One of the benefits of blockchain technology is that, as individuals, we can regain autonomy over many different elements of our lives, including our money, our identity, and our data.

With great power comes great responsibility and when we regain control over these elements of our lives we also acquire the responsibility of keeping them secure. We use [wallets](https://builtoncardano.com/ecosystem/wallet) to interact with the blockchain and to store our blockchain based assets (this is only if you use a non-custodial wallet, and this is where the phrase “not your keys not your coins” comes from).

Cardano wallets, and all crypto wallets, use a pair of cryptographic keys, called public and private, to secure the assets they hold. The public key is used for the wallet’s address and is what all your assets are associated with. The private key is secret and used to sign and approve transactions. Without the private key you can’t sign a transaction. The owner of the private key owns the funds in the wallet.

## What is a Mnemonic or Recovery Seed?

The above-mentioned key pairs are generated from a mnemonic, a string of human readable words, coming in three sizes: 12, 15, and 24 words. This list of words is regularly called called a wallet’s *recovery seed* or *seed phrase*. This is a simple representation of your wallet’s key pairing and can, therefore, be said to be your wallet, as knowing a wallet’s recovery seed gives you unfettered access to the wallet, and the funds therein. When creating any non-custodial crypto wallet you will be shown this list of words and be asked to record them.

Most wallet key pairs, including those for Cardano wallets, are created by using what is known as the BIP39 standard. You can find out more about that [here](https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki).

## Keep Your Mnemonic Safe

These words are ***VERY IMPORTANT***. This seemingly subtle and simple list of words can be used to recover your wallet should you need to; say you lose the device on which the wallet is stored or you forget your spending password. Simply enter them into any wallet interface to retrieve your wallet and gain access to your funds again.

Anyone in possession of a wallet’s recovery seed has unrestricted access to all the funds in that wallet (your spending password is only associated with your wallet’s implementation in the wallet interface you’re using).

>It is imperative that you store your wallet’s mnemonic securely.

***

## Best Practices for Storing a Recovery Seed

Seeing as your recovery seed is just a list of words there are multiple ways it can be stored. However not all methods are as secure as each other and, as this list of words can give anyone access to the contents of your wallet, it should be stored in a safe place.

Here are the ways you can store your Cardano wallet’s recovery seed, ranked from worst to best.

### ***Worst***

**In plain text on your computer.**

*Why:* If someone gains access to your computer, either virtually or physically, they can simply view, and even copy and paste, your seed phrase.


### ***Second Worst***

**In a password manager on your computer.**

*Why:* Password managers may be secure (not all are created equal though) but they are only protected by a single password. If someone learns this password, either through you telling them or by installing a keylogger on your computer then they can access your recovery seed in under a minute.

### ***Second Best***

**Paper copy.**

*Why:* Paper copies are the most widely recommended method for storing a mnemonic phrase. They are a physical medium, which means that they are not online, and can easily, simply, and discretely be stored and transported almost anywhere.

***Best***

**Solid physical backup.**

*Why:* Solid backups come in a wide variety of shapes and sizes giving you a wide variety to choose from. These backups are typically made of metal and can survive almost all conditions. Many are stainless, shockproof, fireproof, and acid-resistant and you even get ones that say they’re bulletproof. They are small and due to their superior toughness they are much, much better than paper.

***

## The Importance of Backups

If you have just one copy of your mnemonic and you lose that then you have the potential to permanently lose access to your funds at any point. It is therefore important to create multiple copies of your recovery seed and to store them in different locations.

The 3-2-1 backup rule is a best practice for storing data and can be applied to storing your wallet’s recovery seed. The 3-2-1 rule is:

- **3** - Have one primary backup and 2 copies of it.
- **2** - Store the two copies in different locations from the primary version.
- **1** - Keep one backup in a physically separate location e.g. someone else’s house.


***


## Where to Store your Wallet’s Seed Phrase

Where you store your copies of your mnemonic phrase is not something you should take lightly. Carefully choose where you store them, both locally and in your physically separate location. Some people use safes, others prefer to hide them, some people have buried them.

>Wherever you store your wallet’s recovery phrase the copies should be well hidden so that no one can “accidentally” find them.

When choosing a second physical location for your wallet’s recovery seed choose it carefully. Make sure it is a secure location and, if it will be in the possession of another person, they need to be someone who you trust unequivocally. These copies also need to be well hidden so that no one can “accidentally” find them. 

It is worth noting that someone else should know the location of your recovery seed should you happen to suddenly die or become incapacitated. It should go without saying that this should be someone that you trust immensely.


***
 
## A Final Word

In summary, the best way to store your recovery seed is in multiple physical mediums (never digitally) and in at least two separate locations. Ideally the physical mediums are resistant to intense conditions e.g. water, fire, and other adverse conditions. These copies of your recovery seed should be well hidden so no one can “accidentally” find them and only you, and potentially one other trusted person, should know where they are. 

If you lose all copies of your mnemonic or think that it has been compromised, e.g. you think someone found or stole a copy, it is best to move your funds out of your wallet to a brand new wallet, with a different recovery seed, immediately. Then review your storage practices so that it does not get compromised again.

Learn the best practices for storing your wallet's recovery seed and keeping your mnemonic safe.

Best Practices for Storing a Wallet’s Mnemonic (Recovery Seed)

We are exceptionally excited to announce Built on Cardano’s first partnership in the Cardano ecosystem! We are partnering with Smart Contract Audit Token ([SCATDAO](https://builtoncardano.com/smart-contract-audit-token)), a decentralized audit organization that facilitates and funds independent audits of projects building on Cardano, as voted by their community members.

This partnership symbolizes both Built on Cardano’s and SCATDAO’s commitment to helping to promote and maintain a safe and secure Cardano ecosystem. The overall goal of this partnership is to increase user confidence in, and knowledge of, the projects listed on Built on Cardano, to improve the user experience for users of SCATDAO’s [DYOR Tool](https://www.scatdao.com/dyor-tool), to encourage community participation in DYOR, and to promote and grow a healthy Cardano ecosystem.

This partnership will initially be a data sharing partnership but an open line of communication will be maintained between both parties where we can discuss further collaboration that focuses on the promotion and building of a strong and healthy ecosystem.

SCATDAO will use the [Built on Cardano API](https://builtoncardano.com/docs) to provide data for their DYOR Tool. Users of this tool will be able to select the project they are researching from a drop down list and the project’s information, logos, and links will be populated for them in the DYOR form. This is an excellent use case for the Built on Cardano API and will streamline the user experience for users of the SCATDAO DYOR tool.

We will integrate an aggregated result of the reports conducted and shared by community members using SCATDAO’s DYOR Tool into our platform. These reports will be curated by SCATDAO to ensure that we receive only the fully completed reports that provide the truest representation of the projects reviewed. We will also integrate the results of the official audits conducted by SCATDAO into our platform as they are completed. This all increases the quality and variety of data we offer to our users about projects in the ecosystem.

This partnership uses the strength, knowledge, and actions of the collective to create a more robust ecosystem. An ecosystem where users can be informed, can inform each other, and can, ultimately, make smart decisions about which projects and tools they chose to use in Cardano.

***

## What is the DYOR Tool by SCATDAO?

The DYOR (Do Your Own Research) Tool has been built to help users conduct their own research of projects in the Cardano ecosystem, and it is designed with the most beginner of beginners in mind.

It features 27 evaluation points by which users of the tool can evaluate projects in the ecosystem. It provides an explanation of why each point is important, and comes with a step-by-step guide to help users perform their evaluations.

Finally the DYOR Tool calculates a score based on the information entered into it, helping to standardize project comparison, and it also generates a report that can be shared with others so that they can benefit from the results of the research too.

***

## Learn more about SCATDAO

**Website:** [SCATDAO.com](https://www.scatdao.com/)

**Twitter:** [@ScatDao](https://twitter.com/ScatDao)

[Built on Cardano Listing](https://builtoncardano.com/smart-contract-audit-token)

[Whitepaper](https://scatdao.b-cdn.net/wp-content/uploads/2022/02/SCATDAO-Whitepaper-220131.pdf)

[DYOR Tool](https://www.scatdao.com/dyor-tool)


***

## Follow Built on Cardano

**Website:** [BuiltonCardano.com](https://builtoncardano.com/)

Twitter: [@CardanoBuilt](https://twitter.com/cardanobuilt)

[API Documentation](https://builtoncardano.com/docs)



Built on Cardano's first partnership in the Cardano ecosystem with Smart Contract Audit Token, SCATDAO, promoting and maintaining a healthier, more robust, and safer ecosystem. 

Built on Cardano Partners with Smart Contract Audit Token to Promote and Grow an Informed Ecosystem

Three months after the Alonzo hardfork, concurrency is a term many members of the Cardano ecosystem are getting their teeth into. From our recent [Twitter poll](https://twitter.com/CardanoBuilt/status/1473800599288246272) on the topic, it seems that the vast majority of respondents know what concurrency is and are not concerned with its effect on transacting using Cardano dApps. There is, however, still a good percentage of respondents who say they either do not understand concurrency or are worried about its effects of transacting on Cardano.

So, as some of the most anticipated dApps to launch on Cardano roll out onto the testnet and begin to look at launch dates and celebrations we thought we’d answer, in basic terms, what concurrency is and why some might think of it as a problem and why others see it as a challenge. We’re also going to bring together all the concurrency solutions put forth by dApps building on Cardano. In this piece we’re going to answer:

- What is concurrency?
- Why does concurrency exist on Cardano?
- How does concurrency on Cardano affect me?
- What is each dApp's solution to concurrency?

## What is Concurrency?

In the real world, concurrency is when two events or actions happen at the same time. In computing, concurrency is the ability to execute more than one program or task at the same time, or out of order without it affecting the outcome.

## Why does concurrency exist on Cardano?

We’re going to dive into technicalities here but still try to keep it simple.

Smart contracts and the dApps that use them are typically thought of as compared to those on Ethereum -the blockchain on which they are most popular- which uses what is called an “account based” model for a blockchain.

The account based model gives each wallet a single address and relies on what is known as “global state”, which is where a record of the accounts (wallet addresses) and their balances are stored across a network of nodes; similar to how a centralized bank may keep a record of all the accounts and the funds stored in each.

This global state is updated with every block that is produced and the way the account based model, i.e. Ethereum, functions allows multiple users to transact with a single smart contract in a single block. This perfectly suits the swaps model of [DEX](https://builtoncardano.com/search?q=dex) that has become so popular over the past few years, hence why it arose on account based blockchains.

Cardano uses the eUTxO model, building on top of Bitcoin’s UTxO model. The Cardano model is called the “Extended Unspent Transaction Output” Model. In this model the sending and receiving of funds are not stored as a balance but as unspent transaction amounts (UTxOs) that are associated with a wallet’s addresses. These UTxOs can each only be spent once. An example explains this the best: 

>When you perform a transaction on Cardano you must spend the whole UTxO. So, if you have 50ADA in your wallet and you want to send 10ADA to your friend, your wallet creates a transaction that spends the whole 50ADA; sending 10ADA to your friend and sending 40ADA back to the wallet that it came from (yours). This is because the whole of the 50ADA UTxO can only be spent once. So you get 40ADA sent back to you, as a new UTxO, to spend again.


So, in the Cardano and Bitcoin model -UTxO- a wallet’s balance is made up of all the UTxOs associated with it. This is important here because, as explained, when you send funds in a UTxO based blockchain then you must spend the whole of a UTxO because a UTxO can only be spent once. The remaining funds are sent back to the originating wallet as a new UTxO to be spent again.

A smart contract on Cardano stores a UTxO and has certain conditions programmed into it which governing how the UTxO stored in that smart contract can be spent. Because a UTxO can only be spent once it means that only one person can interact with and use a smart contract per block (which is every 20 seconds on Cardano). Once a person has interacted with that UTxO in that smart contract, it is replaced with the updated UTxO for the next block. But this still means only 1 person can use a smart contract each block.

This becomes problematic when someone tries to utilize liquidity pools -the basis of a swap style DEX- on a UTxO based blockchain. A liquidity pool is a large pool of funds, deposited by numerous users, that are managed by a smart contract, and used to facilitate swaps by other users. This concept functions very well on an account based blockchain, i.e. Ethereum, where multiple users can interact with a smart contract during a single block. But if only one person can interact with a smart contract in every block, which is every 20 seconds on Cardano, then that creates a massive amount of congestion for the dApps trying to operate like this.

>[If you’re interested in what IOHK have to say about the challenge of concurrency you can find their concurrency post here](https://iohk.io/en/blog/posts/2021/09/10/concurrency-and-all-that-cardano-smart-contracts-and-the-eutxo-model/).

## How does concurrency on Cardano affect me?

The concurrency issue on Cardano is created because each UTxO, and therefore smart contract associated with it, can only be used once. So each smart contract can only produce one transaction per block. Meaning that only one person can interact with a Cardano smart contract each block, meaning that interactions with many DeFi protocols that want to allow multiple users to interact with a smart contract at the same time (concurrently) will not be possible if implemented in their current format.

What will happen with, let’s say, an [AMM](https://builtoncardano.com/search?q=amm) style DEX on Cardano is that multiple users will try to interact with a smart contract and only 1 user’s transaction will be successful. The others will get notification that their transaction has failed and will have to keep trying until either their's is the successful transaction or they give up trying. Resulting in many frustrated users not being able to make the transactions that they wanted to.

But just because what works on one blockchain, Ethereum, doesn’t work on another, Cardano, it doesn’t mean that either is superior or inferior to the other. It shows that they’re both different. Which means that each must build their own path to each facet of their shared decentralized goal. Along those roads each will contend with their own issues; and some of those issues will be individual and some will be shared. Concurrency on Cardano is [not a problem and more of a challenge](https://liberlion.medium.com/concurrency-in-the-eutxo-model-is-not-a-problem-but-a-challenge-db4b395a8eda) associated with a UTxO base blockchain and should not be described as a limiting factor.

This is one of the factors that developers have to contend with when working with the Cardano protocol (and each protocol has its own limiting factors that need to be worked around to maintain a level of scalability, decentralization, and security, often described as the [blockchain trilemma](https://medium.com/certik/the-blockchain-trilemma-decentralized-scalable-and-secure-e9d8c41a87b3)) and is not a new issue that they have to contend with; it has been known about for a long time.

As we’re about to see, the developers of protocols on the Cardano blockchain are facing up to the challenge of concurrency and forging new paths by designing innovative and creative solutions to this issue. Solutions that will allow users to use their protocols at the same speed as users on other blockchains.

## What is each dApps solution to concurrency?

There is no one right answer to resolving concurrency on Cardano. However, it is expected that, over time, one or two solutions may become more favorable than others, by both protocols and their users.

Here we’re going to list and summarize the concurrency solutions that have so far been proposed by dApps building on Cardano, with links to the materials they have produced on the topic. The list below is for easy reference as to which protocols we’ve covered and will readily be updated as we hear back from the protocols we’ve reached out to.

## Concurrency Solutions

- Cardax
- ErgoDEX
- Maladex
- Matrixswap
- MELD
- Minswap
- MuesliSwap
- Occam.fi
- SundaeSwap
- WingRiders

---

### Cardax

*Summary:* An algorithm called “streaming merge” provides each user with an exclusive thread in which they can submit their action i.e. swap. These threads are split into time cycles and once a time cycle is over the algorithm then merges those actions into a single thread that respects their input time. This merged thread is then processed on-chain.

Source: [Cardax blog piece](https://cardax.blog/streaming-merge-the-cardax-concurrency-algorithm/) and [Youtube interview](https://www.youtube.com/watch?v=91l6io0Q1fM)

---

### [ErgoDEX](https://builtoncardano.com/ergo-dex)

*Summary:* Off-chain bots, run by third parties, collect the orders created by users. These are then sequenced and transmitted on-chain as a single order. These off-chain bots can be run by anyone who runs an Ergo node.

Source: [ErgoDEX backend documentation](https://github.com/ergolabs/ergo-dex-backend) and [YouTube interview](https://youtube.com/watch?v=xlDlNmIFrFM).

---

### [Maladex](https://builtoncardano.com/maladex)

*Summary:* Using what they call “programmable swaps” Maladex splits the process into a commit and an execution phase. A user sends a commit to the blockchain to perform a certain action, this is represented by an NFT that contains all of the triggers built into a transaction; having programmable triggers means that transactions can be programmed for multiple types of trade. The execution phase happens each block and all commits are evaluated and all those that are active are executed against each other using an order matching engine.

Source: [Maladex Medium post](https://blog.maladex.com/maladex-solves-concurrency-scales-beyond-memory-limits-and-designs-the-best-possible-cardano-dex-391d7e519e67).

---

### [Matrixswap](https://builtoncardano.com/matrixswap)

*Summary:* Matrixswap is based on a virtual AMM concept, vAMM, that allows trader access to virtual liquidity locked on-chain in a collateral vault, and the assets themselves are never actually traded. There is no need for the liquidity pools that traditional AMM exchanges use and thus the need for a concurrency solution is reduced to an effective zero.

Source: [Matrixswap documentation](https://docs.matrixswap.io/).

---

### [MELD](https://builtoncardano.com/meld)

*Summary:* In MELD’s on-chain solution the user of a swap produces a reserve UTxO with several defining data points. These reserve UTxOs are then batched using the attached data points which ensure that UTxOs cannot be omitted, rearranged or changed by the batcher. This batch of UTxOs is then executed as one against the pool UTxO.

Source: [MELD Medium post](https://medium.com/meld-labs/concurrent-deterministic-batching-on-the-utxo-ledger-99040f809706).

---

### [Minswap](https://builtoncardano.com/minswap)

*Summary:* Minswap will use an automatic batching protocol to meet the challenge of concurrency. Orders created by users will be created as “batch requests” that are then picked up by third party batchers running the batcher bot script. This bot script then combines and executes all the transactions as one. The batcher bot script can be run by anyone running a full Cardano node.

Source: [Minswap medium post](https://medium.com/minswap/introducing-laminar-an-eutxo-scaling-protocol-for-accounting-style-smart-contract-d1ac8847dde8).

---

### [Muesliswap](https://builtoncardano.com/muesli-swap)

*Summary:* Muesliswap operates an order book style DEX. In an order book style DEX each order placed by a user creates its own UTxO stored in its own smart contract. This means that order book style DEXs, like Muesliswap, on Cardano don’t require a concurrency solution because it is not a challenge to the way their protocol is designed.

---

### [Occam.fi](https://builtoncardano.com/occam-fi)

*Summary:* Occam.fi uses off-chain aggregators to aggregate and execute transactions in a single transaction, using a slot based system to determine the order in which they were submitted and, therefore, the order in which they are pulled for execution.

Source: [Occam.fi Medium article](https://medium.com/occam-finance/occamx-unveils-cardano-dex-demo-what-this-means-for-occam-fi-8eb3027b57b9).

---

### [Sundae Swap](https://builtoncardano.com/sundae-swap)

*Summary:* Sundae Swap uses an off-chain, 3rd party to aggregate transactions and execute them as a single transaction. These 3rd party aggregators, called “Scoopers” are given 30 day licenses and their behavior is policed by holding their rewards until their license has expired and the DAO has decided that their actions weren’t malicious. if they were they lose their rewards and the rewards are rerouted to the Sundae Swap treasury.

Source: [Sundae Swap’s Medium post](https://sundaeswap-finance.medium.com/sundaeswap-labs-presents-the-scooper-model-678d6054318d).

---

### [WingRiders](https://builtoncardano.com/wing-riders)

*Summary:* The WingRiders DEX uses “Agents”, a software run by individuals on their machine that order and batch swap request and liquidity operation requests. Anyone can run the Agents script, allowing this batching process to be decentralized, but, to begin with, “only a select number of closely monitored hosts are allowed to run the agent software". Data from these hosts will be used to evaluate this solution and to further improve it before deployment to the public.

Source: [WingRider documentation](https://docs.wingriders.com/entities/agent-hosts) and a [blog post](https://medium.com/@wingriderscom/concurrency-7b19e77783da)


What is concurrency in Cardano? How does it affect transacting on Cardano? We answer these questions and summarize all the solutions being developed by the dApps building on Cardano.

Concurrency and Cardano: A Problem, a Challenge, or Nothing to Worry About?

### **This is a review of our contact with the Cue Club metaverse project, and other materials we’ve found, since the release of our “Cue Club: Another Potential Scam” article just over 3 weeks ago.** The content of that article has now been removed from our site and there is a link on it that directs here instead.

***

In the second half of March a Cardano metaverse project called [Cue Club](https://cueclub.org/) listed itself on Built on Cardano. As we do with all of the projects on our site, we gave its materials a review to see if it met the standards expected by our Cardano community, so that we could remove our warning label from it. It did not meet these standards and we subsequently released an article “Cue Club: Another Potential Scam” detailing the errors on their site and the red flags that we found that drove us to conclude that it was a potential scam.

After publishing the article we had some [public contact through Twitter](https://twitter.com/CardanoBuilt/status/1506281353033273363) with Cue Club regarding some of these issues, before they provided us with a more detailed and publicly available response to the points in our article; response found [here](https://pastebin.com/53yrZduY).

We chose not to remove the article up until now because we found another error on their homepage that was really too blatant for someone who does their own due diligence and reviews their materials properly to have left there. That error was the phone number in the footer of their website. It was +44 0123 4567; what we imagine to be a very expensive and exclusive phone number. This error is viewable on the Wayback Machine [here](https://web.archive.org/web/20220401152003/https://cueclub.org/). This has now been fixed, hence us now taking down the original article and composing this one.

We also opened up a direct line of communication with Cue Clue to try and get on a call with them to discuss these matters promptly and in-person (we did try calling the +44 0123 4567 number but it didn’t work). In two weeks we have only received 2 responses from them. Their first reply to us, now 2 weeks ago, said that they would love to speak to us. Yet our offers of times are still yet to be responded to. Their last response was over 10 days ago.

We would have expected them to be a bit more proactive about clearing this up and talking to us about the issue. Interestingly, the project’s founder, Florian, tweeted a [question that he posted to a Google group](https://twitter.com/FlorianEgger28/status/1505197602073198594) regarding suing a news site to remove an article. This tweet was sent less than 15 minutes after our tweet containing our article hit the Twitter-verse. Coincidence?

His tweet may be entirely unrelated to our posting because it was a full 1 hour and 45 minutes before Cue Club responded to our tweet from their official Twitter account. But if we assume that this tweet is as a result of our article we would then be led to ask, why would you jump straight into looking to suing the outlet instead of looking to acknowledge and fix the issues? The previous sentence is encroaching on speculation, but we think it is a point worth speculating on for a second.

***

## What to Make of All This?

There is almost never a project that doesn’t flick up a red flag, and the Cue Club’s immediate response to our post was what you might expect from a legitimate project trying to carve out a space in the Cardano-verse. Is Cue Club a scam or is it not a scam? That is for you to decide for yourself.
To make it clear, this author loves playing pool, and when he first saw the Cue Club project listed on Built on Cardano he got very excited. However, research left him skeptical and the size of the errors, and the fact that they were starting a token sale in a mere 10 days, led him to feel obligated to bring such an obvious lack of attention to detail on the website by the project’s creators into the spotlight.

## As always, DYOR and stay safe out there Cardano 🦆


A review of our contact with Cue Club, and other materials found since the release of our “Cue Club: Another Potential Scam” article just over 3 weeks ago.

Cue Club Continued

The original content of this post has been removed and replaced with the following message:

We removed the content of this post because the Cue Club project corrected and explained the most egregious of the red flags and errors that we found in their content.

We have followed this article with a sequel, "[Cue Club Continued](https://builtoncardano.com/blog/cue-club-continued)" where we detail our contact with them after this article was originally posted, along with some other findings.

***

For those who are interested, the original post is viewable [here](https://web.archive.org/web/20220325174016/https://builtoncardano.com/blog/cue-club-another-potential-scam) on the Wayback Machine.

Cue Club is a new project in the Cardano ecosystem that shows up some large red flags for potential investors.

Cue Club: Another Potential Scam

Today Built on Cardano is excited to announce the formation of a partnership with [Xerberus](https://builtoncardano.com/xerberus), a decentralized risk rating organization in the Cardano ecosystem. This is a data sharing partnership that will enable members of, and newcomers to, the Cardano ecosystem to strengthen their understanding of the projects building on Cardano and to make better, more informed decisions regarding which platforms they use and which tokens they hold.

Built on Cardano will use Xerberus’s API to get Xerberus’s Utility Score and Decentralization Score for a project’s token. This will then be displayed on that project’s listing on Built on Cardano to help create a source of informational truth for users. As projects and time evolve, users will be able to see whether projects are achieving their promised level of decentralization, or whether token distribution raises red flags.

Xerberus will use the Built on Cardano API to offer their users content from Built on Cardano and links to the community contributed, truth-not-marketing based content on Built on Cardano—allowing these users to learn more about the projects behind the tokens in an impartial manner.

The Decentralization and Utility Scores produced by Xerberus are, respectively, created through the analysis of on-chain token data and the projected functionality of a project’s token. The process for creating these scores is currently in a pre-alpha stage, and will continue to grow and strengthen over time. As Xerberus’s data and scores grow in complexity, Built on Cardano will periodically update how they display this new information to their users.

Decentralization is a defining ideal of the blockchain movement and one that some projects can lose sight of during a development, be that because of how difficult decentralization is to achieve, or a short-sighted focus on profits. Some will never have decentralization of their platform as a goal. The data sharing partnership between Xerberus and Built on Cardano helps to bring more information to user's fingertips, enabling users to be better informed before making any decisions in this space.


A partnership between decentralized risk rating organization, Xerberus, and a community contributed source of truth for Cardano projects, Built on Cardano.

Focusing on the Decentralized Mission: Built on Cardano Announces Partnership with Xerberus

A few weeks ago a community member in our [Discord](https://discord.gg/4MGX4Jpxsh) asked us to create an idiot-proof guide for the for setting up an [Eternl Wallet](https://eternl.io/). We did so and then decide it would be a good idea to share it for everyone to use. So here you go!

***

The following guide walks you through the steps of creating an Eternl wallet where you can store your ADA, Cardano Native Tokens, and NFTs, [stake](https://builtoncardano.com/blog/how-to-stake-on-cardano) your ADA to earn rewards, and voting in [Project Catalyst](https://builtoncardano.com/project-catalyst).


>*Warning*
>
>Eternl is a non-custodial wallet. This means that they **do not** keep a copy of your password or your recovery seed. No one besides you, or anyone you give your password or recovery seed to, will have a copy of these. This means that only you can recover your wallet. If you lose your password and/or your recovery seed then your wallet and funds will be irrecoverable. AFTER COMPLETING THESE STEPS YOU WILL BE WHOLLY, 100% RESPONSIBLE FOR YOUR FUNDS. YOU ASSUME ALL THE RISKS.

### **Read all the notices, notes, and warnings in the Eternl interface as you go through this process. They will reinforce the statements made above.**

**DO THIS IN A PRIVATE SPACE ON A SECURE INTERNET CONNECTION That YOU TRUST**

**Necessary Disclaimer:** This guide has been created to help you setup and create a Eternl wallet, Built on Cardano is not responsible for your actions or your funds and cannot be held liable for what happens to them as a result of you using this guide. You assume all the risks and liability.

