolas-Troyan, Bryce Anderson, and Blaise Hemingway. More: - Runner will be a comic book, an NFT profile picture (PFP), and eventually a game and a TV show under Unkeless' production company, Clubhouse Pictures.
- The partners are seeking ways to disrupt the industry and experiment with new ways to tell a story in the internet age.
- Unkeless is well known for producing movies like "The Hunger Games," "Bright," "Birds of Prey," and "I, Tonya," and he is bullish about the potential of Web3 in Hollywood.
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RTFKT, Nike's Web3 arm, purchased the domain name dotswoosh.eth for $35,000, roughly 19.72 ETH. The reason for the purchase remains unclear, but as of now, the company now owns more than 10 Ethereum Name Service (ENS) domains. More: - The reason for purchase was not disclosed, but some reasons may be that the company will start issuing ENS subdomains in the future.
- The company also owns other domain names such as artifacts.eth, dreamos.eth, mintvial.eth, dreamos.eth, rtfkt.eth, skinvial.eth, spacedrip.eth, dripcoin.eth, and m2tekno.eth.
- Nike is well known for trademark-affiliated names and logos. In 2021, the company filed trademark applications for its brand name that indicate bullish moves into the crypto ecosystem.
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
