$NIKE, Cardano Phone and Governance

GM Frens,

What's Spotlight? Every week, we highlight the most interesting events happening around Cardano. We want to help you cut the clutter and find the alpha.

Cardano has witnessed a fantastic meme frenzy this week, inspired by Input Output chief Charles Hoskinson’s pet pig, Nike. In governance, Intersect has released Interim Constitutional Committee voting updates. In other news, the Cardano phone is to have Cardano Spot as the first pre-installed app. Let’s deep dive into these developments:

Nike is a good pig 🐷, says Charles Hoskinson

On 17th June, Charles Hoskinson posted a picture of his pet pig, Nike on X (Formerly Twitter). The picture of his adorable pig led to the creation of a meme coin, $NIKE.

The meme coin listing sparked enthusiasm within the Cardano community. At the time of writing, $NIKE had a market cap of 10 million USD, guided by 3,000 holders and a dedicated social media following. Meanwhile, DEXHunter recorded 75% of the total volume traded on Cardano DEXs, driven by $NIKE rewards. The overall Cardano DeFi volume saw a monthly high spike of 21M ADA traded on 20th June. 

Cardano DEXs aggregator DEXHunter’s founder Melon also burnt 100M $NIKE Tokens worth 1 million USD at the current fully diluted valuation. The degen community appreciated this act, and the Nike meme frenzy received massive cross-chain attention from Solana, Ethereum, and Avalanche.

Read our latest report to learn more about this development:
All You Need To Know About Nike Meme Coin

Cardano 📱 to have pre-installed CSpot app

EMURGO is collaborating with Cardano phone maker Black Rocket Node to introduce Cardano Spot as the first pre-installed app on the Black Rocket Phone's Cardano Edition. Via the mobile device, users will have quick access to Cardano Spot's features at their fingertips. The phone’s operating system will also ensure automatic updates for the latest Cardano Spot app version. Stay tuned for the upcoming partnership announcement!

In other partnership news, zenGate Global has partnered with Chainlink to tokenise real-world assets (RWAs). zenGate Global is going all-in on utilising Chainlink’s decentralised oracle and tokenised RWA infrastructure to enhance its international blockchain-based platform for commodities and trade finance. Read the complete report here!

Vote for on-chain governance ⛓️ ✅

Intersect, a member-based organisation, held multiple meetings to spread awareness about the ongoing elections for selecting the top 3 candidates for the interim constitutional committee (ICC). As of June 20, Intersect reported that 1444 staked addresses with 267.69M ADA voted for their favourite candidates. If you haven’t voted, you have a chance to cast your vote by 23rd June (21:45 UTC).

Roles And Responsibilities of ICC:
The ICC has a set of guiding principles that help to ensure the success of the transition and that the ICC acts in the best interest of the Cardano blockchain. These principles are:

• Upholding the Interim Constitution

• Being an ADA holder

• Considering transparency when deliberating and making decisions

• Meeting and communicating regularly (including publicly releasing meeting minutes)

• Publishing the rationale behind their decision to accept or reject a governance action

• Staying informed of the issues that impact the Cardano network
  

Best content of the week

Watch: New to Cardano? A Getting Started Guide

Read: Interim Constitutional Committee: Roles & Responsibilities

Meme of the week

 Are You Piggish on Cardano?

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