## Step 1

Go to the [Eternl website here](https://eternl.io/) (go to their Twitter to double check that this website is correct. Don’t trust others, always verify yourself that you have the correct source).

It will look like this:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653418848740.jpeg?alt=media&token=b3cedc34-15fd-449c-893c-936cef6044f5)

This is in dark mode. You can toggle dark/light mode in the top right corner of the screen.

Select “Add Wallet” in the left hand sidebar.

***

## Step 2

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653419206472.jpeg?alt=media&token=520b2ede-9d8a-4e33-b631-95b097918002)

Click “Create Wallet”.

***

## Step 3

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653419275552.jpeg?alt=media&token=b3e00fb4-73d2-4171-aeca-0a539f7c1fe8)

Fill out the fields. Give your wallet a name and create a **STRONG** password for it. Never reuse a password. Eternl recommends using a password manager to create long, unique passwords that you can then copy and paste from your password manager into the app.  *Never store your password as text on your computer.* 

Your password is what you use to confirm and sign a transaction. If someone has access to it and your wallet they can send all of your funds out of your wallet with just a few clicks.

***

## Step 4

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653419695452.jpeg?alt=media&token=56567989-63be-430b-92be-6fddbe40b801)

Having different accounts allows you to spread your funds across different wallets all associated with the same recovery seed. It also allows you to delegate each wallet to a different stake pool and to have different accounts for different things, an example is when you may have a normal bank account and a savings account with one bank. Remember, if you want to use funds from different wallets to make a payment you’ll need to consolidate them into one wallet first.

Just create one account for now, you can create others later in the wallet interface if you need to.

***

## Step 5

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653419931935.jpeg?alt=media&token=b44b7702-71aa-4e9a-ace0-1dd8bf37a81b)

*Read the warning!* Then click to confirm you understand it and the consequences of losing your recovery seed. Only do so if you agree to this.

***

## Step 6

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653420121590.jpeg?alt=media&token=9399fe93-c6a3-4e20-a296-a17ff0e1014a)

There will be 24 words where there are red lines above. Follow the warnings from the previous page and record them as you best see fit (everyone recommends that you use the old fashioned paper and a pen method for some of the best security. *Double and triple check them and make sure your handwriting is NEAT*; you don’t want your funds to be lost forever because of your own, unintelligible scrawlings. It is recommended that you never store them electronically, not even in a secure password manager. We'll discuss securely storing your mnemonic phrase at the end of this guide.

Confirm that you've written them down and click continue.

***

## Step 7


![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653421796922.jpeg?alt=media&token=848cf71d-e559-4a94-b3b7-78d897641456)

Reenter your recovery seed on this page. This is to double check that you have recorded it correctly.

***

## Step 8

Congratulations you’ve created your Eternl wallet!

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653421978574.jpeg?alt=media&token=83ce72f5-0d38-4540-b0ad-a5b18e411e83)


Now let's fund it with some ADA. Click on “Receive” to find your wallet’s receiving address.

***

## Step 9

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653422085294.jpeg?alt=media&token=67ba1570-8071-4fd9-bef1-5d54d6b08107)

Click the little copy symbol to copy your receiving address.

***

## Step 10

Paste this into receiving address field in the send page of the wallet you are sending from.

*Double Check it is correct.* (A time consuming but necessary process)

As a first transaction only send 1-2 ADA. Doing this confirms that this address works and that you can receive your funds. (you don’t want to send all your ADA off into nowhere!)

***

## Step 11

Depending on the load on the Cardano blockchain it can take anywhere between 20 seconds and 10 minutes to receive these funds. During times of really high blockchain load transactions can take hours to process and can even fail all together. If a transaction fails it will be returned to the wallet it originated from.   If you’re sending your funds from an exchange they may give their own timeline for processing your transaction.

If your funds are received then repeat Step 10 above using the same address to send as much ADA as you want to your new Eternl wallet.

Congratulations you have now funded your Eternl wallet!

>Bookmark your wallet page so that you always have access and can't be duped by bogus websites.

1 more (optional but recommended) step left!

***

## Step 12 (Optional)

Download the Eternl browser extension. This is optional but is good or 3 reasons: 

1. You need the browser extension to connect to dApps e.g. DEXs and NFT marketplaces.
2. If you use the browser extension to access your wallet it is a lot harder for you to be duped by imitation web addresses.
3. It makes using and accessing your wallet that much easier.

To do this click the Eternl logo in the top left corner.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653422568024.jpeg?alt=media&token=a953e2ab-12cd-4c4d-97ca-1e1b468490a3)

Then click here and it'll take you to the page to download it for your browser.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-create-an-eternl-wallet%2F1653422742905.jpeg?alt=media&token=eef025be-72cd-4793-a47b-e0aec25c310f)

***
***
***
***

## Storing your Wallet's Mnemonic Phrase

These are only recommendations for storing your mnemonic but almost anyone in this space will tell you (and if they don’t I would reconsider how much trust you put in them) to do the following:

- *NEATLY* write your mnemonic down along with your wallet name and spending password. Once you have all of these together on one sheet, double and triple check them and then store this somewhere extremely safe. Somewhere where no one can find it “accidentally”, preferably under lock and key in a fire proof box.

- It is also highly recommended that you create another paper copy and store that somewhere else in another very safe place, not in the same building as your other ones; what if that building were to burn down? Again store this securely where no one can “accidentally” find it.

There are many physical backups you can buy to help you to make copies of this seed that are pretty much indestructible. These beat paper copies hands down as a version of security and are **highly recommended**. These can be found in various forms and prices across the internet. Do some research and find one that suits your specific situation.

>If something were to happen to you and you were either mentally incapacitated or dead you would probably want others to be able to access your funds. It is common to tell someone you know and trust with your existence (such as a long-term partner or a parent) where these details are stored so they can access them in such an event.

***

## Finishing Up

If you have any other questions please reach out to us [@CardanoBuilt](https://twitter.com/cardanobuilt) on Twitter or join our Discord community [here](https://discord.gg/4MGX4Jpxsh). For more information on Eternl wallet see the Built on Cardano listing [here](https://builtoncardano.com/eternl).


We highly recommend following and joining Eternl’s social channels, linked below, to keep up with updates on the wallet that you’re using and to post any questions you may have about using the wallet.

- [Eternl’s Twitter](https://twitter.com/eternlwallet)
- [Etern’s Telegram](https://t.me/ccwalletio)
- [Eternl’s Discord](https://discord.gg/eternlwallet)

A step-by-step guide for how to create a Cardano wallet using the Eternl wallet.

How to Create an Eternl Wallet

There are a small number of [Cardano wallets](https://builtoncardano.com/ecosystem/wallet) that only list your NFTs in their interface, without offering a preview of them. There are many others that provide you with previews of your NFTs.

These are, however, only previews. If you choose to download these images through your wallet you’ll get a much lower resolution version of your NFT than the one that is actually stored in the InterPlanetary File System (IPFS). The NFT that you actually own. So, how do you find an NFT in the IPFS? And how do you get the full resolution image of an NFT?

Here we’re going to go through a few methods for how you can retrieve your actual, full size, NFT files from the IPFS, using some community created tools and an IPFS gateway. But first, what is the IPFS?

***

## What is the IPFS?

The [IPFS](https://ipfs.io/), *I*nter*P*lanetary *F*ile *S*ystem, is a peer-to-peer decentralized network that is used to store sharded files and websites. it operates in a similar way to BitTorrent or a decentralized blockchain.

Storing data and files across the IPFS’s peer-to-peer network means there is no centralized point of failure, like there is for the vast majority of the internet, and that the materials stored there are resistant to censorship, meaning that they cannot be seized or have access to them blocked by any authority.

Each node in the network is a potential host for any content that has been added to the network. Each node is connected to many other nodes, called a “Swarm” of “Peers”. When a request is made to a particular node for a piece of content it checks if it has it. If it doesn’t have it itself it pings its swarm of peers to retrieve the requested content. The requested content is then verified locally, through the content hash, meaning that there is no reliance on 3rd party verifiers and you can always be certain that the file you requested is the file you receive.

### ***Accessing IPFS Files***

Each file stored in the IPFS is given its own unique Content Identifier, CID. This identifier is used to find the file that is sharded across the IPFS network. A CID look like this:

>QmRHyiAyF6JUMXB7AsDczyKQbwxADqkDEMR54gppnpy4gm

Content Identifiers are prefaced by “ipfs://” instead of the “https://” found with regular websites. This tells your browser to direct its search to the IPFS, but these addresses won’t work if typed into the address bar of most regular browsers ([Brave](https://brave.com/) browser and [Opera](https://www.opera.com/) browser do have support for IPFS links built in).

If you use another browser you’ll need a simple extension called an [IPFS Companion](https://docs.ipfs.io/install/ipfs-companion/) to access the IPFS directly from your browser’s address bar.

>**[Click here to learn more about the IPFS and for how to set your browser up to access the IPFS.](https://docs.ipfs.io/)**

If you do not want to add the IPFS Companion to your browser you can use the IPFS Gateway from the IPFS to retrieve files from the IPFS. Simply add the Content Identifier to the end of this address:

>https://ipfs.io/ipfs/

Here is an example of this link with a content identifier:

>https://ipfs.io/ipfs/QmRHyiAyF6JUMXB7AsDczyKQbwxADqkDEMR54gppnpy4gm

***

Now we’re going to dive into how to find your NFT’s IPFS link in its metadata that is stored on the blockchain and how to retrieve the file from its source.

***

## Finding NFT Files in the IPFS

To find your NFT in the IPFS you need to find its Content Identifier. To find that you need to find your NFT’s metadata. Some wallets, [Eternl](https://builtoncardano.com/eternl) being one example, display your NFT metadata in their interface and from there you can just pull the image’s Content Identifier and add it to the link above. For other wallets follow the process below.

>Scroll to the bottom of this to find two community created tools where you can use a used wallet address to find your NFT's full resolution image.

### ***Finding Your NFT's Metadata***

To find your NFT metadata you’re first going to need the unique identifier for your NFT called either an *Asset ID* or a *Fingerprint*. Your Cardano Asset ID or Fingerprint will always start with the word *asset* and looks something like this:

>asset196dx4nk3c3nu97nytsuqpxkkqhyl995d9398y3 
This piece of information can be found in the section of every wallet interface where you view your NFTs. Once you have this copy and paste it into the search bar of [Cardanoscan](https://builtoncardano.com/cardanoscan) (many wallets have integrated Cardanoscan and clicking this unique identifier will often take you straight there).

Once the information has loaded you’ll want to click “Mint Transactions”:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-find-your-nft-files-in-the-ipfs-a-step-by-step-guide%2F1658328022066.jpeg?alt=media&token=92d441b1-1018-481d-96c5-ea152aa55eab)

***

Then you’re going to want to click the “Trx Hash”:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-find-your-nft-files-in-the-ipfs-a-step-by-step-guide%2F1658328037602.jpeg?alt=media&token=b0d9e0ff-6438-49e2-972d-943a33c1c20e)

***

On the next page scroll down and click “Metadata”:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-find-your-nft-files-in-the-ipfs-a-step-by-step-guide%2F1658328051590.jpeg?alt=media&token=6ea80daa-4e9d-42c6-8cf8-a914edd87790)

***

Then click the row of information highlighted here:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-find-your-nft-files-in-the-ipfs-a-step-by-step-guide%2F1658328064305.jpeg?alt=media&token=b003a653-4a49-409a-aabb-c7566e08ff62)

***

This will bring up the metadata for all the NFTs minted in that transaction. Often, especially during large minting events, many NFTs are minted in one transaction. This means that you may have to search a little to find your NFT. Here is our one we’ve used in this example amongst the other NFTs in the same mint transaction.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fhow-to-find-your-nft-files-in-the-ipfs-a-step-by-step-guide%2F1658328092054.jpeg?alt=media&token=19b0a277-cf4d-4568-bada-d55f7de89784)

***

The smaller highlight *ipfs://QmRHyiAyF6JUMXB7AsDczyKQbwxADqkDEMR54gppnpy4gm* is the IPFS file link for this specific NFT.

Take this and paste it into your browser, if you’re running the IPFS Companion or are using the Brave or Opera browsers. If you’re not using these browsers add the Content Identifier to end of the gateway link we gave above:

>https://ipfs.io/ipfs/

To make it this:

>https://ipfs.io/ipfs/QmRHyiAyF6JUMXB7AsDczyKQbwxADqkDEMR54gppnpy4gm

**Voila!** You now have your full resolution NFT file. Right click and click “Save Image As…” to save your full NFT file for future use!

>Note that in your NFT metadata you’ll often find the rights for how you’re allowed to use your NFT e.g. “Commercial Right”, “All Rights Reserved”, etc 

***

## Community Tools for Finding Your NFT’s Image

We’re all about highlighting tools built by the Cardano community here at Built on Cardano and to compliment the above method we want to show you three community built tools that you can use to explore your wallet and find your NFT’s metadata and full resolution file.

### ***Realfi.info***

>**[Click here to find out more about Realfi.info!](https://builtoncardano.com/realfi-info)**

You’re going to want any used receiving address from your wallet that contains your NFT. Copy and paste it into the field on the Realfi.info website. click the *+* button to add it to the list and then click *SUBMIT* to search it.

Scroll down to find a list of the NFTs in your wallet. Click on them and you’ll be taken straight to the IPFS location of your NFT’s image! **Easy Peasy!**

Right click and click “Save Image As…” to save your full NFT file for future use!


### ***Ex.plorer***

>**[Click here to find out more information about Ex.plorer!](https://builtoncardano.com/ex-plorer)**

To use Ex.plorer you’re going to want any used receive address from your wallet which contains your NFT (you can also use the wallet’s staking address). Enter this address into the search bar of the Ex.plorer website, press enter and you’ll be shown the 12 most recent NFTs to land in that wallet.

Click the NFT you’re wanting to get the image for and it’ll take you through to a page that displays that NFT’s metadata. Here you’ll find the IPFS address. Copy and paste it into your browser if your browser works with IPFS addresses, if not copy and paste the Content Identifier onto the end of this address:

>https://ipfs.io/ipfs/

e.g.

>https://ipfs.io/ipfs/QmRHyiAyF6JUMXB7AsDczyKQbwxADqkDEMR54gppnpy4gm

**Tada!** You’ve got your NFT image!

Right click and click “Save Image As…” to save your full NFT file for future use!

### ***Pool.pm***

[Pool.pm](https://builtoncardano.com/pool-pm) offers realtime visualizations of the movement of stake on the Cardano blockchain, along with a different section of the site for viewing what tokens, NFTs and FTs, have been minted or sent from one wallet to another. They also allow you to connect your wallet to the site to view its token, NFT and FT,  contents. To do this:

Click the wallet button on the right of the page, select your wallet, connect it, and your wallet's contents will be displayed.

Click the NFT you want to get the image of and you'll be taken through to the page for that NFT. Click the image again and you'll be transported to its location in the IPFS.

Right click and click “Save Image As…” to save your full NFT file for future use!



***

## A Final Word

Hopefully this post has given you a greater insight into how to find an NFT’s metadata and introduced you to three community built tools you can use to explore your wallet and NFTs.

The IPFS is a peer-to-peer network that relies on there being many nodes to keep it up and running. The more nodes there are the more resilient the network is. If you’re an NFT collector, cypherpunk, blockchain, or decentralization enthusiast consider running an IPFS node and furthering the decentralization of the internet.

To learn more about the IPFS visit:

- [The IPFS website here](https://ipfs.io/)
- [The IPFS Documentation here](https://docs.ipfs.io/)

Learn how to find NFT image files in the IPFS. Get your Cardano NFT's full resolution image from the IPFS by finding the NFT's metadata in a block explorer.

How to Find Your NFT Files in the IPFS (A Step-by-Step Guide)

Learn about the benefits of staking for both you and the Cardano network and learn how to stake the Cardano coin ADA from your Cardano wallet so that you can earn passive income in the form of staking rewards.

How to Stake on Cardano

Recently some members of the community have publicly detailed how they lost their NFTs to scammers through the use of escrow services. Such news is disheartening and shows that scammers never stop. This piece is a result of those stories and is meant to highlight the service available to you to prevent this from happening.

You may have heard to avoid escrow at all cost and this is true; some of the community members who were scammed knew this too but acted out of character and went along with it anyway. There is one way to avoid being caught by scammers who are looking for your assets and that is to use the blockchain technology as the trustless third party to facilitate your trade. Before we dive into how to safely sell or trade your assets here’re some quick information points on how these community members got tricked into giving away their assets:

- The potential buyer said that the site on which the seller wanted to sell the NFTs was not working for them
- The potential buyer brought the moderator from Discord into the discussion i.e. they selected them
- The seller did not check the validity of the moderator
- The scammer sent the seller a web address to use, that they recognised, but it was a clone site with only a slight change in the name

As you can see, in these situations, the buyer is the one who designated the method/venue of the sale. If you are selling your assets you should be the one who sets the method and location for the sale. Two ways to avoid these scams:

**Regarding Discord Escrow Scams -** Always double, triple, quadruple, quintuple (ad infinitum) check if you’re ever going to use a 3rd party that you don’t know as an escrow. Preferably, don’t. The days of Discord escrow should be long behind us and such a service is not necessary now we have smart contracts and multisig transactions.

**Regarding Clone/Fake Site Scams -** Always double and triple check a website’s name, then access it from a known and trustworthy link, for example, the link on their official Twitter profile. Then, if they’re giving you a link to a specific page on a website, copy the slug from their link and paste it onto the end of the official site that you’ve already loaded up and see if it works. If it doesn’t ❌❌❌ it’s a fake site and they’re trying to scam you.

Public announcements out of the way, there are many services out there for you to use to swap your assets where the blockchain is your trustless third party, and these can help prevent you from losing your assets. Here we’re going to show you those services.

***

## Services for Facilitating Asset Trades in a Trustless Manner

There are two methods of exchange where the blockchain acts as your trustless third party for exchanging assets. These are **Multisig** and **smart contract**.

### Multisig Services

Multisig stands for multiple signatures. A transaction can be built using any number of UTxOs (what your wallet displays to you as the specific assets they contain) however the wallets containing the UTxOs must sign the transaction to validate it and send it off. So you and the other party input the assets you’re going to send and then BOTH sign the transaction to confirm that you agree to send and receive the assets entered into the application. 

The services that offer this means of transaction display both your assets and the other person’s assets, and lock them, before you sign the transaction. This means you know exactly what you’re trading and what for.  If you don’t agree with the assets put on offer then you can simply cancel the trade and nothing happens. Once both parties sign the transaction the assets are swapped in a single transaction. No third parties, just a simple exchange of assets at the same time; like simultaneously giving with one hand and receiving with the other.

There are two websites that offer multisig services on Cardano.

### ***AtomicSwap***

**Fee:** 2₳ (1₳ Per Person)

**Listing:** [AtomicSwap](https://builtoncardano.com/atomic-swap)

AtomicSwap has been open sourced for all users to review the code. It can be found [here](https://github.com/honungsburk/atomic-swap).

### ***Trading Tent***

**Fee:** 10₳ (5₳ Per Person)

**Listing:** [Trading Tent](https://www.tradingtent.io/)



### Smart Contracts

If you don’t want to perform your trade through multisig you can do it via smart contract. This, currently, only works for NFTs exchanged for ADA and involves you listing your assets on an NFT marketplace and then sharing the link with the buyer so they can buy it through the marketplace. Yes there will be a small fee involved, maybe even the deduction of royalties too, but this is a small price to pay for the trustless security of a smart contract. There are many NFT marketplaces built on Cardano, below is a list (the names are clickable). 

- [FreeRoam](https://builtoncardano.com/free-roam)
- [NFTJam](https://builtoncardano.com/nft-jam)
- [Tokun](https://builtoncardano.com/tokhun)
- [Genesis House](https://builtoncardano.com/genesis-house)
- [JPG Store](https://builtoncardano.com/jpg-store)
- [CNFT.io](https://builtoncardano.com/cnft-io)
- [Paradisio](https://builtoncardano.com/paradiso)

***

## A Final Word

Scammers are usually after big ticket NFTs and some of these, such as [Spacebudz](https://builtoncardano.com/space-budz) and [DEADPXLS](https://builtoncardano.com/deadpxlz) have smart contract marketplaces on their website for their NFT collections (the Spacebudz marketplace is open sourced [here](https://builtoncardano.com/space-budz-marketplace)). However, just because you’re not selling a big ticket asset doesn’t mean that the buyer is legitimate. Verify.

One of the great benefits of blockchain technology is privacy, of which anonymity is a privilege. Bad actors use this to their advantage which is why we have to stay vigilant in case they are trying to fool us. Remember, if someone is offering to buy your assets do it on your terms, not theirs, make sure you’re the one to provide the link for the place of exchange and, as always, verify, verify, VERIFY.

See what multissig Cardano services are available for you trade assets as well as which Cardano NFT marketplaces you can use to trade your NFTs via smart contract.

How to avoid Escrow Scams: Featuring Cardano Multisig Services

Built on Cardano was conceived in May 2021 with the initial and ambitious goal of aggregating and explaining the project’s building on Cardano. Since that time the Cardano ecosystem has hit many milestones and seen a [tremendous amount of growth](https://twitter.com/Cardano/status/1455310221396611072), in both users and those building on Cardano.

Most significantly, in the time between now and then, Cardano has passed through the Alonzo hardfork, which transitioned us from the [Shelly Era](https://roadmap.cardano.org/en/shelley/) of decentralization and into the [Goguen Era](https://roadmap.cardano.org/en/goguen/) of smart contracts. The [Alonzo Graduation NFT Collection](https://builtoncardano.com/art) that we present to you here is our timestamped testament to this significant period in the evolution of Cardano.

>[Click here to view the collection!](https://builtoncardano.com/art)

What is The Alonzo Graduation Collection?

Alonzo Graduation consists of 23 NFTs. 1 NFT was minted for each epoch through the time period before and after the Alonzo hardfork. Alonzo Graduation began with Epoch 286, in August 2021, and finished with epoch 308, in December 2021. The policy locked on December 12th. The Alonzo hardfork happened at the turn of epoch 290, our 5th NFT, and this NFT series showcases the growth of the Cardano ecosystem during this pivotal period where the Cardano blockchain gained a huge increase in functionality.

Each NFT is a map feature all the project's we, and the community, had catalogued in the Cardano ecosystem up until that point.. These ecosystem maps are full of well researched, original content about the project building on the Cardano blockchain. Each project that was listed on Built on Cardano, either by us or the community, is displayed here, organized by industry, and features a short description of 160 characters or less. In this time period the amount of projects we had researched and listed on Built on Cardano grew from just 74 to over 280!  When displayed together they showcase our cataloguing of the ecosystem and how the Cardano ecosystem has evolved over the period surrounding this significant event in the history of Cardano.

Not only did our map of the ecosystem grow over time but many of the project descriptions found on it evolved as the projects themselves did. The names of some projects changed with rebranding, and some projects moved from one industry to another as they changed and we worked on the never ending process of refining how we catalogue the ecosystem. Industries came and went, grew and even split up during this time period as our understanding of how best to organize the Cardano ecosystem evolved. In short, this NFT collection is dynamic, just like the Cardano ecosystem itself.

Also, first appearing in Alonzo Graduation NFT 008, there is the ever elusive [scam](https://builtoncardano.com/scam). Much like real world scams this scam can be found across almost all our industries throughout the Alonzo Graduation series. 

### Why Alonzo Graduation?

Most NFT collections are exclusively aesthetic. Yes some do have a functional purpose, often access to an exclusive holders only club or the ability to play a game, but, at the time of writing, the vast majority of NFTs on Cardano exist solely as the proof of ownership of a piece of digitally stored artwork. NFTs will transform the world in a myriad of ways as their unique qualities are applied to the realms of [identity](https://builtoncardano.com/?search=identity), [supply chains](https://builtoncardano.com/?search=supplychain), [address resolution](https://builtoncardano.com/?search=domains), [games](https://builtoncardano.com/?search=games), and multiple others! If you want to classify the different categories of NFTs, as will inevitably happen as the usage of NFTs around the world grows, we could say that you’ll soon have a category of information NFTs.

Information can be beautiful and art can be informative. In the Alonzo Graduation NFT collection we have endeavored to show this by producing both beautiful and informative NFTs, blurring the boundaries of what some would call art and others would call information. In light of the above paragraph we also want to say that we believe we have produced one of the -if not the- first collections of information NFTs on the Cardano blockchain. 

The Alonzo Graduation NFT Collection was initially conceived as a funding mechanism for all that Built on Cardano provides. Built on Cardano is proudly independent and all the information contained on our beautifully designed platform is thoroughly researched and not funded by the projects that we write about. This was a conscious decision made very early on and it is written into [our founding principles](https://builtoncardano.com/blog/our-founding-principles) which are focused around organization, exploration, community, and information. We live in a world where if you don’t pay to use a product or a platform then you, de facto, commit to being the product yourself. This means that you consent to having information about you and your usage stored and shared with whomever the platform sees fit. Our users are not the product, they are the consumer and we are their gateway, their map, and their guide through the disorganized, decentralized world of Cardano.

Because of the non-capitalist way in which we chose to approach the production of our content and the usage of our platform we found that the many funding avenues followed by traditional media and information companies were closed to us. As a result, and because mere passion alone does not put bread on the table, we had to get creative about how we try and fund ourselves whilst also sticking to our values. Alonzo Graduation is a timestamped, NFT collection that blends art with the information people want to read. Using our original content to produce these NFTs is the novel way we choose of raising funds to support our work and our efforts.

Our final why has been alluded to throughout this piece and it is based on one of the defining factors of NFTs, and blockchain technology in general. That is the timestamp. Through timestamps, and the immutable metadata attached to them, it can be proven when our NFTs were created and what period of the ecosystem they were representing.

More importantly the timestamping of this historic moment in Cardano provides us with a window into the past where we can look at what existed before it could prove its own existence on-chain. [Not all the projects we have listed on our site will survive](https://builtoncardano.com/project-graveyard) and bear fruit. Weeks, months, years, and decades from now people will be asking: who was there? Who existed “back then”? Who were the true pioneers and visionaries who shaped the future that we live in today? The Alonzo Graduation NFT collection provides the people of the future with a verifiable window into that past. With the Alonzo Graduation NFT collection you can own a verifiable snapshot of Cardano’s history.

### Wen and Where is Alonzo Graduation?

There are 23 unique pieces in the Alonzo Graduation NFT collection, each representing an epoch before or after the Alonzo hardfork event. We have decided that we are not going to offer all of these NFTs in one drop on a single NFT marketplace. Instead, we are going to offer them in a distributed fashion, posting each NFT individually, each on a different marketplace at a different time. So [follow us on Twitter](​​https://twitter.com/cardanobuilt) and [join our Discord server](https://discord.com/invite/6nwbswTAh) to stay in the know of when the Alonzo graduation NFT will be dropping so you can support independent, free journalism and high quality, informative content whilst gaining ownership of a piece of Cardano's history!



