Over the past few weeks, Cardano has remained in the spotlight amid high network activity. Current data from DeFiLlama shows that Cardano’s decentralized finance (DeFi) total value locked (TVL) has exceptionally exceeded $210 million.
Notably, Cardano has gradually increased its total value locked over the past few days. Much of this momentum is due to the growing adoption of its hosted decentralized applications.
Cardano Lace Wallet Upgrade: What’s Changed?
Additionally, Cardano’s TVL increase comes from the continuous improvements and updates regularly introduced to the protocol.
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Regarding updates, Cardano’s lightweight wallet platform, Lace, recently received a facelift. More precisely, the platform has released a new iteration called Lace 1.17. A designated beta team provides interested users with access to new features of the Lace 1.17 platform.
In return, these users are expected to provide feedback, hoping that it will help shape the portfolio. The latest version has a shared or multi-signature (multi-sig) wallet feature that provides enhanced security.
To achieve this feat, the multi-signature wallet requires multiple authorized entities to approve a transaction before it is completed. It should be noted that the multi-signature wallet is based on the principle of strong security.
It helps protect users from theft, hacking, and other unauthorized access. If just one key is compromised, it cannot leave control in the hands of the bad actor. It is an ideal strategy for situations that require collective governance of digital assets.
For now, this allows people interested in the beta to create a shared wallet and add co-signers. Once this is achieved, they can set custom signing conditions directly in Lace. This feature uses the CIP-1854 bypass standard to ensure compatibility and robust security.
ADA Prices and General Outlook
Notably, the release of Lace 1.17 and many other upgrades on Cardano is optimistic. As experts noted, this upgrade could lead to increased usage, which could generate a benefit for ADA in the long term.
However, the market outlook for the coin is bleak with its price, market capitalization, and trading volume facing a decline. According to market data, ADA price was trading at $0.3428 after losing 3.55% of the gain recorded 24 hours ago.
Its market capitalization is $11.99 billion, while its trading volume fell 9.44% to $280.64 million. The drop in trading volume suggests investors’ lack of enthusiasm for ADA at the moment. However, Cardano could change this narrative with its actions in the future.
After seeing a slight breakout over the past week, analysts believe the current trend constitutes a healthy correction.
Anticipating the future of Cardano
Cardano’s appeal will likely increase with improvements improving scalability and interoperability.
Beyond scaling, protocol improvements also focus on transaction efficiency and core contracting capabilities. In the long run, this will attract even more developers and users to the platform.
At this rate, Cardano is on its way to establishing its position in the booming crypto market. With decentralized governance already underway, the implementation of Chang Hard Fork Phase 2 could seal the deal to showcase Cardano as a future-focused Layer 1 protocol.
