Cardano rolls out new Lace Wallet- Will it provide a major boost to ADA
- Lace 1.0 will give users direct access to Cardano network and the various dApps built on it.
- ADA’s demand in the derivatives market fell, at the time of writing.
Cardano [ADA] network’s development activity fell remarkably over the last 30 days, plunging to a three-month low, at the time of writing, as per data from Santiment.
This was a worrying sign, as development activity is an important indicator to evaluate the prospects of a blockchain, with declining activity implying that future enhancements could miss their deadlines.
Moreover, unlike other major coins in the market that recorded weekly gains, ADA shed 0.53% of its value in the last 30 days, per CoinMarketCap data.
However, things could change for the better with the Cardano ecosystem’s latest offering.
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Introducing Lace Wallet
Cardano creator Input Output Global (IOG) announced the launch of Lace Wallet, the first native wallet in the Cardano ecosystem.
Just like Metamask, which is used to interact with the Ethereum [ETH] blockchain, Lace 1.0 will be a light wallet giving users direct access to the Cardano network and the various dApps built on it.
— lace.io (@lace_io) April 11, 2023
Through Lace, users can send and receive digital assets, including ADA, Cardano-based NFTs, and other native tokens. In addition to this, they can directly stake their ADA tokens using the wallet to contribute to the security of the network and earn rewards on their stakes.
One of the unique features of Lace is that multiple assets can be bundled together in one transaction and sent to different addresses. This can help in cutting down user costs significantly as only one transaction fee will be charged.
The Lace team added that only the browser extension was available in the first release, while work on launching a dApp store and a desktop app was in full swing.
On a side note, a light wallet is a non-custodial wallet where users will not be forced to download the entire blockchain, instead, the backend server downloads the blockchain data for the user without the user exposing sensitive data (private keys) to the server and ultimately maintaining security.
Whales gobble ADA
Despite ADA’s sluggish growth over the past week, big addresses showed their affinity for the token. The number of addresses holding between 10,000 to 10 million ADAs increased steadily over the last month.
On the other hand, the number of transactions transferring more than $100,000 worth of ADA, swelled up as well. This indicated that whales were grabbing ADA profusely.
Realistic or not, here’s ADA’s market cap in BTC’s terms
Open Interest for ADA declines
ADA’s derivatives didn’t portray a happy picture. As per Coinglass, ADA’s Open Interest (OI) was 192.31 million at press time, registering a fall of 5.39% in the 24-hour period.
The funding rates across most exchanges were negative, implying the dominance of bearish short positions.