Ray Network is a public good owned and governed by XRAY token holders

Ray Network is an advanced open source ecosystem for the Cardano blockchain platform. It includes a light wallet with many features such as: sending and receiving funds, defi swap, NFT marketplace, staking center and others. Our services increase blockchain use adoption; they empowers regular users, developers, creators, liquidity providers and traders to participate in a financial marketplace that is open and accessible to all.

XRAY is a governance token that powers Ray Network ecosystem. This is well positioned for community-led growth, development, and self-sustainability token.



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Ray Network

Hey Riders! Welcome to our monthly recap series, in which we summarize the highlights of the previous month at WingRiders.Another busy month at WingRiders, with lots of new developments and activities. To start the month, we launched our first dedicated community Twitter space to talk about the latest developments and address community questions, which was well received. We plan to make this a regular Spaces as a direct channel for users to talk to the team.First Rider FT UtilityOver 1900 Riders who provided at least 850 ADA of liquidity across farmable pools in the Inception Farming Epoch (IFE) phase were rewarded with a FirstRiders Fungible Token (FT) as a bonus to acknowledge their loyalty and early contributions. This month, functionality was added to the platform to allow the long-awaited utility of these FTs to be unleashed. Holders of the three tiers of FTs will now get their rewards boosted even more just by keeping these FTs in their wallet, depending on the FT’s tier. Read more <a href="https://medium.com/@wingriderscom/first-rider-ft-utility-released-bf7156dd8052">here</a>.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*3D0UAarnIOnTTSJ6" alt="" loading="lazy">WingRiders DEX: First Rider FT utilityCardano Summit Lausanne 2022The <a href="https://twitter.com/Cardano/status/1590268059645890560">2022 Cardano Summit</a> was held in Lausanne, Switzerland, and what an event it was. The WingRiders team attended the three-day summit, meeting other projects, Charles, the IOG team, and the amazing Cardano community face to face. These events really bring home why we are developing on Cardano and why the ecosystem is thriving due to its vibrant and knowledgeable community.Improvement portal tweaksAs a result of our community feedback, we improved some user experience features of the Community Improvement Portal by adding a standalone link, “Community Portal”, in the menu bar so that you are only a click away from seeing the discussions on the platform. Also, the name of the portal itself has been changed to “Community Improvement Portal” to alleviate any confusion with the <a href="https://community.wingriders.com/">URL</a> of the site. Community feedback is the lifeline of a project, and we value all suggestions that help improve the DEX for the users.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*4MouAWsdkG93EFjq" alt="" loading="lazy">WingRiders DEX: Link to Community Improvement PortalContinuous Platform DevelopmentsThere were many new tech enhancements this month as well. The addition of a graph reflecting trading volume in pools, usage of the @eternlwallet being sped up, automation of data, the tokenomics table in the app, and improved design of token metadata to name a few. Look out for our quarterly tech update that will be published before the new year. If you want to catch up on last quarter’s update click <a href="https://medium.com/@wingriderscom/q3-tech-development-update-bdec44685df1">here</a>.We are continually working on improving the platform to make it better and more user-friendly.Multiple new double yield farms openThis month saw a flurry of new partnerships, bringing more double yield farms onto the platform. New double yield farms include <a href="https://twitter.com/wingriderscom/status/1596156779062247426">Yummy Universe</a>, <a href="https://twitter.com/RayNetwork/status/1596882043925049345">Ray Network</a>, <a href="https://twitter.com/wingriderscom/status/1600443201629949952">Crypto Raggies</a>, and <a href="https://twitter.com/wingriderscom/status/1600148072448856065">Mocossi Planet</a> which all started with high APRs. We are constantly in discussions with other projects to bring real value to our Riders and other project communities. So watch this space for more partnerships and tie ups.MultiChain Bridge PartnershipBridges open the gateway to interoperability between layer 1s and this month <a href="https://twitter.com/MultichainOrg/status/1596173461571145728">Multichain announced</a> its plans to connect to Cardano. Multichain is now the leader in the cross-chain field, with a rapidly expanding family of chains (currently 26) and daily volumes in excess of $100 million (https://anyswap.net). Its sustained daily volume is more than $100 million and its Total Value Locked in excess of $5 billion. This will enable assets from other chains to be bridged and used in Cardano increasing liquidity within the ecosystem. Once the bridge is live you will be able to bridge assets via <a href="http://app.multichain.org/">http://app.multichain.org</a> to swap, stake, provide liquidity to pools, and deposit into yield farms on WingRiders. That said, every bridge, similar to any asset, protocol, or type of stablecoin (synthetic, algorithmic, or currency-backed), carries inherent risks! All users should DYOR and realize that, at the same time they empower DeFi, they also carry risks, and we are all responsible for our decisions and their consequences.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*WJD7jVlIxOldppV-" alt="" loading="lazy">WingRiders DEX &amp; Multichain Bridge PartnershipIndigo launching synthetic assetsWith the arrival of synthetic assets from <a href="https://twitter.com/Indigo_protocol">Indigo protocol</a> on Cardano, a poll will be taken on Indigo’s <a href="https://forum.indigoprotocol.io/c/general-discussion/8">forum </a>to decide whether iUSD and iBTC liquidity provider tokens from WingRiders can be staked on the Indigo platform for gains. The great news is that even though the LPTs are staked on Indigo, liquidity providers will still receive their $WRT boosting gains, which are exclusive to WingRiders. We welcome the release of these synthetic tokens and wish the best for Indigo’s success.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*v1qBeD0LZsikJnyX" alt="" loading="lazy">Indigo Protocol vote on whitelisting WingRiders DEX liquidity pool tokensEcology Fund Update<a href="https://medium.com/@wingriderscom/wingriders-ecology-fund-update-cd5194b47bd4">The WingRiders Ecology Fund (WREF) </a>has shaped a fundamental aspect of our philosophy about how WingRiders as a project should consider and behave responsibly toward the larger environment, which we as a project and all other businesses affect directly or indirectly. We published a blog to affirm our position and contribution and to give an update on where we stand on this important subject. Check out our other blogs on <a href="https://medium.com/@wingriderscom">Medium</a>.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*5pG9BW0AfA_JPMFJ" alt="" loading="lazy">WingRiders DEX Ecology FundSupport for small SPOsWe continued our weekly efforts to highlight three of the smaller staking pool operators (SPOs).<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*BIFsxVUHVgVqFyjp" alt="" loading="lazy">WingRiders DEX Featured SPOsFarm Yields Continue Performing WellWe mentioned the addition of the new double yield farms, and it is great to see that farm performance across the board is strong, given the sustained current macro market conditions and the bear market. Also noteworthy is that TVL grew by multiple millions of ADA : )<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*CyaNYoJ0wcknkmRw" alt="" loading="lazy">WingRiders DEX: TOP Farms for Epoch 380Don’t forget to keep up to date with our latest announcements on <a href="https://twitter.com/wingriderscom">Twitter </a>and <a href="https://t.me/WingRidersOfficial">Telegram</a> and join our <a href="https://discord.com/invite/wingriders">Discord community</a> if you haven’t already.Cardano NFT Twitter SpacesWingRiders hostedstar studdedded Spaces with five of the top NFT projects in Cardano, <a href="https://twitter.com/jpgstoreNFT">@jpgstoreNFT</a>,<a href="https://twitter.com/nmkr_io"> @nmkr_io</a>,<a href="https://twitter.com/CardanoTrees"> @CardanoTrees</a>,<a href="https://twitter.com/TheMandrillz"> @TheMandrillz</a>, and<a href="https://twitter.com/YummiUniverse"> @YummiUniverse</a> about how the Cardano NFT market is surging and the drivers at work.