An NFT collection crafted by Built on Cardano feature the projects building in Cardano ecosystem around the time of the Alonzo hardfork.

Introducing: The Alonzo Graduation NFT Collection

ADALend is a proposed decentralized lending protocol on the Cardano blockchain that has been held in skepticism by many community members for a while. We have them [listed on our site](https://builtoncardano.com/ada-lend) and have listed the red flags that are associated with the project. We were happy to give them the benefit of the doubt here but a community member raised some concerns regarding their ethics in their token sale and forwarded us some emails that were of interest.

With concern, and in the spirit of investigation, we decided to take a deeper dive into ADALend. Let’s see what we found.

>[Here's a DYOR report created by a community member using SCATDAO's DYOR tools](https://audits.dyortool.io/report/48e0899acf)

***

## The Emails

The content of the emails we received had a focus on these early investors being in profit at the time that the project came to being listed on multiple launchpads for their IDO. There was also questionable language in there that seemed to point toward some level of market manipulation by ADALend and, potentially, the launchpads themselves.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Flets-talk-about-ada-lend%2F1652146100319.jpeg?alt=media&token=c5211656-9fe5-4221-9648-78fe7f82aa7e)

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Flets-talk-about-ada-lend%2F1652146122614.jpeg?alt=media&token=230f37ac-553e-4d3a-96a4-d71d5aa3aa65)

As promised the [price spiked and then promptly jumped off a cliff](https://coinmarketcap.com/currencies/adalend/). Followed quickly by its lover, trading volume, and neither has seen much action since. Oh, and now two months later the mentioned CEX listings are yet to materialize.

***

## Partners

The first part of their website lists their partners, all of whom’s legitimacy, except one questionable actor, can be disputed. Let’s break them down:

*JPMAXX* - Sounds like an investment firm. Cannot be found or confirmed to be a real investment company. ([JPMAX](https://www.bloomberg.com/quote/JPMAX:US), note the single X, was JPMorgan’s small cap value fund, now liquidated).

*IOHK* - [IOHK](https://builtoncardano.com/iohk) are not partnered with ADALend. They are partnered with almost no one in the Cardano ecosystem, probably to ensure that they can be unbiased and not be accused of bias.

*Moonwhale Ventures* - Wrongly linked to the IOHK website this investment fund has been [brought into question](https://twitter.com/zachxbt/status/1451615177309233154) and described as always being part of “cash grabs”. In the [blog post](https://adalend.medium.com/adalend-secures-venture-capital-investment-from-moonwhale-ventures-23d2775ddffc) announcing this “significant private sale investment and strategic partnership” they do not link out to Moonwhale at all. If Moonwhale are legitimate they also haven’t listed the ADAL token in the [Moonwhale Ventures portfolio](https://coinmarketcap.com/watchlist/604ac9fcaddce518245ae4f5/) on CoinMarketCap.

*BlueZilla* - A legitimate partnership, proved by BlueZilla who told us they facilitated ADALend’s IDO. However, this VC company’s legitimacy has been [scrutinized before](https://twitter.com/zachxbt/status/1446538141653929989) along with their multiple launchpads, which ADALend used to launch their public token sale (also where they seemed to promise price manipulation).

*Altamira Crypto Capital* - Hard to find any information on and no links to ADALend exist.

*Swapz* - A BlueZilla token swapping platform and a platform on which their token is listed. Shouldn’t be classes as a partnership and should be listed with the DEXs listed on another part of the ADALend website.

*Blockspot.io* - [Blockspot.io](https://blockspot.io/about/) are an educational platform and database of blockchain projects and it doesn’t seem that they partner with anyone.

***

## IOHK Essential Cardano List

ADALend consistently touts their listing on the IOHK [Essential Cardano](https://builtoncardano.com/essential-cardano) list in all their materials. It is a permanent fixture on their [website](https://adalend.finance/), was put out as an [article](https://www.investing.com/news/cryptocurrency-news/adalend-joins-the-essential-cardano-list-by-iohk-2666203), and in emails to those who signed up to their private sale emails.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Flets-talk-about-ada-lend%2F1652146141184.jpeg?alt=media&token=fdbbd00f-9d35-48a5-978e-620e231563ba)

>The IOHK Essential Cardano list is an open sourced and unregulated list of projects building on Cardano that anyone can contribute to. Touting something, and trying to make it meaningful by calling it  a “milestone achievement”, that puts them in the same sentence as the company developing the Cardano protocol gives the distinct impression that someone is trying hard to create and promote their own legitimacy.

***

## Tokens without Product

>*This is the number 1 red flag for any project!* Always be wary of ideas (and marketing) asking for your money with nothing to show that they can, or are trying, in fact produce anything.

To complement this there have been no development updates. Talking of development…

***

## A Development Company

The ADALend protocol is being developed by [robatznetwork](https://robatz.net/) signed on in [early February](https://adalend.medium.com/adalend-sign-the-contract-with-robatz-network-for-the-cardano-native-decentralized-lending-protocol-bb42920e127). These folks, a swarm robotics startup, seem to have little to no blockchain experience listed on their website, or even previous experience to talk about in any area of development. There is little to nothing available about this company and more will emerge about their applicable skill sets in a moment.

***

## The Team A.K.A The “Blockchain Development Group”

Working out the legitimacy of The ADALend team is not as straightforward as it has been with other suspected scams and lines are blurred between fake profiles and those that may actually exist.

*The CEO* - The same image of Mr Kasper Koshkins is, rather poorly, repeated across all marketing materials and it is hard to discern the legitimacy of his [Linkedin profile](https://www.linkedin.com/in/kasparskoskins/). What we did find in our research was a [Facebook profile](https://www.facebook.com/kaspars.koskins) of a Kasper Koshkins who seems to be the same person. However, there are two things to note about this Facebook profile:

- 2.8k friends, of whom the overwhelming majority are women who are beauty magazine level of attractive (often fake accounts you can subscribe to)
- The inability to add him as a friend

Koshkins the CEO has done multiple “interviews”, but the platform they happened on is never listed, and all of these have been given to us as text on their blog. We’ve never seen, or heard, him in an interview.


*The CTO* - [Ali Krynitsky](https://www.linkedin.com/in/krynitsky/) is listed as the CTO on the ADALend website but after being able to get in contact with him by contacting RobatzNetwork on Facebook (of whom he is the founder and CEO) he told us that he is actually a “CTO on demand” and that "Officially I’m not a representative of stakeholders interests”, declining to give us any updates on the progress of the project. His Linkedin is very sparse, yet has almost 400 connections, and he has no blockchain experience mentioned anywhere. His profile and company offer no proof of any development experience whatsoever.

What he did tell us was that they have some Solana projects in the pipeline and that “Adalend was our first commercial project on Cardano”. He then didn’t answer questions regarding the qualifications of his team members for developing on Cardano (whom we’ll get to in a moment).

*Other Members of the Team* - The Community Manager’s [Linkedin](https://www.linkedin.com/in/david-abashidze-66a742146/) is thin on the ground  and it’s hard to find anything else about him online (although this doesn’t surmount to conclusive evidence in any direction). Their [Senior Advisor](https://www.linkedin.com/in/javedkhattak/) seems to be a legitimate and well experienced individual who links himself with the project. [This article](https://u.today/cardano-based-defi-adalend-introduces-javed-khattak-as-its-gm-details) announces Mr Khattak as a member of the team; not as a senior advisor but as the General Manager who curates ADALend’s business progress. It also says the technology progress is guided by "top-tier fintech developers Philippe Dee and Sarawut Sanit" yet they do not seem to exist in connection with ADALend.


***

## ADALend Protocol Developers

The above team section of the site is actually titled the “Blockchain Development Group”, none of whom are said to have a lick of blockchain development experience. This group of people, purported actual developers, are said to be developing the protocol.

There are 7 of these guys in total. All of whom, according to their Linkedin profiles (where the level of content, and thus their verifiability, varies greatly), work for both RobatzNetwork and ADALend. Now this could be seen by skeptics as an attempt to legitimize a project by listing more individuals, and this is certainly how we see it. RobatzNetwork have been contracted to develop ADALend, so these people are not necessarily members of the ADALend team, especially when the founder of Robatznetwork himself said that he was a "CTO on demand" and not an actual member of the team. So they don’t work for ADALend, they work for RobatzNetwork whose client is ADALend.

Furthermore, along the same vein as the “Blockchain Development Group”, *none of these guys have any blockchain, let alone Plutus, experience listed in their skill set.*

***

## Media

The media section of the site lists five different media sources but links to none of them. In summary, almost all of their postings here are either sponsored posts or press releases (which are then often paid to be pushed to news platforms so two classifications for the same thing, paid listings that are indiscriminate of the legitimacy of the project paying for them).

*Bitcoin.com* - All [ADALend articles](https://news.bitcoin.com/tag/adalend/) are sponsored content.

*Cointelegraph* - The article quoted on the ADALend site doesn’t exist.

*Investing.com* - [All articles](https://www.investing.com/search/?q=adalend&tab=news) about ADALend on Investing.com have been posted there by CoinQuora (where they’re paid for).

*cryptonews*- [All articles](https://cryptonews.com/search/?q=adalend) are either sponsored or press releases.

*CoinQuora* - Almost all of the [articles about ADALend on CoinQuora](https://coinquora.com/?s=adalend) are, again, paid for. 

***

## The Whitepaper

The ADALend whitepaper is quite comprehensive on how the platform will work but lacks coherence (this comment already takes into account the fact that it may have been written in another language and then translated into english). Here we’re going to highlight a few points that we picked out through an initial read of the whitepaper.

- There are lots of tech buzz words thrown around in documentation, along with mention of ADALEND being the central and most popular lending platform on Cardano.

- In the "[ADALend to the Rescue](https://adalend.gitbook.io/whitepaper/#3.-adalend-to-the-rescue)" section they say that "With many developers experienced in the Plutus contract language, ADALend aims to be one of the pioneer projects within the Cardano ecosystem." From the CTO and research above we seem to have found that they probably do not have any developers experienced in Plutus. Furthermore, the whitepaper has stated this since [November 2021](https://web.archive.org/web/20211102031423/https://adalend.gitbook.io/whitepaper/), but they only contracted robatznetwork to develop their protocol in February.

- The "[Why Cardano?](https://adalend.gitbook.io/whitepaper/#4.-why-cardano)" section has little coherence to it and states that Cardano’s non-profit status enables it to consistently deliver a variety of advanced functionalities. Two entirely unrelated things, especially seeing as the Cardano Foundation is not developing Cardano, IOHK are (they partnered with them so they should know that, right?)

- They talk about Cardano as a token itself, sometimes referring to it as "The Cardano”, a borrowable asset.

- In the [Tokenomics](https://adalend.gitbook.io/whitepaper/#14.-tokenomics) section (always a big one for any investor) there are some glaring errors in the math. The numbers on the pie chart (representing, an impossible, 103% of token supply) conflict quite aggressively with the same numbers stated in a paragraph preceding it, and the token sale amounts given below conflicting with both of them. 

***

## To Conclude

With all that said their private sale is complete, their IDOs are over, and it may be too late to stop these potentially malicious actors running away with people’s funds. There is still hope that they produce something, with Beta release scheduled for Q1-Q2 2022, however the evidence collected here points to an exit scam that only needs to shut the door behind them on their way out.

That being said, we do hope that the people who read this can learn something from it (if you find it valuable please share it with your friends!) and we want to start a conversation with more people about how we can build a sensor array for these sort of projects to prevent more honest people from having their pockets picked.

We value any and all feedback from all corners of the community and invite you to reach out to us, [@Cardanobuilt](https://twitter.com/cardanobuilt), on Twitter if you have anything you want to contribute to this conversation.

### As always, stay safe out there Cardano 🦆

A blog post diving into the proposed lending protocol, called ADALend, supposedly being built on the Cardano blockchain.

Let’s Talk About ADALend

Like many in the Cardano ecosystem, we at Built on Cardano are striving to help others understand and navigate the decentralized world that is being built, bit by bit, by so many hands and minds around the globe.

As we have grown we have recognized that we have developed principles that we believe will help us in our goal of providing the highest quality of information and best user experience possible for our users. These principles are -to use corporate speak- our “core values”, and we state them here in keeping with the decentralized spirit of open-source; believing that our users deserve to be able to view the foundations on which we’re built. These principles help us align with our [mission and vision](https://builtoncardano.com/blog/the-built-on-cardano-vision-and-mission-statement) and posting them here pushes us stay true to our word.


> Here you will find no political or cultural statements of inclusivity. Inclusivity sits at the very core of the decentralize movement and these values are, in good faith, automatically assumed of the peoples who operate here. Our decentralization, by nature, aims to empower everybody and exclude nobody.


### Organizing the Decentralized

Without a centralized core to revolve around the decentralized world (even that of Cardano with the [Cardano Foundation](https://builtoncardano.com/cardano-foundation) and [IOHK](https://builtoncardano.com/iohk) somewhat steering the ship) is fragmented and inherently difficult to navigate. Many breaks exist between one point and the next and it is often difficult for users, both new and veteran, to make the informational and navigational leaps between point A and point B.

Built on Cardano aims to provide organization by building bridges between points A and B, and points A and C, and points B and C, and so on and so forth. This organization enables users to more efficiently engage with the decentralized space and discover what lies within.


### The Ability to Explore

In the inherently unorganized decentralized space users find one tool that suits their need and often stop there; because finding others often means starting the whole searching process over again. Built on Cardano aims to expedite the finding of what an individual is searching for but, also, once it has been found, we want to enable easy exploration of the surrounding and related decentralized space. Allowing the user to walk as far away as they want and still trace their way back to their starting point. 


*Exploration and discovery are key to learning and developing a greater understanding.*


### Not a Walled Garden

*It will always be free for anyone to list a project on Built on Cardano*, thus contributing to the organizing of this decentralized world. We only ask that user contributed content be aligned with our [content guideline](https://builtoncardano.com/content_guidelines).


### Information Driven Not Sales Driven

*Our content will never be focused around capitalist means and we will never accept payments for the creation of sale driving content.* The purpose of our content will never be to drive sales or encourage our readers to buy something. Our content’s purpose will be the opposite and will be designed to inform the reader without presenting a bias. 


### For The Community

We exist for the community and the needs of the community are a factor in every decision we make. We are listening to what users at all levels of the community are asking for and responding in due course as we continue along the path of organizing the decentralized.

### A Safe Space

All of the above mentioned principles guide us to this, our final and most grounding principle:

> Providing as safe a space as possible for users to navigate the decentralized world of Cardano.

---

A decentralized world must regulate itself and it is for this purpose that we define our founding principles and open-source them here. If we are to successfully provide a safe space for the community to both contribute and navigate the world of Cardano we feel that the above principles must be adhered to.

In creating this safe space we must also recognize that the lack of organization and regulation in a decentralized world provides more nooks and crannies for malicious actors to live in and to exploit. Throughout our site we strive to create a safe space for the user by raising red flags when we see them, clearly flagging unverified content, and by providing educational and informative piece -such as [this one](https://builtoncardano.com/scam)- that users can use to arm themselves with knowledge against malicious actors.

Will we eliminate rug-pulls, malicious acts, and other defamations of the inclusive and selfless aspirations of the decentralized space? No, as for good to exist so must evil. But we will always strive to provide the safest space possible for people to explore and discover what Cardano has to offer the world of the present and the future! 

The founding principles of Built on Cardano, cataloging and organizing the decentralized ecosystem of Cardano, and those building on it, in an unbiased manner.

Our Founding Principles

A few weeks ago a member of the Cardano community came to us with information regarding the Ravendex platform that is purportedly building on Cardano. This member of the Cardano community goes by the name [Dr Fake](https://twitter.com/earlightswindle) and is quite the prolific scam hunter in the ecosystem.

We have been in contact with the Dr before regarding [many purported, and well evidenced, scams](https://forum.cardano.org/t/acardex-is-a-fraud-updated-list-of-related-scam-projects/96215/7) in the Cardano ecosystem that he claims stem from a group that he has named the “Grayson Cartel”. [Here](https://earlightswindle.medium.com/the-grayson-scam-cartel-a7989adcbcd3) he shows how he has linked all of these scams to one another and if what he has found is true then these people, or this person, may have made off with hundreds of thousands, if not millions, of ADA.

Dr Fake contacted us naming Ravendex as the most recent and most active scam in the long line of scam projects he attributes to the Grayson Cartel. There is also the article written by The Cardano Report on Ravendex that we will discuss too. In the time between now and our first contact with the Dr we have conducted a lot of our own research into Ravendex. First we are going to go through what the Dr sent to us, along with the Cardano Report’s findings, and then we’ll dive into what we uncovered when we delved into Ravendex.

***

## Dr Fake’s Claims and The Cardano Report

As said, Dr Fake has been tracing prolific scammers that he calls the Grayson Cartel. The connections here cannot be verified by us and we have to take the Dr at his word. He has, it does seem, been correct about the other scams that are linked to the Grayson Cartel and we see no reason, as of yet, not to trust him.

- 2 other Grayson scams, Rocketpad and Verlux, put out a staking platform that didn’t work. Ravendex did exactly the same thing. The tokens for both these scams were also claimed to be listed on Bitmart - Told to us by Dr Fake on Discord. 

- The author of Ravendex’s whitepaper is also the author of content for other scams that Dr Fake attributes to this Cartel - [Posted evidence](https://forum.cardano.org/t/capitrade-launchpad-scam-lots-of-other-scams-finally-busted/96916) - Interestingly when questioned about this on Twitter by SCAT DAO [they did not deny or argue this statement](https://twitter.com/Ravendexlabs/status/1505536465471688714?s=20&t=q9u4FCwPPrld8WZKE2sZSQ), they just stated that whitepapers can be “written by anyone” .

- In the Dr’s view in seems like Ravendex is the first and longest running in this line of scams and a previously listed community manager is where the Cartel gets the Grayson name from - [Dr’s evidence here](https://forum.cardano.org/t/coollaunch-fake-team-scam-project/91599)

- Dr Fake contacted Ravendex on Twitter and Telegram regarding these claims and they promptly blocked him and didn't give him answers - Told to us by Dr Fake on Discord.

The Cardano Report is a source which popped up on January 25th posting an article titled [The Curious Case of Ravendex Labs](https://www.cardanoreport.io/post/the-curious-case-of-ravendex-labs). Here’s a summary of the mains points they raise about Ravendex:

- The high level of similarity between Ravendex’s ISPO page and that of Genius Yield’s - Can be viewed live [here](https://ispo.ravendex.io/) and [here](https://www.geniusyield.co/ispo). 

- That their demo is a rip off of ErgoDEX’s demo - Cannot be confirmed as both demos are no longer live 

- A rather empty Github of forked repositories  - Viewable [here](https://github.com/Ravendexlabs), and 3 months of no commits during the time approaching testnet and product releases (roadmap is discussed later) 

- The fact that their audits page is empty besides some claims that should not be on there, even as a joke - Viewable [here ](https://docs.ravendex.io/external-links/audits)

It seems like [this website was created](https://web.archive.org/web/*/https://www.cardanoreport.io/) on January 25th, article was posted, and they are yet to post anything since. Ravendex told us that the website was created specifically to FUD them (and FUD is something they talk about in quite a few of their interviews). On the same day, January 25th, Dr Fake [posted his article](https://earlightswindle.medium.com/the-grayson-scam-cartel-a7989adcbcd3) and it seems like the suggestion from Ravendex is that they’re the same person trying to amplify their FUD. Are they? We asked Dr Fake if he knew who was behind The Cardano Report but we did not get a response.

With this information in mind it is worth noting that no matter the source of both pieces of content the content itself is actually different and focused on different elements of Ravendex. One focuses on who is behind it and the other focuses on dubious contents of the site itself.

***

## Our Findings

What really intrigued us and made us want to delve into Ravendex was the fact that they were hosting an ISPO, selling tokens, and selling NFTs all without having a working product, or even an MVP (minimum viable product), available to their users. So we delved into Ravendex researching all the materials they had available to see if they threw up any of the more traditional red flags that we associate with [scams](https://www.builtoncardano.com/scam).

We also got in contact and had an exchange of emails with Ravendex themselves. We will say that, unlike many other scammers, they responded to our emails promptly. However there are some things from these emails that we will be pointing out and referencing as well. Here are our findings:

### *Claims, Design, and Wording*

- Many claims of being the first that are simply not true. Including: 
“First non-custodial Decentralized exchange on the Cardano Blockchain that allows swift and near instant transfer of assets.” - [Medium Description ](https://ravendex.medium.com/)

“First project on The Cardano Blockchain with unique features: 

Users can Stake their NFTs to earn rewards and also lend their assets to a pool and earn interests. 

Borrow by providing collateralized assets.” - Website [FAQ Section](https://ravendex.io/)


- Grammatical errors and inconsistencies litter their website, published content, and even some of their press releases. (See Note 1 at the end of this article for further, more generic, commenting on this point)

- Blatant design errors in their roadmap on their website’s homepage - [Homepage](https://ravendex.io/)

- Their Roadmap does not even contain a prospective release period for the DEX -  [Homepage](https://ravendex.io/)

- They finished many of their early email correspondences with us with either “I trust you’ll do the right thing” or “I belive [sic] you will do the right thing”.

- Roughly 60% of their whitepaper is disclaimers. Another 8% of it is discussing the history of DEXs and Cardano. Leaving roughly ⅓ of just under 3000 words to explain what Ravendex is and how it will function, including multiple pool types and a lending protocol. Whilst the whitepaper talks about concepts it does not lay out any of the technical elements of how they function or how these things will be accomplished. There is also a one line in the section   “Constant-product pool” that says “A constant-product pool's pricing function is quite simple:” supposedly hinting at further explanation that is not present. - [Whitepaper](https://docs.ravendex.io/whitepaper)

### *The Team*

- **Anonymous Team** - Their team is anonymous. Which is an acceptable thing for many people in this space. Yet, in February this year, their CIO, labeled as a CMO, did a Telegram [AMM with Bitmart](https://ravendex.medium.com/recap-ravendex-ama-on-bitmart-telegram-channel-308543ddb68c) (the exchange they’re listed on) and gave his name right at the beginning. When we mentioned this name to them” I assume this is Roman I am speaking with here?” they did not respond to the question. 

- **They’re Ethereum not Cardano Developers** - On face value this point itself is not too terrible, you can always hire Plutus and Haskell developers, which they said they have done.  With governance release slated for Q2 2022 and the Ravendex testnet release slated for Q1 2022 then you would think they would have Plutus and Haskell developers on their team. Ravendex told us that they are Ethereum developers driven to Cardano by its low fees, and admitted to us that their development was slowed by the fact that Cardano does not run on the EVM model. Strange, wouldn’t you have some sort of knowledge that Cardano was not an EVM blockchain if you spent time last year making a demo for producing a DEX on Cardano? Would you not have done your preliminary research? 

- **Outsourced DEX Development** - Ravendex also told us that they have outsourced the development of the DEX to a well known and reputable company in the space and invited us to contact them and ask them. We did. They responded and told us that no agreement had been signed at the time we contacted them and that the conversation had been quiet for 12 days.

### *Media*

- **A “Partnership”** - In a [blog post](https://ravendex.medium.com/ravendex-partners-with-world-mobile-token-to-reserve-an-earth-node-dde454199192) Ravendex titled their reservation of an Earth Node for the WMT protocol as a partnership with this well known Cardano project. It is not a partnership and saying so is misleading. 

- **Paid Outlets** - All the media released and linked from Ravendex are press releases they’ve written themselves and paid to have released onto the internet that are then picked up by other more well known sites - [Coin Telegraph](https://cointelegraph.com/press-releases/businesses-can-now-submit-their-press-releases-to-cointelegraph-directly) - [Yahoo Finance](https://finance.yahoo.com/news/cardano-based-ravendex-releases-first-081200371.html?guccounter=1&guce_referrer=aHR0cHM6Ly9yYXZlbmRleC5pby8&guce_referrer_sig=AQAAAGRNa9G9piD5X8TUlMySAXJUEwqjWJL3o1imiDUxUZw6EJE9AUxXuS9x_wkC6FdXJqrxbmc3o8rYyrPgTMvyH0zKM61CWnFa7j5YZBjB7P_xlaoV5pMmLqmxjGz9I7hsP-YS-ZRBwSWWSuMj3BNHtjXcPfabPs6ZfqxlsArfuUi7) (via Newsfile Corp.) - [investing.com](https://www.investing.com/news/cryptocurrency-news/the-first-noncustodial-decentralized-exchange-built-on-the-cardano-blockchain-by-ravendex-2671651) (Via CoinQuora) 

- **A Public Mouth Piece** - Ravendex have employed the coinrise as their public mouthpiece and almost every single piece of content they have produced is focused on the price movements of their token - [the coinrise Ravendex search ](https://thecoinrise.com/?s=Ravendex)

- **Listed and then Delisted** - Ravendex were listed on both the CardanoCube and Building on Cardano, who then delisted them. We have not contacted these outlets as to why but we can assume that either Dr Fake contacted them regarding what we detailed above (which he has done about other Grayson scams before) or they did their due diligence and encountered many of the points we raise here. Why did they not try to list on Built on Cardano? It might be because the last purported Grayson Cartel scam to list was IDOWall. We wrote a viewpoint on IDOWall that displayed our site when you searched IDOWall. This viewpoint explained all the red flags for the project and why users should be wary of it. It is probable, if they’re connected, that they didn’t want this to happen again. 

- **Technical Updates** - The technical updates released by Ravendex are quite scant with their detail. They once said that they’d do an update every week, [Technical update #7](https://ravendex.medium.com/ravendex-weekly-technical-progress-update-7-wednesday-january-26th-2022-8e4b01218a48), but the next one didn’t come for almost a month. These updates contain screenshots of their product, that match the ones from the Cardano Report’s findings on their demo video, and those used to promote their purported staking platform. It also includes photos that seem to be taken of a small part of a computer screen of file lists - [Technical Update #7](https://ravendex.medium.com/ravendex-weekly-technical-progress-update-7-wednesday-january-26th-2022-8e4b01218a48) - [Technical Update #8](https://ravendex.medium.com/ravendex-technical-progress-update-8-wednesday-february-23rd-2022-d9866cccbc80) - [Technical Update #6](https://ravendex.medium.com/ravendex-weekly-technical-progress-update-6-sunday-january-16th-2021-58883e08742c) (#6: the image it titled #5 and the screenshots are of cloned repositories being installed, but they look technical to the untrained eye).


### *Hype and Promise*


- *Quick to Market… Then Delay, Delay, Delay* - The roadmap has a staking platform, a testnet release of the DEX, (and [full launch here](https://ravendex.medium.com/ravendex-technical-progress-update-8-wednesday-february-23rd-2022-d9866cccbc80)), as well as a DAO governance system, all released by Q2 2022. This is a phenomenal, but not impossible, turn around time. See “The Team” section for information that brings this into further question. A fully Functional product was [originally slated](https://www.globenewswire.com/news-release/2021/10/13/2313781/0/en/Ravendex-Private-Sale-Continues-With-Landmarks-Sells-Out-60-of-its-Allotted-Tokens-To-Release-MVP-Before-End-Of-Q4-2021.html) for Q4 a 2021 release. Now there is no current release date for the DEX. 

