Is This Product Likely to Bring Cardano (ADA) Back to $1?
3 min read
Cardano is sinking deeper into support after a rejection at $0.50 and $0.40 with no indication of a rebound. The cryptocurrency has been one of the worst performers in this crypto bear market, but the bulls might still have some hope.
At the time of writing, Cardano (ADA) trades at $0.37 with a 2% profit in the last 24 hours and a 2% loss in the previous seven days. Over the past month, ADA’s price records a massive 20% loss wiping out any bullish sentiment for investors.
Onboarding Millions Of New Users To Cardano
In a recent interview with Big Pey, the inventor of Cardano, Charles Hoskinson, talked about the launch of their newest crypto wallet, “Lace.” This new product will allow Cardano to get to a billion users, according to Hoskinson.
The new crypto wallet is still developing but will operate as the “world’s financial operating system upon its release.” Lace will provide users with new use cases, access to non-fungible tokens (NFTs), decentralized finance (DeFi) protocols, on-chain gaming, and much more.
The new crypto wallet will take the Cardano ecosystem to new levels by offering an all-in-one solution for identity, transactions, and applications. According to Hoskinson, Lace is based on legacy and the latest technology. He said:
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 (…).
Hoskinson expects Lace to ignite a change in the crypto industry, pushing crypto wallets to become much more. For several years, products have attempted to get users to adopt identity solutions and certificates, but they have yet to be successful. Lace might be the first crypto wallet to score a victory in the sector.
Will Cardano Be Compatible With Bitcoin And Ethereum?
In the long run, Cardano and ADA holders might see the most significant benefit, but the entire industry could benefit from Lace. Hoskinson claims that everyone with a computer or smartphone will be able to download Lace and use it.
The crypto wallet will move from a demo phase to a beta, but Hoskinson was careful to omit deadlines. In the future, Lace might become Cardano’s killer product, a wallet for “everyone, not just the crypto enthusiasts,” Hoskinson said. He added:
It’s also going to be cross chain. So, it’s not just Cardano. It’ll support Bitcoin, Ethereum,and a lot of other ecosystems and showcase what we’ve created as an ecosystem to the rest of the cryptocurrency space in that respect.
Lace might also operate as a new bullish narrative for ADA’s price. Without one, the cryptocurrency seems poised to continue trending lower at the mercy of macroeconomic forces.