<img class="image_resized" style="width:664px;" src="https://miro.medium.com/max/664/0*fAiEYxFZU2H3gmTJ" alt="" loading="lazy">WingRiders DEX: Cardano Community Discussion on cNFTsTwitter Spaces with top Cardano influencersOur Twitter Spaces series continued on 1st December with a discussion about Cardano in the bear market with leading influencers in Cardano. The guests included <a href="http://cwpaulm/">Paul from Cardano</a> with Paul, <a href="http://kaizencrypto/">Kaizen Crypt</a>o both highly knowledgeable and respected Youtubers, and <a href="https://twitter.com/45_Billion">Reagan </a>formerly of Cardano Times, and now with his new podcast, “Meet Cardano”. We explored the causes of the bear market and when we may see a light at the end of the tunnel, as well as delving into the state of Daaps, cNFTs, bridges, and oracles on Cardano. A really insightful session you can listen to <a href="https://twitter.com/wingriderscom/status/1597253199249145857">here</a>.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*_2vGQxaeJv2kPGn1" alt="" loading="lazy">Astarter Twitter SpacesWe really enjoyed being a guest speaker along with <a href="https://twitter.com/ImmunifyLife">@ImmunifyLife</a><a href="https://twitter.com/TyphonWallet"> @TyphonWallet</a><a href="https://twitter.com/NuFi_Official"> @NuFi_Official</a> on this <a href="https://twitter.com/AstarterDefiHub/status/1595341055775629312">Spaces</a> hosted by Astarter, talking about the future of DeFi projects building on Cardano. The growth of the ecosystem, risks and rewards, and how the space will develop going forward were some of the themes discussed.<img class="image_resized" style="width:680px;" src="https://miro.medium.com/max/700/0*9XkNaiLfODW_3UIE" alt="" loading="lazy">WingRiders DEX as a guest speaker on Astarter's Twitter Spaces

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WingRiders Monthly Update - December

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<h5>Cardano&rsquo;s RayStake shared details of two recent attacks that took place on October 3rd and October 10th. Hackers stole a total of 5,554,113 XRAY and 112 XDIAMOND and sold them for 412,253 ADA. The team asks the hacker to return the money, allowing him to keep 20% of it. If not, they will run a &ldquo;wanted&rdquo; campaign and give rewards to those who will help track down the attacker.</h5>
<figure><figure><a href="https://news.coincu.com/wp-content/uploads/2022/10/image-1492.png"><img width="1024" height="452" data-id="134059" src="https://news.coincu.com/wp-content/uploads/2022/10/image-1492-1024x452.png" alt="RayStake" srcset="https://news.coincu.com/wp-content/uploads/2022/10/image-1492-1024x452.png 1024w, https://news.coincu.com/wp-content/uploads/2022/10/image-1492-300x132.png 300w, https://news.coincu.com/wp-content/uploads/2022/10/image-1492-768x339.png 768w, https://news.coincu.com/wp-content/uploads/2022/10/image-1492-1536x677.png 1536w, https://news.coincu.com/wp-content/uploads/2022/10/image-1492-2048x903.png 2048w, https://news.coincu.com/wp-content/uploads/2022/10/image-1492-750x331.png 750w, https://news.coincu.com/wp-content/uploads/2022/10/image-1492-1140x503.png 1140w" sizes=" 1024px) 100vw, 1024px" title="Cardano&#039;s RayStake Will Be Wanted If Hackers Don&#039;t Return Stolen ADA 412,253 1"></a></figure></figure>On October 15, the <a href="https://news.coincu.com/132348-cardano-network-improves/" target="_blank" data-type="URL" data-id="https://news.coincu.com/132348-cardano-network-improves/" rel="noreferrer noopener">Cardano</a> Staking Center RayStake development team <a href="https://raynetwork.medium.com/franken-attack-80140b63749f" data-type="URL" data-id="https://raynetwork.medium.com/franken-attack-80140b63749f" target="_blank" rel="noreferrer noopener">shared</a> details of two recent attacks that took place on October 3rd and October 10th.