- *A Demo* - The demo produced was basic and was a video showing very little functionality. See the previously stated Cardano Report segment on the comparison with a demo from another platform. 

- *Money for Liquidity and Advertising but not for Developers* - This is probably one of the biggest points, Ravendex put down 500,000ADA to support liquidity for their token on SundaSwap, and also funded multiple articles across multiple platforms focusing on their token and its price. But, even with all those funds, they didn’t employ a Plutus or Haskell developer before that to build at least an MVP to prove that their token, NFTs and ISPO were worth it. 

- *A Staking Platform* - A staking platform was released and then withdrawn due to it not performing correctly. This was then promised to be fixed in a few weeks, but this has now been extended indefinitely until “when it is ready”. You can sift through their telegram to find these changing dates. 

- *A Launchpad* - In [this blog post](https://ravendex.medium.com/introducing-ravendex-the-first-multi-protocol-defi-platform-on-cardano-powered-by-a-single-utility-607fa5baf4ab) from September 2021, their first, they claim to be using the “EMURGO protocol” to develop a launchpad. This has not been mentioned since and it does not appear on their roadmap. 

- *A lending Protocol* - This is hinted at in many articles and is even in the [whitepaper](https://docs.ravendex.io/whitepaper), where it gets just two lines of description. This is also missing from the roadmap.

***

## BONUS: A DYOR Report From SCAT DAO

Dr Fake isn’t the only one looking out for the community. Our friends at SCAT DAO have also been looking into Ravendex and produced a report using their handy [DYOR Tool](https://dyortool.io/). You can [read this report here](https://audits.dyortool.io/report/cf34dad848). We spoke to them after they completed their report and whilst they noted many of the same things we’ve noted here they also showed us that someone else directed them to a [community manager for Ravendex](https://www.linkedin.com/in/isaac-naz-094549205/) who does not seem to have any other presence on the internet.

They also noted that their Twitter following looks suspicious as they have almost 30k followers yet very few responses and likes on their tweets. Their Twitter feed is mainly made up of retweets and most of the stuff they have tweeted themselves is about their funding mechanisms.

***

## So…. What’s the Answer?

Here we are collecting the facts that we can find about Ravendex that make us wary of them and their actions and are presenting them to you. Ravendex would only commit to a live text conversation and not a video or voice one. Which, if you want to stay anonymous, is fine, but words on a page are not equivalent to words coming out of a mouth in many people’s eyes and ears.

We invite you to check the evidence we have linked here with each point that we could do so and to draw your own conclusions. We always encourage you to DYOR, Do Your Own Research, and we will tell you not to trust a project’s voice until you can verify their claims, not to trust what your friends or family tell you until you can verify their claims, and even not to trust us until you can verify our claims.

Verify, verify, VERIFY. And remember: If it walks like a duck, and quacks like a duck, then… It's probably a duck!

Stay safe out there Cardano.


***


*Note 1:* This comes from my experience of researching projects in Cardano and in other ecosystems. Many projects in the crypto space are built and promoted by people for whom english is not their first language. As a result, the use of mistranslated words for descriptions and explanations is quite commonplace in their literature. But what these people almost always possess is an impeccable use of grammar and correctness of spelling, and I take my hat off to them for that! 

Scams will regularly make multiple, sloppy grammatical errors and simple spelling errors which can make them a little easier to spot. Why do they make these errors? My thought is that they just don’t care. So long as the content is there then it's good enough. They may give it one pass over but they want to get it out there and promote their scam, they don’t worry over the finer details like a person working on a true passion project might.

Real projects care about their work and will comb over their material to ensure there are no errors in it. The mistranslations come from what fits best in their mother tongue and the direct translation that they know of that word. These are not careless errors, like grammatical errors are, they are just examples of how wonderful language can be and how we interpret and exchange between them as best we can.

An article discuss the red flags of the potential Cardano scam Ravendex. Linked by a prolific community scam hunter to a "Cartel" that has conducted many rug pulls and exit scams in their time.

Ravendex: A Scam? An Investment Opportunity? Or Just Another DEX?

Crypto is the wild west and people are drawn to it, be it in a bull or bear market, because of the large gains they have seen or heard others achieve over short periods of time. But hidden amongst the legitimate projects vying to climb to the top of their particular industry are many similar looking projects whose eyes are only aimed at the back door, where they’ll make a quick exit into obscurity with your hard earned money.

Whilst these scam projects may look incredibly similar to their legitimate counterparts there are, in fact, some telling signs that we can use to to spot a scammer in crypto. These are called **crypto red flags** and below we run through each of the red flags a crypto project can raise.

Each of these red flags can be caused by one of many reasons, listed below, and scam projects will, typically, tick multiple reasons in the list for a red flag. The more red flags a project raises, the more you should be wary of it.

## Crypto Red Flags

***

### **Team**

The **Team Red Flag** can be raised by:

- Anonymous team
- Pseudo-anonymous or seemingly fake social media accounts being the only “proof” of a team's existence or legitimacy
- Team members’ social media accounts that are much older than the size of their following or level of activity shows
- The use of just a single image of individual team members across multiple social channels, websites, and even in announcements

***

### **Roadmap**

The **Roadmap Red Flag** can be raised by:

- Non-existent roadmap (where the project’s future is based purely on the uptake of the token and the growth of the community)
- Too promising a roadmap, offering grand achievements in a short amount of time
- Too sparse a roadmap with not enough details or milestones
- Not updating the roadmap when deadlines are hit or, more importantly, missed

***

### **Content and Documentation**

The **Content and Documentation Red Flag** can be raised by:

- Lack of a whitepaper or any in-depth documentation
- Not showing that they have the knowledge of how to create the solution to the problem they have stated
- Grammatical, spelling, and punctuation errors that are consistent with a lack of review and lack of care for the final product
- Consistent use of buzzwords, including: investment related terminology, trending social or political topics, trending topics or utility in the crypto space, and “moon boy” talk
- False claims of the level of uniqueness or pioneering nature of the project
- Repeated mentioning of the level of success that will be achieved
- Plagiarized content, be it their website layout, images or content, or the content of blog pieces, their white paper, or documentation

***

### Social Media

The **Social Media Red Flag** can be raised by:

- High channel following with a comparatively low level of interaction with their posts
- Short time of existence but unreasonably high following
- Social Media accounts that are much older than expected for the age of the established project
- Lots of bot posts i.e. notably similar posts (typically pumping the community/price) in Telegram, on Twitter posts, or in Discord

***

### Community

The **Community Red Flag** can be raised by:

- Team members never being available for the community to talk to directly
- Community Managers running Telegram and Discord channels, thereby acting as a 3rd party buffer for community questions directed at the team
- Banning or blocking people who ask questions or raise legitimate concerns
- Dismissing any concerns about the project as FUD rather than by providing answers and/or refuting these concerns

***

### News & Media

The **News Media Red Flag** can be raised by:

- Media sources quoted or listed on the website are sponsored posts or press releases
- Articles and content about the project from media and news platforms are mainly focused on providing information about token sales or speculation on token price
- The project using their presence on ecosystem lists - e.g. Essential Cardano, the Cardano Cube, Built on Cardano - to legitimize themselves
- The only interviews with the team being text-based AMAs, especially if they’re done with investment focused groups or profiles
- Not linking the logos for news & media mentions to the content

***

### Partners

The **Partners Red Flag** can be raised by:

- Stated partnerships that can be proven to be false by contacting the partner in question
- Mentioning or listing 'Cardano' as a “Partner”
- Listing of multiple Cardano wallets as “Partners”
- Investment, Capital, or Venture firm partners with no online presence or a shady online presence
- The partners’ logos on the website do not link out to said partner

***

### Development

The **Development Red Flag** can be raised by:

- Not having any confirmable developers on the team
- Outsourced development of the protocol
- Not having an MVP at the launch of their fund-raising token/NFT sale or ISPO
- No development updates
- Inconsistent and/or not evidenced development updates
- Consistently missing deadlines
- Release of a token staking program, and promoting it as a big thing
- Releasing a bug ridden token staking program who’s fixing then absorbs all the dev’s time

***

### Tokenomics

The **Tokenomics Red Flag** can be raised by:

- Short or no vesting periods for the team and/or advisors and early investors
- A large amount of tokens being allotted to the team (and if applicable advisors)
- A large amount of tokens being allotted to early investors or private seed rounds at a highly discounted price
- Scheduled token burning or other activity designed to pump or support the token price
- First launching on chains other than Cardano
- Incorrect math on tokenomics pages and in graphs displaying token distribution

***

## How Many Red Flags is Too Many?

**The contents of this page is not investment advice** and even legitimate projects may raise a red flag or two. There is no magic number as to how many of these red flags constitute the likelihood of a project being malicious, but a good rule of thumb is that the more red flags a project raises the greater the likelihood that it is a scam.

This list of crypto red flags is designed to show you where potential scam projects will often be lacking, and to allow you to better inform yourself the next time you review a crypto project.

Learn what red flags crypto projects can raise and what parts of a project they relate to.  Keep yourself safe by keeping yourself informed and always DYOR!

The 9 Crypto Red Flags

As we’ve grown from an ambitious idea into the fledgling user tool that is the Built on Cardano you see today our vision for the future and our current mission objective have continued to evolve.

In this, our very first blog post, we want to share with you our Vision for the ultimate goal of Built on Cardano and our current Mission Statement.

This continued evolution is in line with the continued growth of the Cardano blockchain and the expansion of our knowledge regarding the length, breadth, and depth of the Cardano ecosystem and its needs; both now and into the future.

Additionally, the criticisms, compliments, and suggestions provided to us by community members have been instrumental in our understanding of what our users want and need, and has aided us in rounding out our Vision for a Built on Cardano that will be an instrumental tool in helping to build the future of the Cardano network and foster the adoption of Cardano.

---

### Our Vision 


>Built on Cardano will become the trusted, go-to tool and data source for Cardano users of all levels, continuing to stimulate the adoption and growth of Cardano by providing a project agnostic platform for user learning, ecosystem exploration, and data discovery.

---

### Mission Statement

>To provide users with impartial information through a lens unadulterated by marketing speak, superlatives, and paid for content. Alongside this informational and educational content more advanced users will also be able to find the data points they need to understand the ecosystem and individual projects.

---

We thank you for joining us on this journey so far and hope that you will continue to grow with us as we grow with the Cardano network.


 The mission and vision of the Cardano ecosystem cataloguer and organizer Built on Cardano; organizing a decentralized world.

The Built on Cardano Vision and Mission Statement

The difficulties involved in scaling a decentralized protocol, like Cardano, are often described as the blockchain trilemma which says:
 
>A decentralized network can only excel in two of three of the most desirable properties of a decentralized network: security, scalability, and decentralization; and in order to excel at two of them it must forgo the third.
 
The developers and users of blockchains want their networks to stay decentralized while increase their scalability - the amount of transactions they can process in a certain amount of time, often measured in Transactions Per Second (TPS) - without losing any of the security properties that are key to keeping all the users and their funds safe from malicious entities.
 
For reference, the statistics of the centralized Visa network, [regularly quoted at 1,700 TPS](https://usa.visa.com/run-your-business/small-business-tools/retail.html), are often held up as the goal and golden standard of network throughput that blockchains need to achieve in order to be widely accepted and used.
 
There are a wide variety of blockchains out there purporting to solve the blockchain trilemma with just a base layer blockchain, a.k.a the layer 1 (L1). Cardano indeed will, and just has with the Vasil hardfork, introduce scalability upgrades that improve the throughput of the layer 1 without sacrificing the network’s security or decentralization.
 
But in order to scale to meet the operational standards that are expected by both the users and institutions who want to use the network on a day-to-day basis, and on a global scale, and keep the 3 elements of the blockchain trilemma intact, other exciting options are being explored. You may of heard of it them collectively **layer 2 scaling**.
 
## What is a Layer 2?
 
Upgrades to the underlying protocol, like Cardano’s Vasil hardfork, are called Layer 1 scaling. The main blockchain, Cardano, is considered the L1, and upgrades that improve its performance are called L1 scaling. Layer 2s, much like the layers of a cake, are built on top of these Layer 1, and rely on the layer 1 to support them in one way or another.
 
Layer 2s vary in how they operate, as we’ll see in a bit, but their goal is typically to remove the computation and transaction process from the L1, thereby reducing the computational load on the L1 and increasing the L1’s throughput by freeing up space for other transactions.
 
***
 
## Layer 2 Scaling on Cardano
 
L2 and scaling solutions for Cardano can be be divided into three categories:
 
- Sidechain
- Rollups
- State Channels (Hydra)
 
All L2s and scaling solutions are different and even each type of L2 comes in many formats, making it difficult to make generalizations about how they function. What we can do, however, is to discuss what the benefits and drawbacks are of each type of L2.
 
A generalization for layer 2s and scaling solutions that can be made is that users must lock up their funds on the main-chain in either a multisig wallet or, more commonly, a smart contract, to use these scaling solutions.


 
***
 
## Sidechain

Sidechains are blockchains that are entirely separate from the L1 chain and process and secure transactions by themselves. They are connected to the L1 via a two-way blockchain bridge. Users send their assets to a smart contract on the L1 where these assets are locked. They are then mirrored on the sidechain by assets minted by a smart contract on the sidechain. The only transactions recorded on the L1 from the sidechain’s activity are those of the locking and unlocking of the tokens sent to and from the sidechain.
 
Each sidechain will have its own consensus protocol (how the network is secured) and network of validators (those who validate transactions and produce blocks) and their set of validators is typically much smaller than that of the L1 they’re built on top of.
 
As a result, users of a sidechain are typically required to trust the third party validators to be honest actors. Sidechain can scale to become decentralized by adding more validators in a decentralized manner, however, the vast majority of sidechains available at the moment are highly centralized.
 
What users get for a reduction in the level of security of their funds is an increase in transaction speed and much lower transaction fees.
 
Sidechains can operate on the same model as the L1 they are built upon, or they can bring the capabilities of other environments to the users of that blockchain, such as [Milkomeda C1](https://builtoncardano.com/milkomeda) which brings Ethereum Virtual Machine (EVM) capabilities to the users of the Cardano blockchain and acts mainly as an interoperability solution rather than a scaling solution.

>Note that because sidechains are their own chain, running independent from the main-chain with their own validators, they are not considered as L2s, but can sometimes be thought of in the context of scaling solutions. Rollups and state channels, because of their reliance on the main-chain, are considered true L2 scaling solutions.
 
***
 
## Rollups
 
Rollups compress the data from multiple transactions that are computed off-chain and add that data to the L1 as a single transaction, storing just enough data on the L1 to allow other entities to view and validate the transactions inside it. A smart contract stores the state of the rollup on the L1 and when the rollup posts a bundle of transactions to the main-chain, as a single transaction, the state of the rollup -i.e. the record of the distribution of tokens on the rollup- is updated.
 
There are two main types of rollups currently in use in the blockchain world, these are optimistic rollups and zk-rollups. Optimistic rollups assume that all the transactions that take place on the rollup are valid. Once posted, a transaction can be challenged for up to 7 days and after that it is locked in as valid. Zk-rollups post a zero-knowledge proof to the L1 that is checked before the transactions are executed and added to the rollup state, ensuring that all transactions added to create that state are valid.
 
While transactions on a zk-rollup process slower than those on an optimistic rollup, as they wait for the process of proving to be completed, the withdrawal time from a zk-rollup is much quicker as the transactions have already been validated. In optimistic rollups the user must wait until 7 days -the length of the challenge period- after they have submitted their withdrawal to receive the funds.
 
By compressing multiple L2 transactions into one L1 transaction the L1’s throughput is increased and the transaction cost for the users of the rollup is reduced, as the transaction fee for the single transaction is split across all the transactions included in the bundle of transactions. The speed of transactions on the L2 rollup is also faster than that of the L1.
 
Rollups uses the L1 for data availability while removing the computational load from it to enable efficiency gains. As a result the L2 inherits the security of the L1 but is not secured by the consensus mechanism of the underlying L1.
 
Rollups can use the same or different models from the underlying blockchain e.g. the EVM or the eUTxO model. There is one rollup protocol currently being built on Cardano, and that is [Orbis](https://builtoncardano.com/orbis). Developing zk-rollups using the eUTxO model.
 
***
 
## State Channels (Hydra)
 
State channel are peer-to-peer channels that are opened by users who deposit funds in a smart contract or multisig wallet. In the state channel these users can then transact between each other with these funds as much as they like. When the users are finished using their state channel they post the final state, i.e. how much they each have, to the L1 and the funds are unlocked.
 
Only two transactions are recorded on the L1, the transaction to setup the channel, containing the initial state, and the transaction to close the channel, containing the final state. None of the transactions that happened in the state channel are recorded on the L1, allowing users to complete an unlimited amount of transactions for the price of two L1 transactions.
 
Because the users of a state channel are also their own validators their transactions are finalized instantly. So users get instant transaction finality and much cheaper transactions while removing their transactions, and therefore congestion, from the L1.
 
As their own validators, users of a state channel must always be online to agree to updates to the state of the state channel by signing it with their private keys. Keeping such a hot wallet makes them vulnerable to online attacks. Users also have to deposit their funds into the channel until the channel is closed, meaning they can’t use them elsewhere until the channel is closed and the funds released.
 
### **Hydra**
[IOG](https://builtoncardano.com/iog-iohk) has been developing isomorphic, multi-party state-channels, affectionately named [Hydra](https://en.wikipedia.org/wiki/Lernaean_Hydra), for multiple years now. You can read the paper that introduced Hydra [here](https://eprint.iacr.org/2020/299).
 
In the Hydra protocol each state channel is called a head, hence why it’s called Hydra, and Hydra works in a very similar way to the state channels discussed above. The main way in which they differ is in their isomorphic nature. Being isomorphic means that Hydra heads directly adopt the L1s smart contracting system, allowing the L1 to still be able to compute any disputes that arise out of the L2. This also allows the contracts that are created in the L2 to be launched on the L1 after the closing of the state channel. Perhaps most excitingly, the Hydra protocol allows for “incremental commits and decommits” meaning that UTxOs can be added and removed by users while the head is in use, allowing for funds to be added or removed from the state channel without the need to close it.
 
For a breakdown of Hydra from the technical minds that are building it, read [this blog post](https://iohk.io/en/blog/posts/2022/02/03/implementing-hydra-heads-the-first-step-towards-the-full-hydra-vision/).
 
The concept of virtual Hydra heads, where two Hydra heads are connected together through a virtual Hydra Head, means that users can interact across Hydra state channels, without going via the L1, opening the potential for a large network of Hydra heads in the future. Details of virtual Hydra heads can be found in [this paper](https://iohk.io/en/research/library/papers/interhead-hydra-two-heads-are-better-than-one/).
 
***
 
## The Scaling Future is Bright!
 
Scaling is one of the main focuses of the blockchain and cryptocurrency world at the moment and you can expect to see exciting and groundbreaking developments across the ecosystem in all three of the solutions mentioned above over the coming 12 months!
 
All the current scaling and L2 solutions have their benefits and their trade offs, namely increasing transaction throughput and decreasing the cost of transactions whilst decreasing security for the user and their funds. As the research continues we edge ever closer to finding a solution that solves the blockchain trilemma and the scalability issue that many see to be the boon of blockchains right now.


A look at the sidechains on Cardano along with the rollups being introduced to Cardano and the state channel technology that will help Cardano scale into the future.

The Future of Scaling on Cardano

A few months ago we began cataloging the Cardano ecosystem. Our ambition was not just to provide the curious minds of the world with a simple database of the projects being built on Cardano, it was to build the groundwork for a resource of the future. A resource where a user can always come and plot their own intrepid course of discovery through the Cardano ecosystem in as safe an environment as is possible.

It’s not that we thought this task might be easy, but we soon discovered that the goal we set out toward was a very ambitious one because, by its very nature, a decentralized network has few rules governing its organization. This makes such a beast a challenge to catalogue in humanities desired coherent and easily navigable way.

As human beings we naturally turned to words as our tool for cataloguing the ecosystem. We used words to help us apply logic and organization to an ecosystem that we found scattered throughout the ether. We found that a basic structure of terms defining the different elements of the Cardano ecosystem already existed in both the wider crypto-verse and in the Cardano community itself.

### How Words are Used

The natural process of making sense of the Cardano world around us using words was already well underway before our inception, and we used this existing crowd wisdom and the community driven terminology to build a framework in which to organize and present the decentralized world we were sifting through and trying to make sense of.

It was easy to recognize that the language being used to define and organize Cardano created a two tier system. The highest tier is that of *Industry*, where people talk and relate to parts of the ecosystem on a general level. The second tier is that of a more unique language, which we gave the title of *Tags*. These are used to speak of more specific elements of an industry or a feature present in the ecosystem, used without being confined to only being used in an individual industry.

These two levels of terms provided the framework for the language of Cardano that has evolved as our organizing of the ecosystem has evolved. When these terms are applied to a search function through a user interface, i.e. [Built on Cardano](https://builtoncardano.com/), they provide an intuitive and easy way for someone to search and refine the contents of the Cardano ecosystem. There are, however, other results of this organization besides facilitating a more intuitive exploration of the Cardano ecosystem.

>Note: all of the images shown below are live and interactive. Just head to Built on Cardano and our [Language page](https://builtoncardano.com/language) to use them yourself!

### The Result of Organization?

The result, after cataloguing over 270 projects, submitted by both ourselves and community members, is a primitively evolved landscape of interconnecting terms. When viewed from the side and vertically organized, with industries held above tags, these words form quite neatly organized stacks of terms that represent the framework and structure we discussed above; which, after all, was a part of our goal.

If, however, we view these terms from a different perspective, let’s call it “taking a bird’s eye view”, and place all the terms on a single level, then we find a different and more complex web of connections forming that tells a different story of the language used to describe Cardano. This complex web can be broken down and we can remove individual terms and view their connections to the other terms used in Cardano. If we look at the term DeFi:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639024732859.png?alt=media&token=19163f4a-2a4c-440e-988d-8e913f66689b)

Here we find 68 terms relating to the industry of Defi, ranging from DEX, to auction, to SDK. Each of these then has its own connections that range far and wide across the ecosystem in their own standalone webs.


![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025326104.png?alt=media&token=00af0d59-79d5-411c-9b69-5dc4ec00ba2a)

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025383512.png?alt=media&token=4013ae57-1584-479c-a0da-596f6343471d)

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025432911.png?alt=media&token=62447af7-232f-4a45-b3ab-4b4dbbe02c94)

This form of data representation can tell a different story to each person, depending on what angle they’re coming at it from. If you’re looking to see where the Cardano ecosystem is strong and well flushed out you can find that here. If you’re looking to find a weak, or under-developed part of the Cardano ecosystem you can find it here too.

### Language Diversity and a Language Evolution Process

The crypto-verse is maturing and the Cardano ecosystem, as its own microcosm of that wider world of crypto, is evolving along with it. In this young world burgeoning with creativity and development we find new terminologies which, on multiple occasions, are describing the same thing.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025512439.png?alt=media&token=ea049b03-5a4d-4c47-9aed-c6064af312bb)

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025565808.png?alt=media&token=b5b14252-d4f5-40e3-9f76-6057cd35b08e)

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025623769.png?alt=media&token=13fc70fc-1ec1-439b-ae85-2d4bfa595232)

Who are we to choose how one should describe a certain functionality? If we chose one ourselves, are we doing the community an injustice? We could skew searches and could maybe misrepresent the ecosystem to people. On the other hand, you could argue that using three different terms to describe the same thing is misrepresentation. Or is it a representation of the diversity of the way those building in the ecosystem are thinking?

### Ecosystem Representation

There are many ecosystem maps out there that users can view and use to help them get an overview of the whole Cardano ecosystem, [we have our own interactive ecosystem map here](https://builtoncardano.com/ecosystem). These maps group projects by what we earlier defined as our "level 1" Industries to provide an overview of the whole ecosystem. But they don’t give the whole picture. Using our languages and tags we created another interactive tool through which you can browse different terms used across the ecosystem. Here is DeFi presented through this tool:

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639025787175.jpeg?alt=media&token=a17acc11-c4e1-4943-9435-c4858c710571)

Of the ecosystem that we have currently catalogued 18% of it is categorized under DeFi. We can also see that 40% of these projects are tagged with the term “DEX” and 18% of them with the term “lending”. This gives us a more intimate look at the defi ecosystem on Cardano, and, because people can’t resist a logo-ed representation, we’ve included clickable logos too!

But you’ve gotta go to the [page](https://builtoncardano.com/language) to click ‘em ;)

>We don’t pretend to have cataloged the whole ecosystem. Such a claim about a fast growing, decentralized ecosystem would be naive at best. We do, however, hope that we have done a satisfactory enough job to warrant your attention.

We’ve called this representation of the ecosystem *Measuring Mass* and measuring the mass of different parts of the ecosystem allows people to weigh different elements of Cardano against each other; for whatever purpose they desire! 

### A Uniqueness

Some terms may be used by many projects in their marketing speak, but, when these words and their use are properly scrutinized, how many projects still use them? A good example might be the term *interactive*.

We’re dealing with a virtual world when we talk about Cardano, so it could be said that every part of the ecosystem is “interactive” in some sense; We have used it three times in this post to describe the tools which we provide for viewing the community. But would that, and those features, warrant Built on Cardano being labeled interactive? Probably not.

So, with terms like interactive, if we remove the broad sense of the term that is often used in marketing materials to maybe advertise a project’s “liveliness”, what do we get? Turns out to be two NFT projects (so far), that represent less than 1% of the ecosystem.

![alt](https://firebasestorage.googleapis.com/v0/b/builtoncardano.appspot.com/o/uploads%2Fthe-language-of-cardano%2F1639026237082.jpeg?alt=media&token=f4e4cff0-cd84-4946-8b90-4813b32313a9)

This view of the language of Cardano has the ability to make us question how people describe themselves and their projects. A lot of material that we read in this space exists to sell us something. This means a skewed, generally or loosely applied use of terminology to try and jam a narrative or product in-between our brain’s synapses. In our efforts to use words to organize the Cardano ecosystem we aimed to remove this obfuscated and marketing use of language, see our [content guidelines](https://builtoncardano.com/content_guidelines), and present projects for what they are, not what they pretend to be on marketing banners.

### What to take from “The Language of Cardano”?

Whatever you want.

These language based tools provide a different way of looking at the Cardano ecosystem and have arisen from our first attempt at cataloguing the ecosystem. As we and the ecosystem evolve and become more sophisticated then, undoubtedly, so will the language that we and others use to search the ecosystem.

Our task, now and into the future, is to continue along our current trajectory. To continue cataloguing the evolving language of Cardano as it grows and changes with the growth and maturation of the community and the blockchain. This means continuing to add to our catalogue of projects and related content, whilst evolving and updating our existing listings and terms so that they are as relevant and as useful as it is possible to be.

