In this Cardano update, we’re going to be looking at some of the fundamental upgrades that Cardano is pushing out this year, including something called lace, which is a new wallet that was actually developed by IOHK and it has its own dApp store. This is the real purpose of Cardano, a decentralized app store application platform. This is what Cardano is building out, and we just see it coming step by step, so I want to talk about that. We’re still going to talk about the vassal hard fork as well, which has some rumors that it might be delayed, which isn’t really great news. Depending on how long that delay is, there could be some volatility in the price. We’ll talk about that. Moreover, you may start to trade Cardano right now. All you need is to join a copy trading platform, Jet-Bot. You may copy best traders and follow all their deals automatically, gaining crypto passive income. People should rest, robots should earn money.
Vasil hard fork delay?
Let’s coming to the Vasil Hard Fork first. Rumors circulated late last week about a potential delay to the Vasil Hard Fork. If you know about the vassal hard fork, this is massive. This is pretty much the biggest upgrade to Cardano in terms of what can come after this hard fork lending protocol, which is, let’s be honest, probably one of the main use cases of any blockchain right now.
You look at Ethereum. It’s basically DEXes lending protocols and NFTs. All of the lending protocols that want to come on Cardano are kind of waiting for this hard fork and some of the upgrades that are coming around this hard fork. The delay isn’t very good. From what we know, there are many rumors that it might go to August, be pushed back to kind of late August, or something like that. There’s going to be an official announcement today on Monday. As Tim Harrison said here:
There’s a potential delay here. I don’t think it’s a big deal, but you know what crypto’s like, you know people might get, especially in a bear market, people might start getting scared and there might be some drop in price, so if you’re a long-term investor, obviously just watch out for that one. I don’t think there’s any major problem with it from what they say. This is just a very big ecosystem now and lots of different people have to get things in order, just a heads up on that one.
In terms of the price of Cardano, it’s performed really well over this, you know, terrible time with lots of hedge funds blowing up, as you’ve seen. It’s outperformed both Bitcoin and Ethereum here. A lot of people are saying, well, Cardano’s safer bet or something. I just think that the reality is that bitcoin and ethereum are the only really liquid assets that it’s possible to liquidate when hedge funds blow up. We won’t get into that. Essentially, if you’re a hedge fund that’s over leveraged, then you basically have to liquidate these guys. They don’t own any Cardano. So they’re not going to be dumping on the market, unlike bitcoin and ethereum, which they own. I think that’s the outperformance there. It’s just that Cardano is a lot smaller, and venture capital funds don’t really own Cadano. If you want a kind of diversified investment in something that veg venture capital funds don’t own, then Cardano might be a good bet.
Cardano Lace wallet
I want to get on to Lace though, which is a really great development, and it really is the first time we can really understand what Cardano’s outlook is. Cardano intends to build a decentralized applications platform in order to bypass Apple and Google, which charge developers 30% of their earnings just to advertise their products. You’re familiar with their adaptations and use their platforms. Cadano wants to create a worldwide decentralized applications platform that people can upload applications on for free, and the only time that anyone pays is if they go ahead with a transaction. Obviously, they want those fees to be reasonable, cheap, and secure. This is what Cardano wants to build.
If you’re comparing Cadano to, uh, Bitcoin, it’s just so different as an asset and as an ecosystem, and so I think being diversified across different crypto assets when you really know what the actual use case is, in my opinion, is a good idea anyway. If we look at this Lace wallet, it’s just a new wallet coming out. I think I made this. There are many wallets for Cardano. There is no official wallet, but this is one made by IOHK.
The important thing here for Lace wallets is that you can see that everything is in one place. You have all of your assets and then you have an NFT tab right here looking really good. Then you have all of your transactions. It doesn’t matter if they’re NFTs or if they’re just sending coins or stable coins anywhere, all of that will be in the Transactions tab and then you have staking right here as well. This looks really great and, to be honest, is an upgrade from, you know, deadlifts.
One of the big things here as well, really important about Lace, is that this isn’t just a front-end application that looks good. The code that goes into Lace actually helps decentralize the blockchain, and Canada has many technologies. One of them is called Mithril. This is different to deadlifts where you have to download the entire system, which is very resource-heavy. Step by step, Kadana is building a decentralized platform and it’s all coming together, and this is just another step with that as well. Another thing to note about Lace is that it’s going to be the front end of what is going to be a decentralized app store. Essentially, anyone can upload applications to the Cardano blockchain. There’s no gatekeeping, there’s no fees that you have to pay when someone uses your application. What they’re going to do is essentially put applications that have been tested and certified near the top.People know which ones have actually passed certification, and which ones are actually safe to use. There are applications that can be launched that aren’t certified, and people may want to use those, but for certified applications, they’re going to be shown nearer the top of the search results. This is literally, you know, a new type of application store where you can have anything you want. You can basically just put it on the Cardano app store and blockchain. People can use them as they wish.
Cardano ADA Ledger
Something else that a lot of people are going to be happy with is that ADA is now supported fully by Ledger hardware wallets. This news came out at the tail end of last week, so Cardano using Ledger and Cardano has always been quite difficult, especially if you want to go ahead and stake and everything like that. Ledger now fully supports everything to do with the Cardano blockchain directly in their wallets now. You don’t have to use or go through a software wallet to send transactions or anything. Everything is possible within Ledger live, just as it is with ethereum-based apps, Binance smart chain, or anything else.
This is great news because, obviously, Cardano is lower cost. And there’s more coming on. We have tons of NFTs, sites and everything like that. We have lending protocols that are coming after the Vasil Hard Fork as well. It is great to be able to use a hardware wallet directly and keep everything safe on there whilst using all of the applications that are coming as well, so really good news there
Cardano ADA price action
Cardano has outperformed Bitcoin and Ethereum over the last few weeks, and there are really two main reasons for this. The first is yes, because of the Vasil Hard Fork. There’s always interest, especially in Cardano around Hard Fork. The rise has not been anywhere similar to what’s happened during the last bull market, where you know the price was doubling in anticipation of these things. Ironically, I think this Hard Fork is even more important than the other ones that came before it in terms of what it will give the value or give the chain. This Hard Fork is literally the thing that is going to enable many lending applications, which is one of the main reasons why Cardano exists. What you’re seeing is the price just not rise anywhere near as much as it did before.
It has outperformed both Bitcoin and Ethereum over the last few weeks, but I don’t think that is a typical strength specifically of the Cardano. I just think it’s because Bitcoin and Ethereum are really the only large enough assets to actually liquidate in any size, and you know, venture capital firms do not own Cardano or they own very small amounts of it. So it’s been really sheltered from what’s gone on with the massive over-leveraging of Bitcoin and Ethereum, and that’s not anything really specifically to do with Cardano strength more than the weakness of the over-leveraged funds that had to liquidate both Bitcoin and Ethereum.
There’s still a lot of growth in those, of course, but Cardano’s sitting way below both of those in terms of its market cap at around 15 billion right now. There’s so much coming. This is growing into a really solid applications platform, and now, especially during a bear market, what we’re looking at is real fundamental users coming in. All of this technology is fantastic, but at the end of the day, if there are not hundreds of thousands or millions of users really using it, then obviously the upside is going to be limited. The next step is just attracting millions of users, but if it’s secure and reliable and low cost, why would it not attract that many people also?
[This article is a transcription of a video made by MoneyZG]
Original video: https://youtu.be/_SKQ5xjGZ7Q ]