<figure><div>
<div lang="en" dir="ltr">&#128104;&zwj;&#9878;&#65039; We have published a summary of what happened to RayStake during the rewards incident: <a href="https://t.co/mqxoqMQobK" target="_blank">https://t.co/mqxoqMQobK</a>PS. Attacker there's an offer for you PS2. On Monday, we will launch a "wanted" campaign with a reward of 10,000 ADA to find the attacker <a href="https://t.co/UUk03Zrnb0" target="_blank">pic.twitter.com/UUk03Zrnb0</a></div>&mdash; Ray Network | Cardano DeFi Ecosystem (@RayNetwork) <a href="https://twitter.com/RayNetwork/status/1581207621645713408?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 15, 2022</a>
</div></figure>According to the share, the hacker stole a total of 5,554,113 XRAY and 112 XDIAMOND then he sold them for 412,253 ADA through Minswap dex and Sundaeswap.
<figure><figure><img loading="lazy" width="994" height="763" data-id="134054" src="https://news.coincu.com/wp-content/uploads/2022/10/image-1488.png" alt="RayStake" srcset="https://news.coincu.com/wp-content/uploads/2022/10/image-1488.png 994w, https://news.coincu.com/wp-content/uploads/2022/10/image-1488-300x230.png 300w, https://news.coincu.com/wp-content/uploads/2022/10/image-1488-768x590.png 768w, https://news.coincu.com/wp-content/uploads/2022/10/image-1488-750x576.png 750w" sizes=" 994px) 100vw, 994px" title="Cardano&#039;s RayStake Will Be Wanted If Hackers Don&#039;t Return Stolen ADA 412,253 2">Cardano's RayStake Will Be Wanted If Hackers Don't Return Stolen ADA 412,253 3</figure></figure>The RayStake team offered the hacker to solve this problem if he returns the ADA he received for the stolen funds to their address. In this case, they are willing to leave him 20% of that amount, pretending that he is a &ldquo;white hat hacker&rdquo;.
As discovered, the total amount of ADA coins held by the hacker&rsquo;s address at the moment is 4,600,000, plus the 412,000 he received for the stolen crypto.
The group also said that they hold a lot of information to be able to track down the perpetrator of the hack. Therefore, if their request is not accepted on October 18th, RayStake will launch a campaign to hunt down the hacker by offering 10,000 ADA as a reward.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Cardano’s RayStake Will Be Wanted If Hackers Don’t Return Stolen ADA 412,253

Publish by&nbsp;<a href="https://coin98insights.com/chungnguyen">Charlie&nbsp;</a>at&nbsp;08 November 2021In September 2021, ADA reached the target price of $3 with a market cap of over $90B. This was a milestone for the Cardano community as it proved that they have a strong belief in the project.In this article, we will break down some recent activities of Cardano and its ecosystem.<ul><li>How Cardano motivates new projects.</li><li>What’s about the infrastructure of Cardano?</li><li>What is Initial Stake Pool Offering?</li></ul>Let’s get started!<h2 id="Cardano_Ecosystem_Overview">Cardano Ecosystem Overview</h2>Since the&nbsp;<a href="https://coin98insights.com/what-is-cardano-ada" target="_blank">Cardano&nbsp;</a>smart contract mainnet was released in September 2021, we’ve seen the expansion of Cardano in the increasing number of new projects. To prove that point, we will compare the Cardano ecosystem before and after the Alonzo mainnet.Looking at the landscape of Cardano in May 2021, no one can think of any blockchain ecosystem with years of development to have so few projects on it.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/cardano-ecosystem-2-1636314608347.png">Cardano Ecosystem in May 2021. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>And after the smart contract mainnet, we’ve witnessed lots of new projects becoming a part of the Cardano ecosystem. Every lego part of the ecosystem is available such as DEX, Lending, Launchpad, Tools, especially NFTs. We have a great article that breaks down those legos of the Cardano ecosystem.See Also:&nbsp;<a href="https://coin98insights.com/cardano-ecosystem" target="_blank">Cardano Ecosystem Overview</a><figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/cardano-ecosystem-ispo-1636314635137.png">Cardano Ecosystem in Sep 2021. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>As a result, the size of the Cardano ecosystem can now be compared to other blockchain ecosystems such as Fantom, Avalanche, or even Solana.Plutus Smart ContractCardano smart contracts are written in&nbsp;Haskel/Plutus&nbsp;programming language, which is different from the popular Solidity one. Therefore, developers need time to get their hands on Plutus to build DApps (Decentralized Applications) on Cardano. Since the smart contract mainnet, we can track the number of Plutus scripts that have been executed in the following chart.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/cardano-plutus-scripts-chart-1636314590421.png">The number of Plutus Scripts. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>We can see the number of executed scripts has been strongly increasing recently to&nbsp;162 scripts. However, it’s hard to anticipate that which number will be enough to have the first DeFi application running on Cardano. At least, we can know that they’re making progress instead of standing and doing nothing.<h2 id="Cardano_Acceleration">Cardano Acceleration</h2>By looking above at the two landscapes, you can see the big picture of the fast Cardano ecosystem growth. You might wonder what is the reason behind this expansion.Like other blockchain ecosystems, they released DeFi incentive programs with millions and billions of dollars to accelerate the growth. Cardano also has independent entities that focus on the development of projects on the Cardano blockchain platform.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-100m-incentive-1636318020655.jfif">EMURGO $100M Incentive Program. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>Emurgo has released the $100M incentive program that focuses on DeFi acceleration. Three projects received the incentive investment: ADAVerse, MilkomedaM1, Adanian Labs.<h3 id="Project_Catalyst">Project Catalyst</h3>In simple terms, Project Catalyst is a decentralized forum built on Cardano that has the ultimate goal to fund prominent projects on Cardano. It is a core program that profoundly contributes to the development of the ecosystem and its expansion.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-catalystproject-1636318141966.jfif">Cardano Project Catalyst. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>ADA delegators can propose their ideas to the community for discussion, consultation, and assessment. After this process, the community will vote on projects that will be funded by the treasury of Project Catalyst which is over $2B worth of ADA.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-submitted-ideas-1636318278323.jpg">Project Catalyst Proposals. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>In the DApps and Integration category of Fund6, we’ve seen projects with the highest vote. Those projects had to pass many rounds of assessment. The ADA delegators have the strongest voting power to decide which projects will get the requested fund.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/cardano-projectcatalyst-fund6-results-1636318364685.png">Funding Approval in Fund6. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>Recently, Project Catalyst fund6 has finished the voting process and the result is going to be released soon. As you can see the rapid growth of the number of proposals, Fund1 had 56 proposals then Fund6 had over 800 proposals. The total distributed value of Fund6 is 4M ADA for most trusted projects.Catalyst Fund7 will be $8M in ADA for the best proposals<h3 id="Cardano_Developer_Portal">Cardano Developer Portal</h3>Cardano Developer Portal is an educational program started by the Cardano Foundation with its partners to equip newcomers to Cardano with information and basic knowledge about the blockchain platform.Furthermore, this is specially designed for developers who want to deploy their ideas or contribute to the Cardano platform. Generally, Cardano Developer Portal is like a 101 book of Cardano for starters.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-portal-1636318428989.jpg">Cardano Developer Portal. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>The program consists of the following six phrases:<ul><li>Get Started:&nbsp;Understanding overview, tools, and technical concepts.</li><li>Integrate Cardano:&nbsp;Exploring Cardano wallets and diving in Cardano applications.</li><li>Metadata Building:&nbsp;Learning about Metadata and how it works.</li><li>Discover Native Token:&nbsp;Learning how to build a native token and an NFT on Cardano.</li><li>Project Funding:&nbsp;Understanding Project Catalyst.