As we cast a wider net and add in more project pages we inherently must apply more time to ensuring our existing content is up-to-date. If you have a desire to contribute or have an egregious error to point out then please [contact us](https://twitter.com/cardanobuilt). We have more supplemental tools in the pipeline for users to help with understanding the Cardano universe, and the projects building upon it. So keep your eyeballs peeled and pointed over in this vicinity as things will start coming your way soon!





Organizing the decentralized Cardano ecosystem we found an interesting web of words emerging from the terms used to describe the projects building on Cardano.

The Language of Cardano

At the beginning of May 2022 we combed through the other resources out there looking for DeFi projects building on Cardano that weren’t already listed on Built on Cardano. This was because we wanted to make sure that we had the truest snapshot possible of Cardano DeFi. You can check out all our listed [DeFi projects here](https://builtoncardano.com/search?q=defi).

The list of projects we found was surprisingly long, surprising because we assumed we had the vast majority of DeFi projects on Cardano. Once we had our list we began thoroughly researching each item on the list, writing up our research, and posting it to. As we did so we actually found that we were rejecting more projects than we added. In the end we added 7 and rejected 22.

The numbers are not particularly important (although numbers are an easy and convenient way to display data), however, we do mention the numbers above to try and show the disparity in what we found. That is: we found 3x more Cardano DeFi projects that we were not willing to list than Cardano DeFi projects that we were willing to list.  For clarity, we’ve listed those non-listed projects here, along with the reasons why we chose not to list them.


## *Ziwwe*

[Website](https://ziwwe.com/)

**Why:** Not on Cardano

A proposed global remittance network with an algorithmic stablecoin that is **building on Bitgert**. Currently at presale stage, [went for Catalyst Funding](https://cardano.ideascale.com/c/idea/403440) and didn’t succeed.


## *Stasis*

[Website](https://stasis.net/)

**Why:** Not on Cardano

A centralized, Euro stablecoin, 100% backed by the euro currency. **Built on Ethereum** but says it will cross multiple chains (it is also on Algorad and Ethereum layer 2 solutions). It is an ERC20 token and the only Cardano mention found was a [partnership with occam.fi](https://medium.com/occam-finance/occam-fi-partners-with-stasis-to-launch-cardanos-first-euro-stablecoin-3e5da0c15ca) to bring the coin to Cardano through a bridge.


## *Bidali*

[Website](https://www.bidali.com/)

**Why:** Not on Cardano

A platform for purchasing digital gift cards for major brands that accepts multiple cryptos. **The only way they accept ADA is as a Binance token, a BEP20, pegged to the price of ADA.**


## *Acta Finance*

[Website](https://actafi.org/)

**Why:** Not on Cardano

A swap platform, previously ADA Finance that changed its name as it became blockchain neutral. They say they [had talks](https://bbs.market/BANTER/posts/wFau4k2zUaekZ8zV5Y9o?selectedCategoryId=ALL) with IOHK in October and “with Cardano not able to deliver, or be ready, for the high-frequency usage" they got another DEV team in to develop so they could launch on Avalanche (side note, they also says Cardano "has a lot of haters”). Their website currently says that [mLabs](https://builtoncardano.com/m-labs) are their partner in developing their Cardano smart contracts but, according to mLabs, they worked with Acta in the past but Acta Finance decided not to pursue Cardano for now.


## *Blago*

[Website](https://www.blag0.space/)

**Why:** Not on Cardano

A “metaspace” that seems to be its own chain (called a "decentralized network") for recording transactions and storing sensitive data; they have smart contracts for Binance in their Github but nothing representing anything concrete yet. They’re taking donations and are **not even supporting Cardano for donations**. Also, their Twitter is highly inactive (4 tweets since inception in Dec 2021, last one was in mid-March) and they throw around a lot of keywords, including big company names, in their materials.


## *Bora Finance*

[Website](https://borafinance.io/)

**Why:** Potential scam

A proposed all-in-one DeFi solution who said V1 of their product would be launched in Q4 2021 but no sign of it yet. Actually **there have been no development updates given at all**, not even a roadmap refresh to explain this missed launch date or to move their expected IDO date from Q1 2022. They’re serial retweeters of IOHK and Charle Hoskinson’s tweets, but have nothing to say about their own development. They also say that [CardStarter](https://builtoncardano.com/card-starter) will be their IDO partners but this is yet to be mentioned on the [CardStarter Medium](https://cardstarter.medium.com/).


## *CARDAO*

[Website](https://cardao.finance/)

**Why:** Seems dead (Potential scam)

A proposed stablecoin protocol backed by a pool of assets on Cardano. **They stopped tweeting (posting 6 total tweets) and posting blogs (posting 5 total) back in January 2022**. The contact/moderator also disappeared on their Discord, with no reason given, at the end of March 2022. There was never any information given on a team and there were never any links put in their “#Official Links” channel on their Discord server.


## *Emporium*

[Website](https://emp0rium.net/es/)

**Why:** Not on Cardano (Seems dead too)

A lending protocol, DEX, NFT marketplace, and more across 4 blockchains, that is (was) **building on Binance** first with their [whitepaper](https://emporium.gitbook.io/emporium-whitepaper/phase-1-l-farm) stating that they are then going to migrate tokens onto Cardano. However the tokenomics show that they’re going to release tokens on each of the 4 chains they’re building on, a little confusing here. There is no information of a team to speak of and an active Twitter account abruptly stops posting mid-January 2022. In their Discord in March they said that they’re fixing bugs in their already created platform, but there are no existing updates or views that show this platform exists.


## *Ekival*

[Website](http://www.ekival.com/)
**Why:** Doesn’t exist

A money transfer application allowing you to send ADA and USD anywhere. Social links on the website are duds, the signup button doesn’t work, the webpage contains some “Lorum ipsum” placeholder text, and parts of the website don’t seem to be fully completed**. An idea with no team mentioned.


## *GPAY*

[Website](https://gpaycoins.com/)

**Why:** Potential Scam

A currency purportedly aiming to be an exchange of value that is accepted like any other currency. The available materials puts forth a bold vision of being accepted by businesses, institutions, and companies, as well as being used for importing and exporting products. The website explicitly states “Best option to invest” and this is accompanied by quite a bit of of moon-boy-talk (see [YouTube Video Titles and Images](https://www.youtube.com/channel/UCMZ1FSS5xIV0KKxGwbqhJVA) for an example).

They list 4 Cardano wallets, with logos, on their website, 6 exchanges: 3 current (we couldn’t find any liquidity for their token on Muesliswap and Sundaeswap and couldn’t find them on the P2PB2B markets page) and 3 coming soon. All of this can be seen as a ploy to make them seem more official to the casual observer. There are buttons for the team’s social accounts but all are (12 in total) dead ends, another item that seems to be “official looking” to the casual observer. There are also no last names available for the team members, making verifying them extremely difficult.


## *Rhodium Coin*

[Website](https://www.rhodiumcoin.net/)

**Why:** Unsure (Potential Scam?)

A limited supply, store of value token named after [Rhodium](https://en.wikipedia.org/wiki/Rhodium) one of the rarest elements in the earth’s crust (but it’s not backed by rhodium at all, never even says so, just using its name). There are no statements as to how it will become a store of value on the website nor the very short, non-descriptive whitepaper. They propose integrating an NFT store into the website and that it is seeking listing on a CEX. There is no team mentioned at all, the ICO is over, and the stake pool is live but yet to mint a block. It could be just getting started or it could be a rug pull waiting to happen.


## *Shootpad*

[Website](https://shootpad.io/)
**Why:** Potential Scam

The first words you see on the website are “Infinite Wealth Generation Platform” for holders of the platform’s token. Followed by a “Private Sale” button. The site briefly mentions the metaverse and being multi-chain, but the kicker is that all you have to do to earn tokens from the companies holding IDOs on this platform is to own $SHOOT tokens, no investment in the launching project needed (just an investment in $SHOOT tokens). No team listed, or even mentioned for that matter. the "[Docs](https://shootpad.io/token-distribution.html)" section of their website takes you to their tokenomics data, with a graph and graphic that seems eerily similar to some found on the [CardStarter](https://cardstarter.io/) page.


## *TrustPad*

[Website](https://trustpad.io/)

**Why:** Not on Cardano

A multi-chain launchpad that is **on Binance Smart Chain**. It works on BSC, Solana and Terra. Only link to Cardano seems to be that [Ledgity](https://builtoncardano.com/ledgity) launched through this Launchpad.


## *GenTwo*

[Website](https://www.gentwo.com/)
**Why:** Not on Cardano

Create Swiss securities (calling them the next generation of financial products) out of any asset you want. Not even sure how this ended up on someone’s Cardano DeFi list. No mention of Cardano (or any blockchain for that matter) in how they function.


## *SureHive*

[Website](https://www.surehive.io/)

**Why:** Seems dead

A planned suite of DeFi solutions for Cardano that seemed good at a first glance but threw up too many warning flags. They are building a large knowledge base on their [Medium](https://surehive.medium.com/), however, by using their own [DeFi DYOR](https://surehive.medium.com/how-to-do-your-own-research-in-defi-82bb9fa049b3) standards I would be careful about them. There are no Developers listed on their website, only a Founder, two Researchers, five Advisors, and a technology partner, [Eccenscia](https://www.eccenscia.com/about-eccenscia/) (which is another project by the Founder and seems quite dead). They [talk about wallet development](https://twitter.com/surehive/status/1502304706760224773) but it’s not in their roadmap and their Discord is full of people saying hi in all the channels but with no responses given.

A product is meant to Launch to mainnet [this quarter](https://www.surehive.io/roadmap) but there have been no technical updates since February 18th 2022 and we couldn’t find a whitepaper, which was said to have been published at the same time as the litepaper, which does exist, in Q3 2021. Both were also meant to have been updated in Q4 of 2021, but the litepaper linked on the site is from Q3 2021.


## *Venus*

[Website](https://venus.io/)

**Why:** Not on Cardano

Decentralized lending, borrowing, and synthetics platform **built on Binance**. Seems to allow for the locking of ADA to create vADA, a synthetic version of ADA (however this may just be a token tied to the price of ADA).


## *Thothus*

[Website](https://thothus.io/)

**Why:** Potential scam (maybe already gone)

A proposed DEX aiming at gaming and metaverse tokens (Big buzzwords here) with 4000 followers on Twitter and only following one person, Elon Musk. Only 7 Tweets posts and we [tweeted them](https://twitter.com/CardanoBuilt/status/1522622696651063296) on May 6th asking for the links for their CEO and CTO Linkedins (which were dead links on the website) and got no response. On the topic of their website, it is currently returning a "certificate date invalid" error which leaves us to think that they’ve already pulled the rug. To note another interesting point, the VC firm mentioned in their [seed round blog post](https://thothus.medium.com/thothus-seed-round-was-concluded-in-6-hours-by-whakaaro-vc-angel-investors-c5d419e79547) seems quite illegitimate; a one page website with all the links leading to the page you were already on, and a statement of "34 Projects backed" but no display of who those projects are.


## *Metaps*

[Website](https://metaps.com/en/)

**Why:** Seems dead

They [partnered with Emurgo](https://metaps.com/en/archives/press_release/3190) back in 2018 to create pre-loaded ADA cards usable "at over 30,000 offline merchants"  in South Korea. The links for the website related to the card are all dead, leaving one to believe that the project is no longer alive.


## *KirkStone*

[Website](https://www.kirkstone.io/)

**Why:** Unsure

A rental real estate project aiming to give benefits to renters, especially students, with a goal to eventually help others get onto the property ladder and to solve the problem of homelessness through a charity (that they’re creating) that promotes and uses the “House First” solution. They will create a closed system with their token that is designed to create token demand by giving it a regular use case. Cardano is listed as their "Official Blockchain Partner" but the Cardano blockchain is a public ledger, not anyone’s partner in business.

Only the first names of the team are available, although they (through the company’s UK registration) can be found on the internet. After extensive searching nothing can be confirmed about their skill sets related to accomplishing the goals of this project and there are no developers mentioned on their team. They are conducting a token sale to get their project off the ground, but until they do this is currently an idea waiting to be fueled with funds so it can employ people to build it.


## *IBILECOIN*

[Website](https://www.ibilecoin.com/)

**Why:** Unsure

Trying to recreate Bitcoin on Cardano by issuing a 21 million token supply some of which is distributed to contributors to select stake pools as rewards, via [DripDropz](https://builtoncardano.com/drip-dropz) whilst 15 million tokens are called the “Circulating Supply” also deemed as “Allocation Team” in their whitepaper (where it is doubled up as both, unless they have another 15 million tokens up their proverbial skirts), either way we’re not sure what either of these terms mean.

Alongside being an “indigenous coin” it is also a “decentralized financial payment network that rebuilds the traditional payment stack on the blockchain”. They seem to want to build a decentralized community to then build movement, action, and to seemingly spur development around this coin; all through people buying or claiming it and choosing to participate in its ecosystem.


## *GOADA*

[Website](https://goada.net/)

**Why:** Unsure

A DEX, currently live on the testnet, that was created by two Cardano community members (although their first names are given the only links relating to them are emails to the website of the DEX ie. email@goada.net, so we cannot confirm who they are or their credentials for creating a DEX). Their stake pool, GOADA, was live for 12 epochs, 264 - 276, but failed to gain traction. After restarting it again at epoch 312 they’ve come back with a DEX too. When testing the DEX we couldn’t connect [Eternl wallet](https://builtoncardano.com/eternl) and could only add liquidity with [Nami wallet](https://builtoncardano.com/nami), but were not able to make any trades.



## *SpinADA*

[Website](https://spinada.cash/)

**Why:** Unsure

SpinADA have been around for a while but their whitepaper is not linked on their website. Back in March we asked for it twice in their Telegram yet the link still hasn’t been fixed. Many others have asked for it too but it has not been fixed. There is no way to look at or verify the team that is supposedly building it and not a single blog post has been put on their [Medium](https://spinadacash.medium.com/) and developments are not forthcoming at all, there has been action on getting a logo competition going. On the note of the logo, their logo is exactly the same as the [blockery.io](https://www.blockery.io/) logo.


***

## Wrapping Up

This shows some of what can go on behind the scenes to make an independently researched and verified project database like Built on Cardano happen. We would love to have included these guys and have said “Cardano has almost 100 DeFi projects!!” but, in reality, this isn’t true.

Cardano is built on the ethos of quality over anything else and we aimed to do that here, as we do every day, as we researched what to add to our listings of DeFi projects. If you have a project that is building on Cardano, DeFi or not, then you can [add it to our database here!](https://builtoncardano.com/create)



Looking through other resources for DeFi on Cardano brought us some surprising results.

The Results of Combing for Cardano DeFi

Whether you are already a neck deep in Cardano NFTs or are looking to get your digital paws on the apes, birds, clays, pixels, budz, art, photography, and all the other NFTs on Cardano, then you need to know the platforms and tools to help you find and procure those NFTs.

There are many tools in the Cardano ecosystem created to assist both NFT newbies and NFT degens in every step of their NFT journey—from finding drops, to avoiding scams, to researching sales data, to getting greater utility from their NFT bags. Here we’re going to run through those tools, but first, what is an NFT degen?

***

## What is an NFT Degen?

NFT degen is an affectionate term used by members of the NFT community to describe themselves and others who are heavily invested in NFTs. The degen meaning comes from the term “degenerate gambler” but is not meant to come with any of the negative connotations typically associated with the term.

***

## Cardano NFT Drop Calendars

If you’re looking for upcoming NFT drops on Cardano then calendars are your best resources. There are multiple NFT drop calendars created and maintained by members of the Cardano community that you can use to stay informed of upcoming NFT drops on Cardano. 

 [Wen cNFT](https://builtoncardano.com/wen-cnft) | [DROPCNFT](https://builtoncardano.com/drop-cnft) | [CNFT World](https://builtoncardano.com/cnft-world) | [CNFT Calendar](https://builtoncardano.com/cnft-calendar) | [NextCNFT](https://builtoncardano.com/next-cnft)

***

## NFT Alerts

If you’re looking for a specific NFT or an NFT bargain in a specific collection, you’re probably not the only one. In order to help you be the first there monitoring tools have been developed by multiple community members. These are typically browser extensions, that alert you when the conditions you set are met. These alert systems include.

[CNFT Predator](https://builtoncardano.com/cnft-predator) | [NFTSeeker](https://builtoncardano.com/nft-seeker) | Gordius Moab ([coming soon!](https://www.youtube.com/watch?v=KsHnyjApmUI&feature=emb_logo))

***

## NFT Fraud and Scam Prevention

Cardano’s experiment in decentralized governance, [Project Catalyst](https://builtoncardano.com/project-catalyst), has funded a NFT fraud detection search engine that you can use to check if a NFT is an original or a copy made by a malicious entity trying to trick you out of your ADA. That fraud detection search engine is [Argus NFT](https://builtoncardano.com/argus-nft).

Meanwhile, another Project Catalyst funded project [Smart Contract Audit Token](https://builtoncardano.com/smart-contract-audit-token), a.k.a SCATDAO, have created a [DYOR Tool](https://builtoncardano.com/dyor-tool) with a form to help you research an NFT project and analyze their potential to be a scam.

***

## Cardano NFT Marketplaces

As expected, there are multiple, smart contract enabled Cardano NFT marketplaces to service all your NFT buying and selling needs. Some just allow users to list their NFTs and others to purchase them, others allow you to make offers on NFTs in a collection and when the user connects their wallet to the site they will see your offer. 

There are many Cardano [NFT marketplaces](https://builtoncardano.com/ecosystem/nft-marketplace) live on the mainnet. [Jpg.store](https://builtoncardano.com/jpg-store) is the most popular one however the following marketplaces should not be discounted as a great place to be shopping for NFTs.

[CNFT.IO](https://builtoncardano.com/cnft-io) | [Artifct](https://builtoncardano.com/artifct) | [Tokhun](https://builtoncardano.com/tokhun) | [Artano](https://builtoncardano.com/artano) | [Fibo](https://builtoncardano.com/fibo) | [Paradiso](https://builtoncardano.com/paradiso) | [Genesis House](https://builtoncardano.com/genesis-house) | [Cardahub](https://builtoncardano.com/cardahub) | [Lovada](https://builtoncardano.com/lovada)

Some of the more popular NFT collections, notably [Spacebudz](https://builtoncardano.com/space-budz) and [DEADPXLZ](https://builtoncardano.com/deadpxlz), have their own marketplaces dedicated to their NFT collection on their website.

***

## Atomic Swaps on Cardano

If someone doesn't want to transact through an NFT marketplace then how do you go about making a trustless transaction with that individual? The answer is by completing and atomic swap! Both participants add their tokens, in this case probably NFTs and ada, to a transaction and then lock it. They then review the locked contents of the transaction and, if they're happy with everything in that transaction, then they sign it and the swap happens. If they're not happy with the contents of the transaction (maybe the other party put a different NFT into the transaction) then they don't sign it and they get their locked assets back. Use the blockchain as your trustless, third-party escrow service in an atomic swap to secure your off-market transactions. Here are the two atomic swap platforms on Cardano:

[Atomic Swap](https://builtoncardano.com/atomic-swap) | [Trading Tent](https://builtoncardano.com/trading-tent)

***

## Cardano NFT Explorers

If you’re looking to dig into an NFT collection and discover its rarity ranking, total numbers in a collection, along with information about trading: floor prices, trading volume, total traded, etc; then the best place to go is a Cardano NFT explorer. These include:

[opencnft](https://builtoncardano.com/open-cnft) | [CNFT Jungle](https://builtoncardano.com/cnft-jungle) | [CNFT Tools](https://builtoncardano.com/cnft-tools) | [CNFT Hub](https://builtoncardano.com/cnft-hub) | [Minter](https://builtoncardano.com/minterr)

[Pool.pm](https://builtoncardano.com/pool-pm) deserves a mention here as it allows you view activity as it happens live on the Cardano blockchain and has a [page](https://pool.pm/nfts) that displays the live transfer of Cardano NFTs. Here you can put in a specific NFT’s asset ID and view it and its traits. You can also put in an NFT collection’s policy ID and view recent transactions with those NFTs in them.

***

## Get More from Your Cardano NFT

If you really want to delve into the Cardano NFT community there are multiple dApps, DAOs, and communities built around specific NFT collections. Outside of that there are two project’s worth mentioning for getting greater utility from your NFTs and more NFTs for yourself.

[Cardano Lands](https://builtoncardano.com/cardano-lands): is a project that gives users rewards for staking NFTs and promotes cooperation between NFT projects.

[Pool Perks](https://builtoncardano.com/poolperks-io): allows you to find out which pools gift NFTs to their delegators in some shape or form.

***

## Borrowing Against Your NFTs

Is all your ADA value locked up in your mahoosive NFT portfolio? Well you can use some of those NFTs as collateral for loans where you set the conditions. There are two platform on Cardano where you can use your NFTs as collateral for loans:

[Lending Pond](https://builtoncardano.com/lending-pond) | [Fluid Tokens](https://builtoncardano.com/fluid-tokens)

You set the NFT you’re putting up as collateral, how much you want to borrow, what percentage interest you will pay, and how long you want the loan to be for. If you don’t pay back the amount, plus collateral, in the specified time then the smart contract immediately transfers the NFT to the wallet that funded the loan.

***

## More, More, More!

This is what NFT fanatics will always be thinking, and builders are going to keep building more and more apps and dApps for them to enhance and improve the Cardano NFT experience. As these tools keep growing we’ll continue adding them to Built on Cardano to provide you with the best list of NFT tools for Cardano users and NFT degens.

A guide for all the Cardano NFT degens and newbies. Featuring all the Cardano NFT tools you need including: calendars for upcoming NFT drops, NFT alert systems, Cardano NFT marketplaces, Cardano NFT explorers, and more tools for Cardano NFT fanatics!

The Ultimate NFT Degen Guide for Cardano

Two of the projects that have recently been uploaded to the Built on Cardano database of projects have raised both our eyebrows and those of our partners at [SCATDAO](https://www.scatdao.com). These two projects are Cardalonia and DigiRack. To conserve length we are going to focus on Cardalonia in this piece and then bring you another piece on DigiRack very, very soon.

Before we jump in we want to note what really drew our attention to both of these projects. It was a person by the name of Denis Lukavackic. He is Co-Founder at DigiRack and an Advisor at Cardalonia. Not being able to recall this name from before and seeing it twice in the course of a week, linked to two projects we found it difficult to verify, piqued our interest and we set out to explore further.

## Who is Denis?

Denis’s [Twitter](https://twitter.com/Denis_3320/) is sparse to say the least, with just one tweet of him with Roger Ver at a Bitcoin Cash meet up in 2018, and his [Linkedin](https://www.linkedin.com/in/denis-lukavackic-1b3338106) is also quite similar. Attempts throughout April to contact him on both platforms, by us and SCATDAO, have not been answered. This person, if real, is linked as a co-founder and advisor to multiple projects across multiple blockchains:

- [99DEFI](https://99defi.network/) - Binance Smart Chain - Project Advisor
- [Cryto Tron](https://crypto-tron.com/) - Tron Network - Co-Founder COO
- [Fertile Land TFH](https://www.fertilelandtfh.com/) - Binance Smart Chain - Core Team Member
- [Mine Full Trader](https://minefulltrader.com/) - Binance Smart Chain - Project Advisor and Marketing
- [Cardalonia](https://cardalonia.io/) - Cardano - Project Advisor
- [DigiRack](https://digirack.io/) - Cardano - Co-Founder

Delving in and discovering all of this we also found that joining Denis in many of his ventures is a person called [Piyanut Wonglakhon](https://www.linkedin.com/in/piyanut-wonglakhon-a353171a6/). She is, consequently, also an advisor to Cardalonia, the CSO at DigiRack, and holds multiple co-founder, marketing, and advisor roles at other projects Denis is involved in. Incidentally, she [recently (1 month ago) posted](https://www.linkedin.com/feed/update/urn:li:activity:6913376179492122624/) one of the photos of her, Denis, Roger Ver, and the [Business Developer](https://www.linkedin.com/in/robert-gazvoda-50182338/) for Crypto-Tron, taken at a Bitcoin Cash meet up; the same one that is Denis’s Twitter cover photo from 2018.

As mentioned, Denis was the link between the two projects that birthed this article and the next. So, without further ado, let’s get into Cardalonia.

***

## Cardalonia

The intro line of the Cardalonia website is “Cardalonia is a 3D Virtual Reality Experience Owned by Creators where they can Explore The metaverse”. This hits all the points that anyone might want to see and, truth be told, it does sound like an inviting prospect!

It is a gamified medieval world with an in-game token and marketplace for purchasing in-game CNFT items using the game’s native token. If a player owns land they can build what they want on it and use it for whatever they see fit, or even rent it out for others to build on and use. Avatars in the world are split into categories and this project seems to blur the boundaries between an [MMORPG](https://builtoncardano.com/search?q=mmorpg) and what is typically thought of as the metaverse.

So, what red flags popped up in our research and inclined us to author this piece?

>[If the below is TLDR for you then our friends at SCATDAO did a DYOR report on Cardalonia using their DYOR Tool and you can find the results of that here](https://audits.dyortool.io/report/f7bfde4e92). And if that’s too much to handle then you can just know that their results came in at 36.67%; negative.

### ***Token Sale with no Product***

An idea is great but when all a project offers are a few repeated screenshots of a generic landscape, and a few head and body shots of very similar male avatars then there is little to back up the appeal for funds. Especially when the team’s credentials seem to be thin on the ground.

### ***The Team***

The team are questionable at best and the social media accounts that are available for them seem to have been created around the same time as Cardalonia. Let’s delve deeper.

**The Founder** - Alice Sands’ [Twitter](https://twitter.com/SandZxc94114) account was created in 2007, but, on closer inspection, it posted the same tweet twice, in Chinese, in 2007 and then there was no activity between then and the beginning of April 2022, where all the activity is in English. This is often noted as a sign that an account has been bought. Alice is, however, now an active retweeter and sends many tweets herself.

Alice’s [Github](https://github.com/alicesand) is also brand new, as of early April, and contains 5 cloned repositories and two with only titles, these are the only two that are related to Cardalonia. From what is available there is no evidence, or mention of, this persona’s development skill.

**The CTO** - Vasil Air’s [Twitter](https://twitter.com/vasil_air) is less misleading as it was created in 2019. But it did only give 1 retweet and then not come back until March this year. He also has a brand new [Github](https://github.com/vasilair), all 7 repositories are forked, coincidentally on the same day as Alice’s were.

**The Fullstack Developer** - Dustan Water’s [Twitter](https://twitter.com/dustan_water) was created this April, and has one piece of activity, a retweet of a tweet from the official Cardalonia account. His [Github](https://github.com/dustan-water) is also brand new and features 10 forked repositories, the majority done on the same days as the other two members of the team.

>All three of these personas joined Github on the same day, April 8th 2022.

**Project Managers** - Two Project Managers are listed in the second part of the team section. One, [Danney Velázquez](https://www.linkedin.com/in/danneyve), seems to be a very real person. However, when SCATDAO reached out to her he received quite a defensive response and was directed to send any questions to the Cardalonia contact address. Not what might be expected from someone who probably wants a project they’re managing to be well received.

