Cardano is plunging further into support following a rejection at $0.50 and $0.40 with no sign of a recovery. The cryptocurrency has been one among the worst performers in the current crypto bear market, but there may still be hope for the bulls.
Cardano (ADA) is trading at $0.37 at the time of writing, with a 2% gain over the past 24 hours and a 2% loss over the last seven days. In the past month, ADA’s price has dropped by a staggering 20%, erasing all investor optimism.
Millions of New Users Being Added to Cardano
Charles Hoskinson, creator of Cardano, discussed the release of their latest crypto wallet, “Lace,” in a recent interview with Big Pey. Hoskinson asserts that Cardano can reach a billion users with the help of this new product.
Although it is still in development, the new cryptocurrency wallet will serve as the “world’s financial operating system” once it is made available. New use cases, non-fungible tokens (NFTs), decentralized finance (DeFi) protocols, on-chain gaming, and much more will be available to consumers thanks to Lace.
The new cryptocurrency wallet is a game-changer for the Cardano ecosystem since it integrates identities, transactions, and applications into a single, convenient package. Hoskinson claims that Lace is built on history and cutting-edge technology. To quote what he had to say:
We put some of our best people together. We took a lot of great new technologies like Mithril and Atala PRISM and a lot of legacy stuff that we invented in the cardano ecosystem, and we pulled it all together, and now Lace as a product is starting to come out to market. It’s one of our first commercial B2C products, and so it’s not a reference client. It’s not like Daedalus, which is a neutral playground, but rather this is IO’s view of how crypto ought to be done (…).
According to Hoskinson, the introduction of Lace will spark a revolution in the cryptocurrency sector, causing cryptocurrency wallets to evolve into something far more powerful. Products have been trying to encourage users to use identification solutions and certificates for a long time, but they haven’t had much success so far. It’s possible that Lace will be the first crypto wallet to achieve widespread success.
Can We Expect Cardano to Work with Other Blockchains?
Although Cardano and ADA holders stand to gain the most from Lace in the long run, the industry as a whole stands to gain from the protocol. According to Hoskinson, anyone with access to a computer or smartphone may download Lace and start using it right now.
Hoskinson was careful to avoid providing specific dates for when the cryptocurrency wallet’s demo phase will give way to the beta phase. Cardano’s future “killer product,” a wallet for “everyone, not just the crypto geeks,” might be Lace, according to Hoskinson. Later, he elaborated by saying
Additionally, there will be a cross-chain element. So it’s not only Cardano. It will promote our ecosystem to the rest of the cryptocurrency sector and support Bitcoin, Ethereum, and many others.
For ADA’s stock, lace might potentially serve as a fresh bullish story. In the absence of such a factor, the cryptocurrency may continue its downward path as it remains at the mercy of broader economic conditions.