</li><li>Stake Pool Operation:&nbsp;Learning how to stake in stake pools and operate a stake pool system.</li></ul><h3 id="cFund">cFund</h3>cFund is a mutual collaboration among three organizations: Wave Finance, Input Output Global (IOG), and the Cardano Foundation. It independently operates like an institutional VC. Moreover, like Project Catalyst, they are contributing a lot to the development of Cardano in the crypto world as well as the real world.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-cfund-1636318636983.png">Invested in by cFund</figure>IOG and the Cardano Foundation are popular in the Cardano community while Wave Finance with a total asset value of over $500M has recently “skin-in-the-game” by choosing Cardano. In the present, cFund has invested in&nbsp;11 projects&nbsp;ranging from DeFi to financial entities such as Ardana, SundaeSwap, Occam Finance, Runtime Verification, etc.<h2 id="Infrastructure">Infrastructure</h2><h3 id="Wallet">Wallet</h3>In June 2021, there were only 6 supported wallets on Cardano, but currently, that number has become 15 wallets. The wallet is a bridge that connects users to platforms such as CEX (Centralized Exchange) or DEX (Decentralized Exchange) for using services. Therefore, it is a very important lego part of the ecosystem.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-wallet-1636318659593.jfif">Wallets for Cardano. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>From Jan 2021 to Oct 2021, the number of ADA wallets has linearly increased to over 2M wallet addresses. This reflects the demand of users for ADA storage considerably increasing.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/cardano-2m-wallets-1636318702884.png">The number of Cardano wallets. Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure><h3 id="Bridge">Bridge</h3>Bridge in the crypto world is regarded as a solution for blockchain interconnection. It indicates the scalability of the blockchain while connecting with others, which helps the cash flow move among blockchains.On Cardano, we’ve seen multiple solid partnerships to build bridges among blockchains. Despite no DeFi projects in operation, those collaborations are building blockchain bridges to connect with Cardano for the upcoming mega migration, including IOHK &lt;&gt; Bondly Finance, Ardana &lt;&gt; Elrond Network, Cardano &lt;&gt; Nervos.<h2 id="Initial_Stake_Pool_Offering">Initial Stake Pool Offering</h2>Initial Stake Pool Offering (ISPO) is an innovative fund-raising method on Cardano. In simple terms, ADA holders stake their tokens in stake pools owned by the project team. Those ADA delegators will receive tokens given by the project. Then the stake pool operators will take the ADA rewards to fund the projects.Before going into which projects are running the ISPO program on Cardano in the following part, we will introduce some advantages of it:<ul><li>Attracting new delegators (stakers) to generate long-term profits ⇒ This reduces short-term hop in and out.</li><li>Measuring the credibility by evaluating the number of ADA in stake pools ⇒ This eliminates fraudulent and scam projects.</li><li>Having the demand for tokens distributed by the ISPO projects, users have to buy ADA for staking ⇒ This incentivizes the ADA price to grow ⇒ attracting attention.</li></ul>Therefore, this method is widely used by multiple blockchain ecosystems since it benefits both delegators and the project team. We will list blockchain platforms using this similar method:<ul><li>Terra: Stake LUNA to earn MIR, ANC, etc.</li><li>Solana:&nbsp;Sunny Aggregator and Saber allow users to stake SOL to earn SUNNY and SBR.</li><li>Polkadot:&nbsp;Stake DOT or KSM to earn native tokens of projects</li><li>Tron:&nbsp;TRX holders often receive token airdrops.</li></ul><h3 id="ISPO_Trend">ISPO Trend</h3>Currently, there are 7 DeFi projects on Cardano running ISPO programs to distribute their tokens to ADA delegators. This might create a new trend in the Cardano ecosystem since it can be an effective marketing tool for projects to raise their community.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-projects-running-1636318930681.png">Projects use the ISPO program</figure><figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-total-staked-1636318936648.png">Total ADA Staked</figure>As you can see in the chart above, the total percentage of ADA staked was about 68% at the beginning of 2021, then the percentage increased to 72% and has been ranging around it over time. This means&nbsp;over 70% of the total supply ADA&nbsp;is being staked in pools to earn ADA rewards, reducing the number of circulating ADA in the market.