The other Project Manager, Hannatu Shallangwa, has a [Twitter account](https://twitter.com/_diosa_a), (full of retweets for an NFT project whose website was a dead link at the time of writing) and a telegram profile link. This telegram profile is active in the Cardalonia Discord.

**Advisors** - We started this post by describing two of the three advisors for this project. The third has a very sparse [Linkedin](https://www.linkedin.com/in/usha-devendranath-762b881b/) profile that also says that he is an advisor to the 98defianalytics.com project (a dead link at the time of writing and one that doesn’t come up as a result in an internet search).

If these instances were individual and on their own then we may not question them as much. But, when all of these are bundled into one project’s team it doesn’t make very good reading. It is also hard to discern the developer experience that exists amongst this group of individuals.

### ***Social Accounts***

The social accounts for Cardalonia are all very new, created in 2022 or 2021. In this short time the most popular public accounts for users of a project, [Twitter](https://twitter.com/cardalonia), [Instagram](https://www.instagram.com/cardalonia_/), and [Medium](https://cardalonia.medium.com/), seem to have picked up an astounding amount of followers.

Their Twitter, created in April 2022, has over 20,000 followers at the time of publication, their Instagram, despite having only 2 posts, has just under 5,000 followers, and their Medium account, created in February, surpasses that of almost any this author has ever seen with over 4,200 followers!

The supposed popularity of this Medium account may be quite good to contrast with a popular project that is highly active on Medium and has been for some time, [occam.fi](https://builtoncardano.com/occam-fi). In contrast to Cardalonia's social followings Occam.fi's Medium account, [Occam_PR](https://occam-pr.medium.com/), only has 2,300 followers, whilst Occam.fi’s Twitter pushes over 70,000 followers and has been active for just over a year.

>It is a well known fact that followers can be bought on both Twitter and Instagram, and a quick search shows that 1000 Medium followers can be bought for $200USD.

Cardalonia’s Discord boasts over 3000 members and, from research done by our partners at SCATDAO, we find that there are lots of generic, potential bot posts in the Discord and, for a Discord of 3000 people, not a lot of activity at all. To add to this, an overwhelming majority of the posts that cannot be classed as generic bot posts are all about purchasing tokens, with some responses encouraging users to buy more tokens. When approached about the legitimacy of their Discord members by SCATDAO they got quite defensive and pointed to their verified status on Twitter as proof of them being legitimate.

> Twitter Verified Blue Checkmark
>
>You can apply for the verified blue checkmark on Twitter and the criteria for getting one is much more lax for a company than an individual, making it much easier for a company to obtain. Furthermore, there are numerous guides online that tell you how to make sure you hit all the points, and there are even companies you can pay to get you verified. **In short, a verified blue tick on twitter is NOT a good way to reassure yourself of a company’s legitimacy.**

### ***Media Posts***

Most of the media posts about Cardalonia are on paid platforms or are copies of their press releases, possibly paid for too. This is a common activity by malicious projects trying to attract followers and to prove legitimacy to followers by showing themselves as featured in various media outlets.

### ***Pitch Deck Claims***

Their [pitch deck](https://www.canva.com/design/DAE9YQf2fPA/jKY2zq4_vqbeRa41T6yr_g/view?utm_content=DAE9YQf2fPA&utm_campaign=celebratory_first_publish&utm_medium=link&utm_source=celebratory_first_publish#1) is very basic in design, showing nothing of the product being produced, and is very short on concrete informational content about the product itself.

### ***Funding Completed***

In a [Medium Post](https://cardalonia.medium.com/cardalonia-closes-a-420-000-round-of-pre-seed-funding-to-develop-a-play-to-earn-metaverse-on-bf8f3d5134b2) Cardalonia say that they have completed a pre-seed funding round (in this post they also make the claim of being the “First Metaverse game” on Cardano) where they raised $420,000 (assumed USD) from “more than 8 investors”.

The two companies cited in this post, [Hedgespur](https://hedgespur.com/) and [Kitkat Metaventures](https://kitikatmetaventures.vc/) do not seem to be overwhelmingly active or well known in the space. Hedgespur is a legitimate company registered in the UK, however the founder, Edison Johnston, is hard to find any information on, and it is hard to see what, if anything, they’ve invested in before. It is even harder to find anything on Kitkat Metaventures’ activities and the people involved.

***

## A Conclusion and a Question 

This is the first of two pieces diving into projects in the Cardano ecosystem that Denis Lukavackic and his close relation Piyanut Wonglakhon are involved in. Looking at all the information on display here we are personally discouraged by this project and what they offer. But we want to offer Cardalonia the opportunity to come forward and to discuss this with us in the public sphere on a live voice chat, preferably video too. Will you Cardalonia?

Stay tuned for our next piece on DigiRack and, in the meantime, we remind you to never trust, always verify, always DYOR, and, as always, stay safe out there Cardano 🦆

Is Cardalonia a Scam? And what makes this Cardano-based project specifically so interesting?

Two New and Questionable Cardano Projects: Part 1 Cardalonia

**If you missed** [**Part 1**](https://builtoncardano.com/blog/two-new-and-questionable-cardano-projects-part-1-cardalonia) **of this duo of articles we suggest you click here to go back and at least read the introduction to it as it pertains to the team member, Denis Lukavackic, of both Digirack and Cardalonia who piqued our interest in them.**

***

This article is a summary of our investigations into the recently submitted project to Built on Cardano, DigiRack: a proposed NFT marketplace for Cardano. This platform seemed quite legitimate at a first glance, however, a deeper investigation threw up some red flags and we are authoring this piece to bring our finding to your attention.

>[If the below is TLDR for you then our friends at SCATDAO did a DYOR report on Digirack using their DYOR Tool and you can find the results of that here](https://audits.dyortool.io/report/261a4c7414). And if that’s too much to handle then you can just know that their results came in at 23.33%; very negative.

## Digirack

### ***Token Sale with no Product***

The materials produced by Digirack say that they have been working on this project for “about 7 months”, and decided to launch after developing the MVP. There is no MVP available for users, just 4 screenshots and an auto scrolling repeating screen (Like a GIF), that is also one of the screenshots, with a generic voiceover. The statement that the development of an MVP preceded the launch of the Digirack website and token sale is proven false by their own actions.

### ***Website Claims***

The above claim is made in the FAQ section of their website but we are first going to touch on the “In The News” section where they have listed the logos of four companies who have, apparently, featured the project.

**investing.com** - A [search on the website investing.com](https://www.investing.com/search/?q=digirack) for Digirack turns up no results. So investing.com doesn’t seem to have produced any content on Digirack.

**CoinMarketCap** -  There are no results when [searching for DigiRack on CoinMarketCap’s knowledge platform](https://coinmarketcap.com/alexandria/search?term=digirack), or when searching for their RACK token on the platform.

**CoinTelegraph** - There are also no results when [searching DigiRack on CoinTelegraph](https://cointelegraph.com/search?query=digirack].

**Yahoo Finance** - Yahoo finance does in fact have a [piece](https://www.yahoo.com/now/digirack-nft-marketplace-launches-cardano-211800011.html) about Digirack. This is a repost of a Global Newswire press release, a paid service who’s releases are often picked up and reposted by Yahoo Finance. Because of this Yahoo Finance is not (by us and many others in the space) deemed as a reliable source of verification for any project as projects can pay to have themselves featured there.

In the FAQ section, alongside their MVP claims, is the claim that their unique selling points are “never before seen” features. These are, in fact, present on existing NFT marketplaces and protocols: personalized creator profiles (on [Artano](https://builtoncardano.com/artano)), On-Chain minting with metadata (multiple marketplaces, such as [Tokhun](https://builtoncardano.com/tokhun)), and NFT staking (multiple platforms, such as [Paribus](https://builtoncardano.com/paribus)). These claims are simply not true and are misleading.

Finally, in the footer of the website are what look like links to a Terms and Conditions and a Privacy Policy, however neither actually links to anything.

### ***The Team***

The team mentioned on the Digirack page goes as follows:

**The Founder and CEO** - On his [Linkedin](https://www.linkedin.com/in/shirajuddeen-m-b8a217115/) (only a few connections and no activity for 2 years) and [Twitter](https://twitter.com/shirajuddin_m) (which was created in April 2022 and has over 900 followers, a pair of facts that stinks of paid for followers) he states that he works for [FinTech Programmers](https://fintechprogrammers.com/). He is not listed on their site amongst their team members but upon contacting FinTech Programmers via Telegram they said that he had worked for them for 5 years. However, on his Linkedin, he only says that he’s worked there for a year, how is there such a HUGE discrepancy here?

**Co-Founder** - One of the other co-founder has a [Linkedin](https://www.linkedin.com/in/damir-hajdi%C4%87-93548918b/) account that contains nothing except a profile picture and 2 years of education. Nothing that can be used to verify the individual in the slightest.

The other two members of the team, Denis Lukavackic and Piyanut Wonglakhon, were delved into at the beginning of [Part 1](https://builtoncardano.com/blog/two-new-and-questionable-cardano-projects-part-1-cardalonia) of this duo of articles and it is Denis that linked these two projects together and piqued our interest into their legitimacy. Denis is listed as a co-founder and Piyanut as CSO.

This team includes no smart contract developers for Cardano and all the points listed here, and in our previous article, make the team’s existence and legitimacy seem quite questionable, bringing the whole project’s legitimacy into question. To note, in [this article](https://digiracknft.medium.com/the-driving-force-behind-digirack-meet-the-ceo-shirajuddin-m-ccc1e0372230), we are told that “there are a dozen other Developers that major in specific programming languages like Vue, Node JS, Haskell who are behind the scenes developing and building out the platform.” This article is itself quite an interesting one, so let’s move onto their blog content.

### ***Blog Content***

Reading through their blog we are presented with the sort of content we may expect from a project introducing itself to the world. However a few articles are worth mentioning:

**A Strange One** - DigiRack released [an article](https://digiracknft.medium.com/the-driving-force-behind-digirack-meet-the-ceo-shirajuddin-m-ccc1e0372230) (the one mentioned above) introducing their Founder and CEO, Shirajuddin M. This article repurposes his Twitter bio, and makes numerous claims that can’t be confirmed through his Twitter or Linkedin, specifically one about him founding numerous startups. It also uses the same photo of him seen in all other materials, including his Linkedin and Twitter profiles.

What is strangest about this article is that after just 3 sentences about the CEO the article pivots to tell us that there are “a dozen other Developers” working on the project. It then features a quote from DigiRack’s co-founder, about the “exploding NFT” market, but nothing about the CEO. So no quotes from the CEO that you’re introducing, and nothing really verifiable about him. Hmmm….

**Some Plagiarism** - After reading their blog content we checked some of their posts for plagiarism. There was some level of plagiarism in some of the more generic ones however this is the one that we want to bring to your attention. Compare the “Why Are NFTs So Valuable?” section of the [DigiRack article](https://digiracknft.medium.com/non-fungible-tokens-nft-explained-68240f4fdebf) and [this one](https://artdecotoken.medium.com/why-we-built-on-binance-smart-chain-aff8908f2726) from Art Deco. Too many similarities to really be a coincidence.

Art Deco was a NFT marketplace on Binance Smart Chain last year that seemed to have been an exit-scam. All of their contacts and socials went dead last year and their website is gone. If you’re going to plagiarize something, why would you choose to do it from a project that was a seemingly obvious exit scam?

### ***Litepaper***

The [DigiRack litepaper](https://docsend.com/view/735xiq7xuyp4erh6) has enough information to pass as a decent litepaper. However ***there is one MASSIVE error in it.*** The team listed in the litepaper does NOT contain the founder Shirajuddin M, as is listed on the website. Instead it lists Damir and Denis as Co-Founders and Piyanut as CSO. It then lists a 4th persona, Joe Paryse, with Bart Simpson as their picture, as Project Manager. This discrepancy between the litepaper (released March 31st) and the website is a huge red flag, how can you forget your Founder and CEO in your litepaper? I mean, did he not read it before release?

### ***Social Media Following***

The Digirack [Twitter](https://twitter.com/digiracknfts) has been live for 2 months and has already gained over 6000 followers. This smells of followers being bought, and this idea is backed up by the lack of interaction on almost every post they’ve made. 
Their Telegram has around 2000 followers, but not much activity at all. Their [Medium](https://digiracknft.medium.com/) account has a humongous amount of followers for a Medium account with over 2500. Having such a large amount of followers for a Medium blog is very strange and this is a similarity between Digirack and Cardalonia. It is very rare for a project’s blog to have this many followers, as we showed in Part 1 and this, again, stinks of Digirack having paid for followers.

***

## In Conclusion

After reviewing the materials, claims, and content from Digirack and Cardalonia we are not convinced by the legitimacy of either project. We encourage you to do your own research, DYOR, before making any decisions and not to take our word as gospel; the same as we would tell you not to take anyone else’s word as gospel.

We would love to have the Digirack founder, Shirajuddin, reach out to us for a public discussion on this project. Our friends at SCATDAO reached out to him regarding some of the discrepancies in the project and his materials but so far have had no response. More than that we’d love to get a response from Denis Lukavackic and have him come on a public chat to discuss these two projects with us. Shirajuddin and Denis, are either of you out there?

As always, stay safe out there Cardano 🦆

Details of the red flags raised by Digirack making it a potential scam in the Cardano ecosystem.

Two New and Questionable Cardano Projects: Part 2 Digirack

If you’re posting, planning on posting, or have posted a listing to the Built on Cardano platform then this post is for you! Here you’ll learn how to make the most of our proprietary markdown and how to show your listing in the best possible light! (with no coding skills required!)


## What is Markdown?

> Markdown is a lightweight language that gives everyone, no matter their level of coding knowledge, the ability to jazz up their text, personalize it to suit their needs, and to display things how they want them to be displayed.

Markdown is universal across devices and applications and is easy to understand because it uses minimal amounts of punctuation to apply formatting to text. Once you’ve learnt markdown you’ll be able to apply it anywhere that allows you too!

>As an example of how easy markdown is to use: the above blockquote, and this one, were create with a simple ‘>’, that’s it! 

## A Flavor? 

No, it’s not a shoddy pun! There is a general standard of markdown that can be found [here](https://www.markdownguide.org/) and, just because, [this](https://daringfireball.net/projects/markdown/) is the website of one of the two creators of the language.

The "flavor" tag come from the fact that anyone can edit the markdown output to suit their own needs. Meaning that the instructional keys are the same but they can be used to denote different outcomes in the text for that particular site or tool. So when someone takes the original form of markdown and tweaks it to suit their needs their new creation is called a "flavor" of markdown 😋

***

>While we want you to have fun personalizing your content with markdown, please don’t forget to follow our **[content guidelines](https://builtoncardano.com/content_guidelines)**.

Our content guidelines can be found [here](https://builtoncardano.com/content_guidelines) and they’re also handily linked above the markdown editor on both our create and edit pages.

***

## Our Flavor of Markdown

We’ve split this guide into two sections:

- The Essentials
- The Next Level

With each element we’re first going to show you what punctuation to use and how to use it. below that we'll then show you how it will display to the user. When you are creating content on Built on Cardano you get a live preview right next to the markdown editor. This allows you to check for errors before hitting save!

***

## *The Essentials*

These nuggets of knowledge are going to help you to curate a piece of content that is visually stunning!


### *Titles*

There are two types of title you can use:

- Title
- Subtitle

To make a title place two ## and a space before the word you want to be a title.

To make a subtitle place three ### and a space before the words you want to be a subtitle.

Like so:

`## This is a Title`

## This is a Title
 
`### This is a Subtitle`

### This is a Subtitle


*** 

### **Highlighting and Bolding**

There are three options for highlighting text on Built on Cardano. *highlighted*, **bold**, and the ***double***. Here’s how to execute all three.

`*To highlight text add and asterisk to either side of it, like this*`

*To highlight text add and asterisk to either side of it, like this*

`**To bold text add two asterisks to either side of it, like this**`

**To bold text add two asterisks to either side of it, like this**

`***To do the double add three asterisks to either side of the text, like this***`

***To do the double add three asterisks to either side of the text, like this***

Highlighting, bolding and, the double can be added to both title types. Simply surround the words of the title with the amount of asterisks you want. For example:

`### *I'm a Highlighted Subtitle*`

### *I'm a Highlighted Subtitle*

***

### **Links**

If you want to link a piece of text to another part of the internet then you have to surround the word(s) you want to link with square brackets. The link for the place on the internet that you want to link out to goes next to it in a pair of round brackets, like so:

`[I made a link!](https://builtoncardano.com/)`

[I made a link!](https://builtoncardano.com/)

Links on Built on Cardano come in our signature orange not the traditional blue.

If you just add a URL to the editor it will automatically recognize it and turn it into a link. Like so:

`https://builtoncardano.com/`

https://builtoncardano.com/

You can combine bolding and highlighting with both types of links, but doing so does replaces the orange color. See below:
 
`**[I made a link!](https://builtoncardano.com/)**`

**[I made a link!](https://builtoncardano.com/)**


`*https://builtoncardano.com/*`

*https://builtoncardano.com/*

***

### **Blockquotes**

Blockquotes help to highlight important parts of the text and makes them stand out from the rest of it. Whilst they make things stand out do be careful with overusing blockquotes, if they’re overused they lose their meaning and have little affect besides making the reading experience more difficult for the user. To make a block quote you do the following:

`>Simply add a > (greater than sign) before the text you want to blockquote and ta da! You have a blockquote!`

>Simply add a > (great than sign) before the text you want to blockquote and ta da! You have a blockquote!

If you want to make a blockquote with multiple paragraphs in it then you simply add “>” on the lines between blockquoted lines, like so:

```
>This is a multi-
>
>line
>
>block-
>
>quote example for you to see!
```

>This is a multi-
>
>line
>
>block-
>
>quote example for you to see!

You can also combine links, bold, and blockquotes to real show off your markdown skills:

`>If you want you can **bold**, *highlight*, or ***double*** text in a blockquote but [links (like this one)](https://builtoncardano.com/) don’t display in orange in blockquotes so they aren't noticeable. So we recommend bolding your [**links like this**](https://builtoncardano.com/) so they’re recognizable. Or you can highlight or double them, your choice.`

>If you want you can **bold**, *highlight*, or ***double*** text in a blockquote but [links (like this one)](https://builtoncardano.com/) don’t display in orange in blockquotes so they aren't noticeable. So we recommend bolding your [**links like this**](https://builtoncardano.com/) so they’re recognizable. Or you can highlight or double them, your choice.

***

### **Lists: Unnumbered and Numbered**

Unnumbered lists can be created using a hyphen, -, an asterisk, *, or a plus sign, +. You have to put a space between the piece of punctuation and the words on the list.

```
- This works
- As a list
```
- This works
- As a list
```
+ This also works
+ As a list
```
+ This also works
+ As a list
```
* This also also works
* As a list
```
* This also also works
* As a list

Numbered lists will **always** go in numerical order, no matter what numbers you type. They are made by typing a number with a fullstop after it. An example:

```
1. fish
1. fish
1996811. fish
42. Thanks for all the fish
```
Always becomes:

1. fish
1. fish
1996811. fish
42. Thanks for all the fish

The fullstop after the number is what makes it turn into a list. So if we remove the fullstop from the above list then we just get:

1 fish

1 fish

1996811 fish

42 Thanks for all the fish.

It doesn’t format to a list at all, it stays the same as we typed. So, if you want to do

10 a

9 countdown

8 list,

7 then

6 write 

5 the

4 numbers

3 without

2 the 

1 fullstops.

Just like that there ^^. ***We have LIFTOFF!!***

***

### **Separators**

You may have seen seperators, like this:

***

neatly cutting up the sections of this blog post. These are easy to make! Simple put a *** on a line on its own like this:
```
***
```
and it turns into this:

***
Simply done! If you want to make a thicker separators simply stack lines of triple asterisks, ***, like this:

```
***
***
***
***
***
***
***
***
```

This is the resulting size of the separator:

***
***
***
***
***
***
***
***

The more you stack the thicker it gets! So stack until your heart’s content.

***

## *The Next Level*

The above essentials allow you to really jazz up your text and make it exciting and engaging for people to read. The next few items are slightly more complex, but not difficult, and allow you to *add images*, *add emojis*, add *alt text to images and links*, and to *prevent markdown from formatting things you don't want it to*.

### **Stopping Markdown from formatting**

Let’s say you want to write something like we’ve done here that shows off the code without the editor formatting it for you. To do this you must add three back ticks, ```, on the lines before and after the content you want to not have formatted.

```
>This should
>
>Be a multi-line, **Bolded** quote.
>
>But with the three backticks "```" on the lines before and after it
>
>it displays like this.
```

Not like this:

>This should
>
>Be a multi-line, **Bolded** quote.
>
>But with the three backticks "```" on the lines before and after it
>
>it displays like this.

***

### **Adding Images**

Adding an image is almost the same as adding a link. You just have to put an exclamation point, !, at the beginning.

```
![logo](https://builtoncardano.com/_next/image?url=https%3A%2F%2Ffirebasest[...]w=1920&q=75)
```

Becomes:

![logo](https://builtoncardano.com/_next/image?url=https%3A%2F%2Ffirebasestorage.googleapis.com%2Fv0%2Fb%2Fbuiltoncardano.appspot.com%2Fo%2Fuploads%252Fbuilt-on-cardano%252F1644685387176.png%3Falt%3Dmedia%26token%3D089eaadf-3c31-4f61-8e5c-8637b8a70776&w=1920&q=75)

>Note that this, unfortunately, does **NOT** work for IPFS files.

***

### **Adding Alt Image and Link Text**

You can add alt text (text that pops up when you hover over it) to both images and links. This is done by putting what you want the alt text to be into quotation marks and adding it to the second set of brackets containing the link or the image location. Like this:

`[No Alt Text Here](https://builtoncardano.com/)`

[No Alt Text Here](https://builtoncardano.com/)

`[Hover me Baby](https://builtoncardano.com/ “Oooooh Yea!”)`

[Hover me Baby](https://builtoncardano.com/ "Ooooooo Yea")




```
![logo](https://builtoncardano.com/_next/image?url=https%3A%2F%2Ffirebasest[...]w=1920&q=75 "See, I'm a Special One!”)
```

![logo](https://builtoncardano.com/_next/image?url=https%3A%2F%2Ffirebasestorage.googleapis.com%2Fv0%2Fb%2Fbuiltoncardano.appspot.com%2Fo%2Fuploads%252Fbuilt-on-cardano%252F1644685387176.png%3Falt%3Dmedia%26token%3D089eaadf-3c31-4f61-8e5c-8637b8a70776&w=1920&q=75 "See, I'm the Special One!")

***

### **Task Lists**

You can add task lists in markdown and can use them to show users what you plan on doing, and what you've already accomplished. These are also very easy to update, meaning that it's easy to have your as up to date as possible. To create a task list you need to add boxes, [ ] or [x], to a list. This list can be numbered or not, it’s your choice.

```
- [ ] unticked box (must have a space in it)
- [x] Put an x in it to make a ticked box!
```

- [ ] unticked box (must have a space in it)
- [x] Put an x in it to make a ticked box!


```
1. [ ] unticked box (must have a space in it)
2. [x] Put an x in it to make a ticked box!
```

1. [ ] unticked box (must have a space in it)
2. [x] Put an x in it to make a ticked box!

**Note:** These tick boxes don't format without the list element. Meaning that:

```
[ ] unticked box (must have a space in it)
[x] Put an x in it to make a ticked box!
```

Stays as:

[ ] unticked box (must have a space in it)

[x] Put an x in it to make a ticked box!

***

### **Emojis**

You can copy and paste emojis into markdown to make your text cooool 😎  or whatever you want.... 💩

Use [Emojipedia](https://emojipedia.org/), or a platform of your choosing, to find the emojis that fit your needs! 🥳

***

That, everyone, is how you can spice up the markdown section of your listing on Built on Cardano and potentially entice more people to click through from Built on Cardano to your project, stake pool, organization or skill! Have fun making your ecosystem listing snazzy!

Learn how to use markdown on Built on Cardano to display your project, skill, stake pool, or organization at its utmost best! (no coding knowledge required!)

Using The Built on Cardano Flavor of Markdown

This is a common question asked about any blockchain by those who aren’t too involved in its community, and answering it is one of the reasons we created our unique Cardano project and ecosystem explorer [Built on Cardano](https://builtoncardano.com/). Such a question is regularly -maybe not regularly enough- asked by YouTubers and influencers. Other common questions include: what does Cardano do exactly? And what will Cardano be used for?

Let’s take out all the technical superiority that the Cardano community regularly promotes -rightly so!- and focus on the plain and simple answers people are looking for when they ask these questions.

Here we’ll cover what you can use Cardano for, if Cardano has any partnerships, along with what they are and how they reflect on the vision set forth for Cardano as a blockchain for global change.

***

##  What Can You Do on Cardano?

Pretty much anything you can do on any other blockchain! That’s right. Many ask: does Cardano have a working product? And the answer is yes, on many counts. Cardano itself is a working product that many people have built protocols, NFT collections, communities, and more on top of. Let’s run through the three most talked about actions or activities in blockchain:

**Staking -** You can stake your ada to a Cardano stake pool and earn passive rewards for helping to secure the network. Your tokens never leave your wallet and are never locked, meaning you can spend and use them whenever you want! Rewards are distributed every 5 days and accumulate until you want to collect them. [Learn more about staking on Cardano here](https://builtoncardano.com/blog/how-to-stake-on-cardano).

**DeFi -** Cardano had $56m in TVL (167m ADA) at the time of writing according to [DeFiLama](https://defillama.com/chain/Cardano). Users of Cardano DeFi can complete the same DeFi actions they can on other chains: swapping assets on AMM and order book style [DEXs](https://builtoncardano.com/ecosystem/dex), lending and borrowing assets on decentralized [lending protocols](https://builtoncardano.com/ecosystem/lending-protocol), participate in the crowd funding of projects through [launchpads and accelerators](https://builtoncardano.com/ecosystem/launchpad-and-accelerator), and farming rewards for supplying liquidity to various protocols. There are also protocols for producing synthetic assets, impacting the property asset class, and there are multiple stablecoins getting ready to launch on Cardano. Discover more in our [Cardano DeFi project map](https://builtoncardano.com/ecosystem/defi).

It is worth mentioning that Cardano recently completed a hardfork that significantly upgraded the way Cardano smart contracts can function. Many DeFi protocols, with a large and passionate community following, have been waiting until after this to launch their products—so you can expect to see Cardano flexing its true DeFi muscles very soon!

**NFTs -** Cardano has JPEGs too! The NFT ecosystem and community on Cardano is something truly special and NFTs have been available on Cardano since March last year. There are thousands of NFT collections, dozens of NFT marketplaces, dedicated Cardano NFT calendars, community created fraud prevention tools, and more! Learn more in our [Ultimate Guide for the Cardano NFT Degen](https://builtoncardano.com/blog/the-ultimate-nft-degen-guide-for-cardano).

NFT utility is growing and evolving on Cardano and NFTs can be found everywhere from [Cardano blockchain games](https://builtoncardano.com/ecosystem/games-and-gaming), to [metaverse](https://builtoncardano.com/ecosystem/metaverse) platforms, to DeFi protocols. Expect to see NFT utility grow and transform as the blockchain and Cardano ecosystem evolve.

***

## Does Cardano Have Any Partnerships?

DeFi, NFTs, staking: these are all great use cases but who, besides the average Joe and Jane, is choosing to use Cardano? It turns out that quite a few people, enterprises, and governments from around the world have partnered with either IOHK or the Cardano Foundation to use the Cardano network for a wide variety of things.

These partnerships focus around the vision put forth by the team behind Cardano. The Cardano Foundation and IOHK see blockchain technology as a tool to drive positive change, and seek out and form partnerships that enact this change.

**Ethiopian School System** - [IOG](https://builtoncardano.com/iog-iohk) has partnered with the Ethiopian Government to implement a blockchain-based system for verifying and recording student achievement and performance. This will be done through their [Atala PRISM](https://builtoncardano.com/atala-prism) decentralized identity, DiD, solution to give every teacher and student their own, DiD to associate with their immutable blockchain records. [Learn more here](https://iohk.io/en/blog/posts/2021/04/27/blockchain-finally-comes-of-age-with-worlds-biggest-blockchain-deployment/).

**Georgian Wine Industry** - The Cardano Foundation has partnered with the Georgian National Wine Agency, Bolnisi Winemakers Association, and Scantrust to develop a supply chain tracking system that will provide transparent and certifiably traceability to the drinkers of wine originating from Georgia. [Learn more here](https://cardanofoundation.org/en/news/cardano-foundation-partners-with-georgian-national-wine-agency/).

**DISH** - IOG has partnered with the USA-based, satellite TV company DISH to create a DiD and loyalty system for DISH users on the Cardano blockchain. This will use the IOG developed Atala PRISM solution. [Learn more here](https://iohk.io/en/blog/posts/2022/06/07/dish-launches-decentralized-identification-and-loyalty-coin-system-built-on-input-output-global-iog-technology/).

**Veritree** - At the Cardano Summit in 2021 the Cardano Foundation announced a partnership with [Veritree](https://builtoncardano.com/veritree) to create the Cardano forest. A fully recorded and verified reforestation effort on the Cardano blockchain. [Discover more here](https://cardanofoundation.org/en/news/blockchain-reforestation-with-veritree-a-model-for-environmental-practices/).

***

So, does Cardano have any partnerships? Yes! Two of the founding entities of Cardano have forged partnerships that help to forward the vision of blockchain changing the world for the better. How many partners does Cardano have? It’s really hard to tell, but [here](https://cardanofoundation.org/en/news/cardano-unveils-multiple-strategic-partnerships-at-the-cardano-summit-2021/) are a few more from the Cardano Foundation.

***

## Does Cardano Have a Future?

Without diving into any of the technical aspects of Cardano we’ve shown here how Cardano offers the same functionalities as any other blockchain out there and we’ve also collated information regarding partnerships made by the founding entities of the Cardano blockchain. So it begs the question: does Cardano have a future?

Cardano is research first and its design is focused around two strong fundamentals: code that can be [formally verified](https://why.cardano.org/en/science-and-engineering/formal-specification-and-verification/) and the use of [game theory](https://cardano.org/ouroboros/) to determine the fairest protocol parameters. For anyone looking to compare blockchains these two attributes of Cardano are something they should dive into to get a true understanding of the protocol.

Why did we become users and advocates of Cardano, and why, to us, does Cardano have a future? The pragmatic and logical approach described above are certainly factors in recognizing the future resilience and continued existence of Cardano. However, a hugely motivating factor for us is the ability to enact real and positive change in the world with our actions, now and into the future.

Those involved in the development and advancement of the Cardano protocol make a conscious effort to steer the blockchain in the direction of using blockchain to enact positive change on the world, and the community have followed their lead in tremendous fashion.

You can do a lot with Cardano and that utility will continue to grow into the future!

Learn, without difficult technical terms, what you can do on Cardano, whether Cardano has any partnerships, and the answer to: does Cardano have a future?

What Can You Do on Cardano?

Double Spent operates as an autonomous ecosystem governed by immutable mathematical principles and catalyzed by rational self-interest. Leveraging Cardano's extended UTXO model, the protocol creates a unique equilibrium where individual actions naturally align with collective prosperity.

The protocol implements dual incentive mechanisms:

A burn mechanism that rewards early participants when the collection grows.
A prize pool that massively(?) rewards the most recent minter after a time delay which is pushed farther into the future with each mint.
These mechanics create a revolving interplay of incentives where individual self-interest drives collective growth maintaining a mathematical balance to encourage the different stages required to scale.

> Buy early to burn | Buy last to win

## Dual Value Extraction
Double Spent creates two distinct paths for participants to extract value:

### 1. Burn Mechanism
Rewards early participants when the collection grows:

- Only NFTs with index < total/2 are eligible
- Burning destroys the NFT but yields ₳200
- Net profit: ₳94 (88.7% +) per eligible NFT
- Just under half of all NFTs will eventually qualify



### 2. Prize Pool
Rewards the most recent participant:

- Accumulates ₳4 from each mint
- Claimable only by the last minter
- Must wait until timer expires
- Value grows linearly with collection size
- Position transfers with each new mint

---
## Game Theory
Double Spent creates a economic environment where individual incentives drive collective behavior in predictable yet complex ways.

### Participant Motivations
#### 1. Early Participants
Motivated by securing positions that will become eligible for burning as the collection grows. Each position has potential for ₳94 profit when the collection doubles their position.

#### 2. Middle Participants
May acquire NFTs hoping for continued growth to reach burn eligibility. These participants create the necessary growth for early positions to become eligible and for the Prize Pool to grow to a desirable amount.

#### 3. Late Participants
Increasingly motivated by the growing Prize Pool. As this value grows, the incentive to become the last minter increases proportionally.

___

## The Minting War Scenario
As the Protocol grows, a fascinating dynamic emerges around the Prize Pool:

1. Value Growth: The Prize Pool accumulates ₳4 with each mint
2. Economic Threshold: When the Prize Pool exceeds ₳106 (after 27 mints), it becomes theoretically profitable to mint solely to claim it
3. Competitive Dynamic: As the value grows substantially, multiple participants may compete to be the last minter
4. Escalation: Each new mint in this competition further increases the Prize Pool value while transferring the claim rights
5. Timer Extension: Each mint adds 20 minutes to the timer, preventing immediate claims and allowing for more competition

#### Theoretical Minting War
Consider a scenario where the Prize Pool reaches ₳4,000 (after 1,000 mints):

The value now exceeds the mint cost by nearly 40x
This creates strong incentive for participants to compete for the last position
Each competitor must balance:
1. The cost of minting (₳106)
2. The probability another participant will outbid them
3. The extended waiting time with each new mint
This competition could theoretically drive continuous growth

## Emergent Equilibrium
The dual incentive structure creates a self-balancing system. The burn mechanism rewards early participation, while the Prize Pool creates increasing incentive for late participation. Together, these mechanics create a protocol where individual greed fuels collective growth, potentially driving the system toward various equilibrium states determined by participant behavior and economic conditions.

### Game Mechanics Analysis
The protocol can be analyzed through several game-theoretic lenses:

### Prisoner's Dilemma Aspect
Participants face a classic dilemma: minting immediately to secure a position versus waiting for others to mint first. While collective restraint (waiting) would minimize overall costs, individual incentives push toward aggressive minting, especially as the Prize Pool grows.

### Auction Mechanics
The competition for the last minter position resembles an all-pay auction where each bid (mint) incurs a cost, but only the final bidder receives the reward. This creates a natural escalation dynamic as the Prize Pool grows to significant values.


### Long-Term Behavior Patterns
Initial exploration: Early phase characterized by experimental participation with limited capital commitment
Growth acceleration: As burn eligibility proves profitable, participation increases and collection grows geometrically
Competition phase: Prize Pool values become significant enough to drive competitive minting wars
Professional optimization: Advanced tools and strategies emerge to maximize returns, potentially including automated minting bots
Equilibrium establishment: Growth eventually stabilizes at a level determined by market conditions and participant resources
The Double Spent protocol creates a rare economic laboratory where game theory principles play out in real time on a blockchain. By aligning individual incentives with collective growth through carefully balanced mechanisms, the protocol demonstrates how structured competition can drive emergent behaviors that benefit both early and late participants through different value-capture methods.
Technical Architecture
Double Spent is implemented on the Cardano blockchain using Aiken for smart contract development and Mesh for offchain integrations. The architecture consists of several interconnected components that work together to maintain the protocol's state and enforce its rules.

## Artwork & NFT Generation
Each NFT in the Double Spent collection is procedurally generated, creating a unique visual representation derived from its index number.

NFT 1: ![Alt text](https://double-spent-image.vercel.app/api/double-spent/1)
NFT 53: ![Alt text](https://double-spent-image.vercel.app/api/double-spent/53)  
NFT 99: ![Alt text](https://double-spent-image.vercel.app/api/double-spent/99)  
Collection Specifications
The artwork for each NFT is generated using a deterministic algorithm that:

Uses the NFT's index as a seed value
Creates 300px × 300px minimalist designs
Employs mathematical functions to determine visual elements
Ensures each piece is unique while maintaining collection coherence
"The artwork serves as a visual representation of position within the protocol. Early NFTs with lower indices feature distinct visual characteristics from later NFTs, creating a visual language that reflects the mathematical properties of the collection."

Double Spent

Products

Agrow Labs is an innovative enterprise blockchain company dedicated to delivering sustainable blockchain solutions built on the Cardano blockchain. With a commitment to empowering businesses, organizations, and communities, Agrow Labs focuses on developing secure, scalable, and interoperable technologies that improve transparency, efficiency, and trust across a wide range of industries.

At the heart of Agrow Labs' mission is the belief that blockchain technology can transform how industries operate, paving the way for greater collaboration, improved security, and sustainable practices. By leveraging the robust infrastructure and advanced features of Cardano, Agrow Labs provides tailored blockchain solutions that meet the unique needs of each client, ensuring compatibility and seamless integration into existing systems.

Agrow Labs is an enterprise blockchain company providing sustainable blockchain solutions built on Cardano. 

Agrow Labs

Digital communities will increasingly organize around valuable authentic data (signal). Our mission is to provide creators the tools to protect their creative identity and govern their signal.

Authentic human data is increasingly crucial in the competitive AI landscape. We are building the future where creators keep their value in the age of AI! Rather than being left out, our authentic communities will be able to affirm digital rights and negotiate financial returns. The free market for your data is coming to Cardano, and Moments is its catalyst.

We root digital control to you, our creator communities by building on decentralized architecture. To let you design a community that works for you, we chose for flexibility, security, and trust. Cardano is a powerful network for self custodial value management, IPFS for immutable public media storage, haveibeentrained.com for AI-opt out rights registration, IAGON for data backups, and GameChanger.finance for community controlled minting.

In short, we are getting ready for a world of Multi-sig, DAOs and Data Unions! Sounds crazy? You haven't heard the half of it.

**Time powers our platform and by extension our creators:**
1. Governance participation in the platform will measure as 1 slot = 1 vote
2. Proof of creation time-stamped on chain
3. Proof of ownership
4. AI training opt-out
5. Platform utility such as advertising rights and more
Moments will become the best way to capture and protect the value of authentic media. A never ending timeline where the world creates, owns, and governs.

All communities and creators are welcome to start an archive. Journalists, DREPs, Dapp users and more. Bootstrap your creator community today, get in touch. We want to see you succeed so let us help you!


## Summary
- Each minted post (a ‘Moment’) is minted as a permanent NFT on Cardano’s blockchain, visualized by AdaMoments.io and publicly accessible. Moments hold governance power to determine the collective legacy of AdaMoments.
- Pre-minted post are free. They are not minted on the blockchain but reserve the rights to do so in future. They are stored on IPFS, visualized by AdaMoments.io and publicly accessible.
- Each moment is added to a public ‘Do-Not-Train’ ledger to support legal rights against un-ethical AI training and protect individual style, voice, and creative identity.
- Minting a moment requires ADA currency and a Cardano compatible wallet.
- Each moment is assigned interval of time, registered by Cardano’s Blockchain. The interval represents the governance power of the AdaMoments platform (1 slot = 1 vote).
- Communities (journalists, projects, organizations) can get in touch to request their own (gated) archive. This means communities are free to organize around an archive gated by their own community token / NFT.
- Ada Moments is Cardano’s first Data Union.

[AdaMoments Light Paper](https://adamoments.cdn.prismic.io/adamoments/ZrDOUEaF0TcGIr1h_ATS_Brochure.pdf)
&nbsp; &nbsp;&nbsp;[Technical Whitepaper](https://adamoments.cdn.prismic.io/adamoments/ZrDOZkaF0TcGIr1j_ATS_Technical_Whitepaper.pdf)
&nbsp;&nbsp;&nbsp;[Share feedback](https://forms.gle/c58dWzLAfKRAd2YK6)


> That brain of mine is something more than merely mortal as time will show
 > − Ada Lovelace (1815-1852)


## Mission
Our mission is to incentivize beauty by providing creators the tools to govern the legacy of their digital signal.


**Own Your Moment. A never-ending timeline where the world creates, owns, and governs.**

Moments

Lets not allow Europe to turn into a dictatorship, lets stop the carbon taxes and mass surveillance, Europe should not be stuck in the past and also not fall into a dark future of green dictatorship and mass poverty. Ursula von der Leyen is not the future. We need energy, we need food, we need transportation and housing! We need access to high tecnology.

A token that represents the resistance to not allow Europe to turn into a totalitarian dictatorship from the European Commission and Klaus Schwab.

European Freedom Coin

Earn 12% to 28% ROI Yearly  with collecting a Bulldoge NFT & staking  $bdoge tokens.


Our NFTS are high-quality manufactured prints of Bulldoge in all possible characters. Characters are divided into different classes and rarities
– the rarer the higher your reward can be.


See subdivisions Class: Yearly ROI

- Bulldoge Traveller - Tourist	12% ROI

- Bulldoge Profession	16% ROI

- Bulldoge Historic – Heroes – Bad guys	20% ROI

- Bulldoge ROYALS – GODS – DEVILS	24% ROI

- Bulldoge Crypto miners	28% ROI

As an example reward

- You have 1.500.000 BDOGE and a Bulldoge Traveller – Tourist: On an annual basis, you earn 180,000 BDOGE

- You have 1,500,000 BDOGE and a bulldoge ROYAL: On an annual basis, you earn 360,000 BDOGE


Extra info about rewards
Payout rewards
Rewards are paid quarterly I.e. that as an example of 12% you will receive 3% rewards per quarter.

Claim

You can buy multiple Bulldoge NFTS, but only the highest class is used for the payout of rewards. Of course, you can trade Bulldoge NFTS to make a profit. NFT drop + price/NFT In total, there are 1000 NFTs to be obtained. These will be offered with an NFT drop via JPG.TOOLS You can buy an NFT at the starting price of 50 ADA

Reinvestments

The selling price is set slightly higher because we invest part of it back to replenish the treasury to be able to pay out the rewards. Through our investments, the value of BDOGE will continue to increase, as well as the value of the NFTs. The NFT should be seen as a small node that ensures that your investment is used to the maximum.


NFT DROP release date

April 2025
on JPG.TOOLS
Price: 50 ADA




OUR SOCIALS

- Website: http://bulldoge.io

- X/Twitter: http://x.com/Bulldoge_ada

- Discord: http://discord.gg/YXzR3Pvz5q

- Telegram: https://t.me/+m-aVicMk4SNkOGJk

Bulldoge NFTs, together with $BDOGE memecoin are the source of income for our reward system. Funds collected from these NFTS will be used to reward our holders 

Bulldoge NFT -  $Bdoge

### Coin Wallet Features  

- **Self-Custodial Control:** Your keys, your crypto. Coin Wallet ensures full ownership of your funds without relying on intermediaries.  
- **Tor Integration:** For users prioritizing anonymity, Coin Wallet integrates with the Tor network, ensuring transactions remain private by masking your IP address and location.  
- **Privacy-First Approach:** No trackers or data collection. Manage your cryptocurrencies without compromising your privacy.  
- **Cardano (ADA) Support:** Easily buy, sell, send, and receive ADA directly within the wallet.  
- **Cross-Platform Availability:** Coin Wallet works seamlessly across Web, Android, iOS, and Windows, giving you access to your funds anytime, anywhere.  
- **Open-Source Transparency:** The wallet's code is publicly available, reinforcing trust and allowing anyone to verify its security.  
- **Beginner-Friendly Interface:** Simple navigation and intuitive design make it accessible for all experience levels.  
- **Global Accessibility:** Support for multiple regions and currencies ensures easy adoption wherever you are.  

---

Coin Wallet is the perfect solution for anyone seeking secure, private, and flexible cryptocurrency management. Start managing your crypto your way at [coin.space](https://coin.space).  


A self-custodial wallet for sending, receiving, and exchange of ADA and 20+ cryptos. Open-source and private since 2015. Available on Web, Android, iOS, Windows

Coin Wallet

Gem Wallet is a user-friendly crypto wallet that offers convenience and top-notch security for beginners like you. 

## Why Choose Gem Wallet?

When it comes to choosing a crypto wallet, you need to consider several factors. 

- **Security:** Gem Wallet prioritizes the safety of your funds. It employs advanced encryption protocols and follows best practices to ensure that your digital assets are protected against unauthorized access.

- **Simplicity:** Gem Wallet is designed with beginners in mind. Its intuitive interface and straightforward navigation make it easy for anyone to start using cryptocurrencies without feeling overwhelmed.

- **Multi-Currency Support:** Gem Wallet supports a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB) and many others. You can conveniently manage all your digital assets in one place.

- **Wallet that does not track you:** Gem Wallet allows you to send and receive cryptocurrencies with just a few taps on your smartphone. No tracking of your transactions or anything you do with your wallet.

Gem Wallet is an open-source and self-custodial crypto wallet that lets you send, receive, swap, use dApps, buy, and stake cryptocurrencies

Gem Wallet

We are here to fight, build and gather as a community. ADA including memecoins is a huge value to CARDANO itself. Now we used RIN2S.AI

SRIN2S is one of trusted meme coins for the upcoming Al memecoin supercycle. 
https://x.com/poonuttradex?s=21

rin2s.ai

The Worldeater is a global escrow that operates exclusively on Cardano. Anyone, at any time, can deposit any amount of ada into a fixed wallet address. This wallet address is known as the hell wallet. The amount of ada within the hell wallet is known as the hell amount.

The 100 most recent depositors are tagged as active participants. Active participants are slated to receive a payout from the hell wallet. Each active participant's payout is their contribution divided by the others' sum - also known as the pool.

If the hell wallet does not receive a deposit in 72 hours from its most recent deposit, all the active participants are paid their dues via a smart contract.

Let's visualize this with a few examples.

The pool is 100 ada. You have contributed 1 ada towards the 100 ada pool. The hell amount is 1,000 ada. No one else deposits. You earn 1% of the hell amount, and are paid 10 ada.
The pool is 500 ada. You have contributed 250 ada towards the 500 ada pool. The hell amount is 25,000 ada. No one else deposits. You earn 50% of the hell amount, and are paid 12,500 ada.
The pool is 300 ada. You have contributed 4.5 ada towards the 300 ada pool. The hell amount is 17,500 ada. No one else deposits. You earn 1.5% of the hell amount, and are paid 262.5 ada.

The Worldeater serves as a practical, crypto-exclusive, and attractive interaction point for cryptocurrency transactions.

Practical in the sense that there are no downloads, account registrations, or even browsers necessary to interact with the hell wallet; the barrier to entry is simply a cryptocurrency wallet.
Crypto-exclusive in the sense that it is impossible to interact directly with the Worldeater via fiat money.
Attractive in the sense that the idea is adequately intriguing, low-risk, and prompts interaction via lucrative rewards.
The unprecedented, perhaps game-show / casino-like nature coupled with the ominous theme provides the intrigue.
The non-zero deposit threshold provides the low-risk.
The potential for unprecedented financial return prompts user interaction.

There is a direct correlation between the prominence of the Worldeater, and the practical adoption of cryptocurrency. Not only that, the deposit / payout functionality is an insatiable feedback loop.

The more people that deposit into hell wallet, the higher the payout is.
The higher the payout is, the more people hear about the Worldeater.
The more people hear about the Worldeater, the more people that deposit into the hell wallet.

To alleviate the Worldeater's polarizing (all or nothing) nature at scale, Badges have been introduced.

Worldeater badges are various NFTs that are minted and awarded from the hell wallet to certain depositors. There are 11 different types of badges, ranging from the most common (Wood) to the most rare (Diluvium). Each individual badge will be visually unique from any other.

The Worldeater is a global ADA escrow. If Hell does not receive a new deposit for 72 hours, all active participants are paid their dues.

The Worldeater

Welcome to EpicApes, where players embark on a thrilling journey to battle enemies, upgrade their characters, complete missions, and earn valuable rewards. Compete in the arena, team up with friends, and collect cash tokens to unlock tokens airdrop, which can be traded on exchanges! 🚀💰 
Free to Play!  Accessible to everyone, with no entry fees or requirements.

Level Progression!  Enhance your character’s performance by upgrading levels and equipment to defeat enemies.

Character Upgrade!  Equip high-quality gear and set tactical skills for more powerful gameplay.

Rewards and Goals!  Complete daily quests and challenges to unlock exclusive rewards.

Social Features.  Invite friends, earn bonuses together, and improve teamwork and collaboration.

PVP Mode.  Battle against other players in the Arena to earn valuable rewards and tokens.

Web3 Integration.  Earn blockchain-related rewards such as NFTs or FT tokens while enhancing your gameplay. The platform integrates gamified elements with educational guidelines to smoothly transition Web2 players into the Web3 space.

General Website: https://epicapes.io/  
Project Litepaper https://docs.epicapes.io/  
Discord Server: https://discord.gg/qG2vTBcPQ9  

EpicApes is more than just a game — it’s a visionary ape-themed GameFi platform revolutionizing gaming by incorporating a diverse range of captivating game mechanics and features inspired by Web2 games into the Web3 ecosystem, all sharing a unified economy and user interaction structure. 

EpicApes is a full-fledged f2p & p2e idle game where your time and effort can be turned into real money!

Epic Apes

SPACEDOGE is a next-generation blockchain ecosystem built on the Cardano blockchain, merging the power of decentralized finance (DeFi), NFTs, and community engagement. Our mission is to create a scalable, secure, and user-friendly financial ecosystem while fostering a strong and passionate community.

Core Components:
Token Utility:

The SPACEDOGE token enables staking rewards, governance participation, and DeFi activities such as yield farming and lending, providing users with diverse income opportunities.
DeFi Ecosystem:

We are actively developing decentralized applications (dApps) for financial services like lending, borrowing, staking, and yield farming, making SPACEDOGE a versatile tool in the DeFi space.
NFT Integration:

SPACEDOGE will soon launch its exclusive NFT collection on JPG.Store, allowing users to own digital assets tied to the SPACEDOGE universe. These NFTs will provide added functionality within our ecosystem, including gamification features.
Community-Centric Approach:

SPACEDOGE is designed to be community-driven, with a strong focus on user engagement, transparency, and decentralized governance. Our ongoing Launch Bowl event on Minswap DEX exemplifies this, enabling users to directly support and participate in the project's growth.
Vision:
SPACEDOGE envisions a future where blockchain technology is both accessible and empowering. By combining the robust security of Cardano, the scalability of zkSNARK-based rollups (via Bitcoinos), and an innovative approach to DeFi, SPACEDOGE seeks to become a leading project in the Cardano ecosystem.

Our unique blend of technology, creativity, and community positions SPACEDOGE as a standout contender in the race to redefine decentralized finance and blockchain-powered innovation.

Welcome to SpaceDoge, a groundbreaking initiative at the confluence of meme culture, blockchain innovation, and global philanthropy.

SPACEDOGE

A P2P transaction is simply when two people can complete a transaction without a centralised authority like a bank or exchange. The Azima ecosystem is unique because it relies on users to complete transactions rather than exchanges. With Azima, we will reward users who help to complete transactions and secure the network with the ability to earn money passively, and get premium rates on services, encouraging usage and growth in the de-fi space. 

##  Unique Lending Protocol
Within our P2P exchange is our unique lending protocol which sets us apart from other providers, leveraging state of the art security and Cardano's smart contract technology. 

At Azima we share the principles of the blockchain we are founded upon, Cardano, principles of trust, care, and transparency, helping to improve financial inclusion and social empowerment for the people. 

Ultimately our embracement of De-fi will help to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for positive change and progress.
.

Azima is a fintech startup with a crypto token and decentralised application allowing users to conduct P2P trading between fiat currency and digital assets

Azima

Comunidad Cardano is a Spanish-speaking project dedicated to the Cardano ecosystem. It has a forum where users can discuss, find help, information and resources and promote their social networks and SPO. Recently we have also launched a blog on the main page to share articles of interest.

Our website is focused on giving users a space dedicated to the Cardano ecosystem in Spanish. To be able to learn, develop, find help and continue to expand their knowledge about Cardano in Spanish.

Our goal is to create an interactive space that encourages the exchange of opinions and perspectives, thus building a solid social fabric around the shared vision of Cardano and its cryptocurrency ADA.

The idea of the project was born when we saw that there was no website that gathered information and tutorials about Cardano in Spanish. In addition, the official Cardano reddit is only available in English and the official forum does not fulfill the function that we believed necessary to create a community where to share and discuss.

The project has been active for more than a year since its launch and is visited every day by fans of the Hispanic Cardano community. It has no advertising or profit motive and is supported by user donations.

Comunidad Cardano is a website developed to bring together all Hispanic fans of the Cardano ecosystem.

ComunidadCardano

Nio App is a free tool that helps manage assets and portfolios across various investment channels using wallet addresses in Cardano, EVM and Cosmos chain. Currently, Nio App supports integration with 10+ DApps in Cardano, including MinSwap, Lenfi, FluidToken, and Indigo in token, lending, and staking rights tracking. We currently have around 300 daily active users, with approximately 1,000 wallet addresses being checked each day. We recently integrated with Eternl Wallet for analytics portfolio tracker

The first Mobile App tracking DeFi investment on Cardano

Nio App

These songs, instrumental in nature, come to you through the ethers mostly in 432hz concert pitch. Some are guitar based while others are keyboard. Choirs and space are integrated and interwoven in most pieces.  All are electronica. Descriptions are varied, each unto its own and must be experienced.  The titles give a hint. The songs wrote themselves, so I assume they want you to hear them. Interesting that they were completed when NFT's became available. So, here they are.


Cosmic Soul a compilation of 24 songs composed over 10 years, played, edited and produced by one individual. They are now ready for your enjoyment.

Cosmic Soul

CyberVerse is a free-to-play, cross-chain and play-to-earn MMORPG live in beta on Cardano blockchain! Players can explore Cyberia city, engage in a variety of mini-games, and earn CYPX. Activities include DJing, car racing, and gardening. Players can also collect daily rewards, complete quests, level up, and customize NFT apartments they own. The game includes features such as global chat, leaderboards, and loot boxes, with a multiplayer mode that enhances collaborative play and so much more.