⇒ Less ADA holders who want to sell ⇒ the ADA price will increase in the long-term.We calculated that the total of ADA staked in the ISPO stake pools is just over 1B ADA. This humble number is just&nbsp;4% of the current total supply&nbsp;of ADA. Therefore, the ISPO program can expand further if it becomes a trend inside the ecosystem.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/cardano-ispo-1636447476850.png">Initial Stake Pool Offering (ISPO). Source:&nbsp;<a href="https://twitter.com/Cardians_" target="_blank" rel="nofollow noopener noreferrer">Cardians_</a></figure>There are hundreds of large stake pools with millions of ADA staked. If projects on Cardano can collaborate with them to release the ISPO program, it will be a huge wave since the ISPO program is a win-win game. Delegators get the tokens and don’t worry about being rug-pulled or losing their ADA. The pool operators get the rewards and more ADA staked in their pools.<h3 id="ISPO_Projects">ISPO Projects</h3><a href="https://coin98insights.com/what-is-minswap-min" target="_blank">Minswap&nbsp;</a>is an AMM DEX on Cardano that has recently released testnet then the concurrency issue happened. Talking about ISPO, Minswap called it FISO and has been running the program since the epoch 285th. They are now having over 200M ADA staked in stake pools of Minswap partners.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-minswap-1636318955820.png">Minswap ISPO</figure><a href="https://coin98insights.com/what-is-meld" target="_blank">MELD&nbsp;</a>is a lending protocol on Cardano that is running the ISPO program with over&nbsp;600M ADA&nbsp;staked in their MELD pools. This gives MELD first place in the ISPO leaderboard in terms of ADA.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-meld-1636318968935.png">MELD ISPO</figure><a href="https://coin98insights.com/what-is-ray-network-xray" target="_blank">Ray Network</a>&nbsp;is an all-in-one DeFi station offering multiple products such as Swap, Launchpad, Tools, NFT, etc. They are running the ISPO program with nearly 100M ADA staked in their RAY pools.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-xray-1636318973131.png">Ray Network ISPO</figure><figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-ray-pools-1636318983438.png">Ray Stake Pools</figure><a href="https://coin98insights.com/what-is-sundaeswap-sundae" target="_blank">SundaeSwap&nbsp;</a>is an AMM DEX on Cardano that has a working principle similar to Uniswap v2. They’re planning to launch the stake pool offering (SPO) program with a period of 5 epochs to distribute SUNDAE tokens to users.<figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-sundae-1636318998484.png">SundaeSwap</figure><figure class="image"><img src="https://file.publish.vn/amberblocks/2021-11/ispo-sundae-1-1636319004223.png">SundaeSwap ISPO</figure><h2 id="Conclusion">Conclusion</h2>We will briefly conclude the article via some key highlights for readers’ convenience:<ul><li>Cardano has a perfect trio (Project Catalyst, Cardano Developer Portal, and cFund) to accelerate the Cardano ecosystem, especially DeFi.</li><li>The infrastructure basis of Cardano is being assembled together with new-supported wallets and blockchain bridges.</li><li>Initial Stake Pool Offering might be a useful tool for Cardano and projects to attract new crypto enthusiasts to the ecosystem.</li></ul>And that is all you need to know about the most recent activities of the Cardano ecosystem and the ISPO programs. I hope you’ve gained the overview and our insights will be useful to you.If you want to know further about the Cardano ecosystem, please leave a comment below and join&nbsp;<a href="https://t.me/Coin98Community" target="_blank" rel="nofollow noopener noreferrer">Coin98 Community</a>&nbsp;for further discussions about Crypto.Source:&nbsp;<a href="https://coin98insights.com/initial-stake-pool-offering-ispo" target="_blank">https://coin98insights.com/initial-stake-pool-offering-ispo</a>

Ray Network ($XRAY)

Provides a range of blockchain solutions for Cardano: DeFi exchange, API provisioning, light wallets, minting tools & SDK's.

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