CyberVerse is a free-to-play, cross-chain and play-to-earn MMORPG live in public beta on Cardano blockchain!

CyberVerse

---

Billions of dollars in crypto assets have been lost due to the inability to reclaim assets in self-custody wallets when seedphrases are lost or the owners pass away. We provide a **secure** and **trustless** solution to ensure your assets are passed on to your loved ones.

Our dApp allows you to create vaults, which are sets of smart contracts that function like self-custody wallets, giving you full control over their contents. With a vault, you can define rules for asset distribution after you pass away. When you create a vault, you receive a unique vault address, a vault key, and you also set a deadline. This deadline can be extended periodically as a _Proof of Life_ to confirm you're alive.

Within your vault, you can create subdivisions called pockets to allocate your assets. You can then mint corresponding pocket keys to distribute to beneficiaries. These pocket key tokens allow beneficiaries to claim their share of the assets from the respective pockets once you are unable to prove you're alive, which occurs after the deadline has fully elapsed.

With this dApp, your crypto assets can be reclaimed in a trustless manner after you pass away. This allows you to store your assets with **peace of mind**, eliminating the need to entrust your seed phrase to a third party. Your vault offers full control over your assets, functioning like a self-custody wallet but with added features.

GenWealth helps you plan and secure your crypto assets, ensuring they are managed according to your wishes in the event of unforeseen circumstances.

GenWealth

NFT Gater makes it possible for artists, performers and merchants to form a highly entertaining bond with consumers without needing to learn web3 and without giving up any of your revenue to a middleman. By dictating which NFTs unlock your gate, and choosing from a range of payload types, you can associate NFT ownership with anything from access to a Zoom meeting to a free product checkout on your store. Think of it like an If-This-Then-That for NFTs. Create your NFT using your favorite service, then use NFT Gater to apply functionality to those tokens in seconds.

Web3 For All! Try Cardano's first easy-to-use tool that allows creators to add web3 functionality to your own website without code! 

NFT Gater

Introducing Blockchain Super Heros: the game-changing NFTs that revolutionize the digital collectible landscape! Say goodbye to the mundane and utility-lacking NFTs—Blockchain Superheroes are here to save the day with stunning graphics and unbeatable rewards.

Collect and Mine

With three distinctive rarity traits, each Blockchain Superhero is a piece of art you'll be proud to own. But that's just the beginning. These NFTs come packed with utility:

Own 1,000 Digital Gold Tokens and a Blockchain Superheroes Mining Permit and unlock exclusive mining capabilities.

    Every 5 days, mine Digital Silver Tokens.

    Every quarter, mine Digital Diamond Tokens.

Exclusive Rewards

Be among the first to complete your Blockchain Superhero collection! The first 25 people to collect all ten Blockchain Superheroes NFT will receive an ultra-rare limited edition #0 Blockchain Superheroes NFT featuring all ten characters. This bonus giveaway strictly first come first served.

Join the Revolution

Blockchain Superheroes are not just NFTs; they are your gateway to a new era of digital collectibles with real rewards. Don't miss out on the chance to be a part of this exciting revolution. Collect all ten today and experience the power of Blockchain Superheroes!


Digital Gold Ecosystem BLOCKCHAIN SUPERHEROS 
CNFT Collection 
Minting July 27tH 2024 for 55 ADA per NFT

Digital Gold Series Two Mining Permit

Welcome to SuperFly (SFLY) – The Ultimate Meme Token of Madness and Power

Introduction

In the vast and wild world of cryptocurrencies, where serious projects and groundbreaking technologies abound, there is a place for fun, madness, and sheer entertainment. Welcome to SuperFly (SFLY), the ultimate worthless meme token that embraces the chaotic spirit of the crypto universe. Built on the Cardano blockchain, SuperFly combines the power of meme culture with the robustness of advanced technology.

What is SuperFly (SFLY)?

SuperFly (SFLY) is a meme coin designed to bring a smile to your face and a dose of humor to your crypto portfolio. With a logo featuring a crazed and powerful fly, SuperFly stands out as a symbol of chaos, power, and fun. It’s not just another token; it’s a statement, an attitude, and a community of like-minded enthusiasts who enjoy the lighter side of the crypto world.

Why SuperFly?

Madness and Fun: SuperFly is all about embracing the madness. It's a token that doesn’t take itself too seriously but offers a lot of entertainment and joy to its holders.
Community-Driven: The SuperFly community is at the heart of this project. Engaging, creative, and always ready for a laugh, our community members are the true superflies.
Cardano Blockchain: Built on Cardano, SuperFly benefits from a secure, scalable, and eco-friendly blockchain, ensuring that even our madness has a solid foundation.

The Vision

SuperFly aims to become the leading meme token on the Cardano blockchain, bringing together a community of crypto enthusiasts who appreciate humor and chaos. Our vision is to create a space where fun and crypto coexist, where the ultimate goal is not just financial gain but also a good laugh and a memorable experience.

How to Get SuperFly (SFLY)?

Getting your hands on SuperFly is easy and straightforward:

Create a Cardano Wallet: First, ensure you have a Cardano-compatible wallet.
Buy Cardano (ADA): Purchase ADA from any major exchange.
Swap ADA for SFLY: Use a decentralized exchange (DEX) that supports Cardano to swap your ADA for SFLY tokens.

The Community

Join the SuperFly community and be part of something unique. Whether you’re a meme lover, a crypto enthusiast, or just someone looking for a good laugh, SuperFly welcomes you. Our community is active on various social media platforms, sharing memes, stories, and having a great time.

Future Plans

While SuperFly is primarily a meme token, we have exciting plans for the future, including:

Exclusive NFTs: Unique, limited-edition NFTs for our community members.

Merchandise: SuperFly-themed merchandise to proudly showcase your madness.

Community Events: Fun and engaging events that bring the SuperFly community together.

Conclusion

SuperFly (SFLY) is more than just a token; it's a movement. It's about embracing the chaos, enjoying the ride, and finding joy in the unpredictable world of cryptocurrencies. Join us on this wild journey, and let's make SuperFly the ultimate symbol of meme culture on the Cardano blockchain.

Get ready to fly high with SuperFly – The Ultimate Worthless Meme Token of Madness and Power!

SuperFly (SFLY) – The Ultimate Worthless Meme Token of Madness and Power on Cardano. Join the craze and embrace the insanity!

SuperFly

ihadjkcbjiciad bbbc aj cja j j ja a cj ja j. cja jc ja cj aj cj ajc ja cj aj cj aj cja cj aj cja ja jcj aj cja jc

plooty

Hi, My name is Marius and I'm an active member of Cardano Community ! 

GNU General Public License v3.0

raffleize

This application allows users to raffle their digital assets, providing a chance for other users (participants) to win these assets in exchange for purchasing a ticket. By leveraging the commit and reveal scheme it decentralizes trust, ensuring transparency and fairness in the winner selection process.

Objectives and Benefits
Decentralized Trust: The primary objective of RAFFLEIZE C-A-R-D-A-N-A is to eliminate the reliance on a central authority for trust. The commit and reveal scheme ensures that the process of picking a winner is transparent and verifiable, thus fostering trust among participants.

Digital Asset Monetization: Users with digital assets can create raffles, offering others the chance to win these assets. This provides a unique avenue for asset owners to monetize their holdings.

Broadened Participation: By allowing participants to buy tickets and potentially win digital assets, the platform democratizes access to these assets, which might be expensive or rare otherwise.

Enhanced Engagement: The thrill of participating in a raffle and the potential to win valuable assets drive user engagement, encouraging more users to join the ecosystem.

RAFFLEIZE C-A-R-D-A-N-A is tailored for facilitating creation, management of, and participation in online raffles.

Raffleize

The Digital Gold Ecosystem project is a three token ecosystem that seeks to facilitate people’s entry into digital assets and blockchain technology. Utilizing a gamified approach to provide rewards and incentives to its holders, the Digital Gold Ecosystem is an innovative project that seeks to bring new concepts, products and services to the Cardano blockchain.  

Digital Gold Token is the lead token in the ecosystem. It serves as the catalyst behind our innovative Virtual Mining System. Holders who have the required minimun amount of Digital Gold in their wallets will be able to utilize a Mining Permit NFT to gain rewards.  Rewards for Virtual Mining are given in Digital Silver and Digital Diamond Tokens.

Digital Silver Tokens are the main work horse and utility token in the Digital Gold Ecosystem.  Used as the main rewards and transactional token,  Digital Silver is distributed every 5 days via the Virtual Mining System.  Hold as much as you can because it is the main way to earn the Digital Diamond Token.

Digital Diamond Tokens are an ultra rare reward and governance token that is meant to be collectable and powerful.  If a virtual miner has a NFT Mining Permit and Digital Silver Tokens, they will earn Digital Diamond Tokens every quarter. 
https://www.digitalgoldecosystem.com/

DIGITAL GOLD ECOSYSTEM VIRTUAL MINING PROGRAM 

Digital Gold Token holders who have the required minimum amount of Digital Gold in their wallets will be able to utilize the Mining Permit NFTs to gain rewards. These NFTs will be rare and released in different series. Their purpose is to provide the holder with the ability to virtually mine Digital Silver every epoch. The amount of Digital Silver mined will be based on the Mining Permit NFT held in the wallet and the amount of Digital Gold in the wallet. 

In addition, wallets holding a minimum of 1000 Digital Gold Tokens and 1000 Digital Silver Tokens will be rewarded with the ultra-rare Digital Diamond Tokens. Disbursement of Digital Diamonds will occur on a quarterly basis. The amount of Digital Diamonds rewarded will vary depending on the amount of Digital Silver Tokens in a wallet. The reward amounts will be tiered, the more Digital Silver Tokens a community member has the more Digital Diamonds a member will receive. 

https://www.digitalgoldecosystem.com/virtual-mining

https://discord.com/invite/QSvKpmeRjZ
https://x.com/DigitalGold2022
https://www.instagram.com/digitalgold2022/
https://www.youtube.com/channel/UCVnJXnM8DhxL8VpyxmzK-cw
https://www.facebook.com/DigitalGold2022

The Digital Gold Ecosystem is a three Token ecosystem that specializes in virtual mining, collectable NFTs, retro gaming and a user friendly browser interface.

Digital Gold Ecosystem

Earning just a few tens of dollars a month can be life-changing for individuals with limited income. Many of these individuals reside in underdeveloped regions of Africa, Latin America, and Asia, where income levels often fail to meet basic human needs.

Linkberry empowers individuals in these regions by offering a monetized social media platform that generates income. 

Here's how it works:

First, connect your X, YouTube, Instagram, TikTok, and other social accounts to Linkberry. Linkberry then shares your social media content with its extensive user base. Users are given missions, such as subscribing, viewing, and liking content. Completing these missions earns users Linkberry Tokens, LIBE, and stable coins from the Cardano chain, including DJED and USDM(Mehen).

As users accomplish their missions, their social media presence grows, enabling them to earn significant profits. Linkberry is committed to ensuring everyone has the opportunity for happiness and abundance.

Join the Linkberry community and transform your social media engagement into a powerful source of income.


Join the Linkberry community and transform your social media engagement into a powerful source of income.

Linkberry

Cardano ADA Stake Pool.
SPO, Yabak, is a nominated influencer for Cardano in South Korea.

https://www.youtube.com/@yabak7/ 

Partner pool of Linkberry (https://linkberry.info)

Fix cost : 170 ADA
Margin : 4%

YABAK

PaidXPO is a deflationary meme coin built on the Cardano block chain made for creators by creators. Ever heard about photographers and videographers getting offered being paid in “exposure” instead of actual cash? Yeah, we have too and we lived it! — and that’s why we’re flipping the script! Introducing PaidXPO, the meme-inspired crypto with a twist. With our funky fresh token and mascot, XPO, we’re giving creatives the power to turn their “Exposure” into currency. Say goodbye to empty promises and hello to a world where memes can potentially pay the bills! Ready to join the fun? Buckle up and let’s make “getting paid in exposure” realistic.

PaidXPO is a deflationary meme coin built on the Cardano block chain made for creators by creators.

PaidXPO

The "Juggler" artist project is made up of a team. I'm the main artist, the art director and the conductor of the team.

@Affiliated Artists are the most important part of the server, there is no art without share, there is no art without prospective and there is no art without change. The only way to improve our artistic abilities is looking other artists, how they work, how they talk and if you are able how they think.

I have an habit in my professional history, masters are masters, culture is not something subjective. You can break barriers only if you have knowledge about who broke the previous.

The village of jugglers

Your Decentralized Governance Solution! Seamlessly integrating voting, empowering communities, and ensuring transparency.
Tempo is a protocol meticulously designed to enhance transparency, efficiency, and community engagement within Decentralized Autonomous Organizations (DAOs) and Stake Pool communities. We firmly believe that human prosperity lies at the intersection of cutting-edge technology, transparency, and collaborative effort. With a mission to create more equitable global financial and governance systems, we proudly present Tempo.
Tempo serves as a solution that seamlessly integrates smart contracts, providing a user-friendly platform accessible to anyone interested in creating, managing, and participating in DAOs. Our focus is on establishing optimal conditions and incentives for decentralized and fair economic growth. At its core, Tempo forms an ecosystem where organizations, entrepreneurs, and investors can securely pool, manage, and govern capital in a decentralized manner.
By democratizing access to a library of rigorously audited smart contracts, Tempo empowers organizations and communities to organize, govern, and manage themselves in novel and innovative ways.
Built with user-friendliness in mind, Tempo ensures that even non-technical DAO communities and members can actively participate in on-chain DAO interactions. Our protocol aims to break down barriers, allowing anyone to create, manage, and engage with DAOs operating on-chain. Through Tempo, we aspire to foster the development of decentralized, transparent, and equitable governance systems worldwide.

Your decentralized governance solution! Seamlessly integrate voting, empower communities, and ensure transparency.

Tempo

> Cardano style Proof Of Stake as a Randomness Oracle Smart Contract

- Utilizing the proven Ouroboros proof of stake (PoS) mechanism
- STEAK is engineered for robust security and features built-in governance that facilitates seamless upgrades without hard forks.
- Designed to serve as a reliable source of randomness, STEAK enables smart contracts on the Cardano blockchain to access verifiable, unpredictable random values.
- Open source! Check out the [repo](https://github.com/STEAKProtocol/STEAKProtocol)!

[See Whitepaper](https://steakprotocol.com/whitepaper.pdf)


Utilizing the proven Ouroboros proof of stake (PoS) mechanism, the STEAK protocol offers a groundbreaking approach to implement PoS directly on the Cardano bloc

The implemenation of on-chain and off-chain code of the STEAK protocol

STEAKProtocol

STEAK Protocol

Orcfax is a decentralized oracle service designed to publish data about real world events to the Cardano blockchain. Orcfax data is made available to on-chain smart contracts in Cardano's eUTXO native format using the Cardano Open Oracle Protocol (COOP).

Orcfax collects and validates facts about the real world using multiple, redundant nodes that are run as a decentralized network. Just as imporantly, Orcfax archives standards-compliant audit log packages for the entire oracle publication workflow. This allows Orcfax users to "trust but verify" that Orcfax is delivering authentic and accurate data.

The Orcfax solution has launched by offering currency price-pair feeds but will expand to report on a diverse type of other real-world facts as oracle use cases and their importance beyond blockchain domains becomes more important to society at large.

Decentralized Oracle Feeds for Cardano. Validating real-world data from multiple sources with full audit logs to deliver authentic & accurate data. 

Orcfax

Kezex token is the best crypto for 2024 & your entry to decentralized finance and multichain innovation in 2024. With its seamless operation on the Binance Smart Chain and adherence to the BEP-20 standard, Prepare to join our exclusive Airdrop Phase 2 for early contributors, ensuring you secure generous rewards and strategic token sale phases. Take advantage of the opportunity of the best crypto token to buy now & secure your spot in the crypto evolution!

Kezex (KZX) token, a decentralized finance and multichain innovation. Built on the robust Binance Smart Chain using the BEP-20 standard, it's the best crypto to

Kezex Token

$FENNK is a Cardano meme coin on a mission to rule the world!

FENNK

Introducing MemeBTC: Bitcoin's Meme-tastic Son, Born on Cardano!

Get ready to laugh your way to the moon with MemeBTC, the cryptocurrency that's shaking up the crypto-verse with a hefty dose of humor and a limited supply of 21 million tokens.

The MemeBTC Family Saga

Meet the Dad: Bitcoin, the OG crypto king, a bit stoic but with a heart of (digital) gold.
Meet the Mom: Cardano, the elegant blockchain powerhouse, always nurturing innovation and community.
Meet the Son: MemeBTC, the mischievous, meme-fueled offspring, here to bring the fun and defy the skeptics.
Why MemeBTC?

Laughter is the Best Medicine: In the sometimes overly-serious world of crypto, MemeBTC injects much-needed humor and reminds us to enjoy the ride.
Community-Driven: MemeBTC is built by the meme community, for the meme community. Help shape its destiny and unleash your inner meme lord!
Limited Supply: Scarcity is its superpower. With only 21 million MemeBTC ever to exist, it's the perfect asset for moon missions and meme-fueled dreams.
The Peter Schiff Factor: If Bitcoin's got its army of naysayers, MemeBTC has its own mascot of skepticism: Peter Schiff! Watch MemeBTC hilariously navigate Schiff's gold-obsessed rants and prove him wrong, meme by meme.
Get in on the Action

Earn MemeBTC: Become a part of the MemeBTC revolution. Earn it, trade it, stake it – you name it!
Shape the Narrative: Join our vibrant community and help write MemeBTC's story. Memes, contests, and shenanigans galore!
Witness the Rise of the Memecoin: Be there as MemeBTC defies expectations and brings a fresh perspective to the crypto world.
The MemeBTC Manifesto

We believe crypto should be fun.
We believe in the power of memes.
We believe that laughter is its own form of decentralisation.
We believe the best is yet to come.

Ready to Join the Meme Revolution?

Visit our website:https://memebtc.io

Follow us on Twitter "X": https://twitter.com/MemeBtc21

Join our Telegram: https://t.me/MemeBtc21

Follow us on Youtube: https://www.youtube.com/@MemeBTC

Follow us on TikTok : https://rb.gy/ya9sp7

Important:  We take fun seriously but also want you to invest responsibly. Always DYOR (Do Your Own Research)  and never invest more than you can afford to lose.

MemeBTC: Where Memes Meet Money! 🚀

Now on Minswap! 🎉 Get your hands on this meme-tastic token. 

Buy with ADA : https://rb.gy/s3aw5e

Buy with MIN : https://rb.gy/obrlyo

Now on Sunda As well! 🎉 Get your hands on this meme-tastic token.

Buy with ADA: https://rb.gy/jwb5sm

Buy with SundaeSwap: https://rb.gy/p337k4



#bitcoin  #cardano  #memecoin  #cryptocurrency  #cryptocurrencytrading #cryptocurrencynews #memes #rap #cryptocurrencyinvestment #dogecoin #ShibaInu #beautifulsong #song  #MemeBTC_Song


MemeBTC: Bitcoin's meme-loving son on Cardano! 🚀 Limited supply, fueled by laughter, community-driven. 😂 Watch his crypto adventures! #MemeBTC NFA 

MemeBTC

  - **Uncensorable & DoS-resistant:** Decentralized blockchain infrastructure gives resilience against censorship and denial-of-service attacks.
  - **Encrypted messages:** Users private messages are encrypted with asymmetric encryption.
  - **On-Chain Data Storage:** Content and interactions permanently etched onto the blockchain for maximum immutability and transparency.
  - **Browser-Based Wallets:** Users utilize Cardano wallets running directly in their browser for direct on-chain transactions.
  - **Progressive Web App:** Install the platform directly on your device for offline access and enhanced privacy.
  - **Open-source:** Project code available on GitHub for community contributions. Application runs from a github pages website.

Open-source decentralized forum. Uncensored, anonymous and secure.

Decentralized forum with on-chain storage on cardano blockchain

decon

What Does It Do?
NFTGater lets you set various NFT ownership conditions as a gateway to the the web2 platforms you use now for content monetization, e-commerce, event management and more. A kind of If This Then That, for Cardano. You can, for example, monetize access to your film or animation through NFTs, on your own website, without any coding skills, and without giving up any revenue share at all.

How Does It Work?
A custom version of the "OAuth process", the same process used in "Login with Google" and "Login with Facebook" widgets you see on various websites, facilitates a wallet connection and confirmation of available "gate keys" on a secure interstitial medium before the user is redirected. Your audience starts the authentication on your own website, and goes back to enjoy the exclusive content on your own website.

How Can I Get Involved?
NFTGater is currently in open beta, it is ready to test and create useful token-gating experiments with. Access is free by registering with a wallet, and advanced features are available through a login token. You can visit https://gatr.netlify.app to get started.

NFTGater is a simple utility creator that allows anyone to monetize their work as NFTs without code, bridging web2 platforms with NFT ownership conditions.

NGTR

Merchants can add information about products they wish to sell, choose which customer information they wish to collect, and can choose to track inventory if necessary. Once the product information has been added, they can create checkout links for their products. Directing customers to the checkout links is as easy as setting hyperlinks on your website/marketing materials.

Supra's checkout links are designed to be easy for customers to use, and allow payments to be made with all popular Cardano browser wallets.

Supra helps Cardano merchants and creators create checkout links for their products and services without writing any lines of code.

Supra

OnADrac ("Cardano" spelled backwards) embodies the community's belief in the blockchain's potential and aims to infuse fun and excitement into the Cardano ecosystem.

OnADrac stands apart as the luminary amidst a constellation of cryptocurrencies, weaving a tale steeped in mystique and legend. Its roots delve deeper, embracing the hidden lore of Cardano's genesis, where the palindrome 'OnADrac' whispers of a dragon's awakening.
 
This mythical force, entwined with our blockchain, heralds a journey not just to the moon but into the cosmos of collective imagination. Here, innovation harmonizes with ancient mythos, infusing the Cardano ecosystem with a pulsating heartbeat of excitement, fostering a community united by belief, wonder, and the thrilling allure of the unknown. 

Become part of the legend at draccoin.com

OnADrac is an ode to the hidden tales and mysteries surrounding Cardano's inception, suggesting the emergence of a dragon leading Cardano to the moon.

OnADrac

PeriodicTable.io is a complete, accurate and visually stimulating “Periodic Table of Elements” all living on the Cardano blockchain.

(3) main components:
- Element Block NFTs
- PeriodicTable.io Website 
- ELEMENT Fungible Token

These assets come together to form a useful scientific document that can be used by anyone and is collectively owned by the community.

With this project we bring together science and art. We're taking a useful tool, The Periodic Table of Elements, and making it visually cool while still retaining its scientific properties. All this while making it a community owned project on the blockchain.

As this website and table are accessible to anyone, we hope to help spread the word about Cardano and related projects. All while offering a unique, visually stunning scientific tool.

Each element block on PeriodicTable.io has a cool visually appealing design. This makes them both unique and a graphically stimulating piece of artwork. This is your chance to own one of these PeriodicTable.io blocks in the form of an NFT. Only one copy for each of the 118 elements exist making them all 1 of 1 NFTs. By clicking on any one of the elements the user is taken to a page with more information about that particular element. This NFT owner is also the sponsor/owner of that corresponding URL. While the developers of the project remain in charge of the specific element information. These NFT owners have the option to publish content about their own projects, businesses or other information they’d like in a pre-determined space on the page. Finally, the ELEMENT fungible token acts as a currency and reward token tying the whole project together. 

A community owned “Periodic Table of the Elements” on the Cardano™ blockchain. ELEMENT Utility Token.

Periodic Table of Elements on Cardano

ADAMail

Liberada is a digital book platform that uses blockchain to protect
copyright and ensure information security. Based on Cardano

Liberada

Welcome to SlapVentures, where we redefine what it means to play, learn, and grow together as a community. Our mission is grounded in a simple yet powerful vision: to craft unforgettable moments and spread joy across generations. SlapVentures isn't just a gaming platform; it's a vibrant ecosystem where thrilling collectibles, engaging games, AI and educational adventures come alive.

Unleashing Joy with Diverse Gaming Experiences

At SlapVentures, we believe in the magic of gaming and its ability to bring people together. Whether you're a fan of digital games, traditional card and board games, or seeking an adventurous escape, our platform offers an array of choices. Our gamified economy is not just about entertainment; it's a journey into a world of fun, learning, shared experiences and even AI implemented in our social medias.

Fostering Family Bonds Through Innovative Tech

Our project stands at the forefront of combining modern technology with core family values. The SlapVentures NFT gaming ecosystem is a testament to our commitment to innovation. We aim to nurture quality family time, strengthening bonds and creating lasting memories. 

Educational Initiatives for the Young Minds

Understanding the crucial role of education in a child's development, we've taken a step further. SlapVentures is excited to introduce a special series of educational books, board games, and digital games designed for various age groups. These tools are more than just educational; they're a fun, interactive way to enhance cognitive, logical, and social skills.

Nurturing Creativity and Passion

Our commitment to education extends beyond conventional learning. We're crafting activity books, coloring books, and other materials that ignite creativity and encourage the development of passions in children. These resources are tailored to stimulate creative thinking and foster an environment where kids can explore their interests freely and joyfully.

Join Our Community

We invite you to join the SlapVentures family. Here, every game played, every book read, and every moment shared contributes to a larger purpose. It's not just about winning or learning; it's about creating a space where families can thrive together in joy and harmony. SlapVentures isn't just a project; it's a journey towards a brighter, more connected future for families everywhere.

Come, be a part of this exciting adventure. Let's play, learn, and grow together with SlapVentures, where every slap is a high-five to family, fun, and the future!

Whether you're looking for a thrilling NFT's, utility, games, adventure and various other products or services, SlapVenturs has something special for you.

SlapVentures

We are a group of Cardano Enthusiasts, Existing Cardano project owners and Stake Pool Operators. CETF functions as a Hybrid DAO (Decentralized Autonomous Organization).

One of the goals is to be a fully doxed KYC/AML compliant project down the road, and an over-collateralized one as well. The Collateral will be a combination of Cardano's Native Token ADA, and also the Cardano Native assets held in our various asset pools.

 

CETF is the Cardano Native Governance Token for the CETF Hybrid DAO and its Asset Pools

CETF

Sick City Mermaids [SCM] is a stake pool that focuses on developing solutions to grow and bring attention to the music space in our ecosystem.

Join EURO pool to earn extra $WOLF and $Charly tokens on taptools.io and most importantly to support cardano-tools.io!

At our core, we're on a mission to provide Developers and Digital Content Managers with a fast, secure, and low-cost solution for minting crypto assets on the Cardano Network. Whether you're looking to create unique digital content or powerful crypto assets, we're here to help you bring your vision to life. Join us today and experience the power of our cutting-edge minting service for yourself! 

Our Mission is to deliver fast, secure, and low-cost minting service for Developers and Digital Content Managers looking to create crypto assets powered by the 

Bakrypt offers backend tools and cloud storage services

dev tools

dev tools